What are the differences in terms of type of work between LM-MM PE ops roles and large cap firms, if any? Can someone that starts at LM move to a bigger fund? Would someone even want to move “up” from LM? Forgive my lack of experience if I’m missing anything. Would really appreciate understanding the difference between, for example, KKR PE ops and Alpine-backed roles.

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There are no standards on what PE Ops is. Really each fund is unique. So it really depends.

But generally speaking, comp and career opportunities are somewhat proportional to the size of the fund. For example PE Ops roles at MF are often more lucrative than investing roles in MM or LMM funds.

Also generally speaking, moving "down" in fund size is much easier than moving up. There is a perception that larger funds do it better so smaller funds want the larger fund talent. There's also a perception that PE Ops is either an afterthought or done by the investment team in smaller funds, so larger funds don't value the experience as much.

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This is exactly what I was looking for. Thanks!

Also at the smaller funds you have less resources for supporting your PortCos (hiring top talent, consultants, investment) and are more likely to have to take a hands on role in the PortCos. At a MF your work is typically more strategic.

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Large funds you’re just a consultant who works exclusively w the portfolio. As you go down market more likely to be hands on / operational

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