{ "media_type": "text", "post_content": "Why do people want to work for UMM/MF? I feel likes it’s a rat race follow the heard mentality with little long term upside (you get paid a bunch for two years but then what?). I’m really keen to go the MM but feel like I’m making a mistake the way my friends talk about it…. In my mind a small younger growing fund is such a better opportunity — more learning, exposure, promotional potentially, and, hopefully, culture. What am I missing?", "post_id": "61416716b47e29002181d727", "reply_count": 24, "vote_count": 1, "bowl_id": "5b7c3919448e9300186d3deb", "bowl_name": "Private Equity and the Buy Side" }

Why do people want to work for UMM/MF? I feel likes it’s a rat race follow the heard mentality with little long term upside (you get paid a bunch for two years but then what?). I’m really keen to go the MM but feel like I’m making a mistake the way my friends talk about it…. In my mind a small younger growing fund is such a better opportunity — more learning, exposure, promotional potentially, and, hopefully, culture. What am I missing?

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Eh. I disagree with all these points. An UMM find like Genstar or CD&R definitely has less room at the top than a PE fund that’s only on fund 2-4.. just go on websites and count people. I also have found ample MBB profiles (10+) making VP in the MM (sometimes without an MBA) whereas like literally 0 at other “prestigious” funds… Also — if the goal is $$$$$, why not take a short term pay cut for long term pay off? Making $220-280 instead of $280-340 but having the chance of actually being an employee still in 3-5 years? As opposed to a two year soul sucking grind and then let go (PS — appreciate any and all responses. Just trying to play devils advocate and play out my thinking)

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OP, it’s a long slog from Director Corp Dev to PortCO CEO…not easy and many skeletons along the way.

Smaller funds definitely don’t have better promotion potential. There’s only room for so many Principals and MDs

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I disagree. When a fund grows in AUM, they tend to staff up to a certain extent. Once it hits UMM and MF stage, economies of scale comes into play and it’s harder to get promoted (in my opinion anyways) It’s also important to not just look at AUM, but deal size and equity check too. The number of deals would also drive the number of investment professional required

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In addition to Mck1, if things go south at the UMM/MF, your pedigree there will likely take you further than a similar role at a MM or LMM fund.

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This is a fair point

And before I hear this it’s “easier to go from big to small than small to big” — who cares? If the goal is the small, then just go there and make a name for yourself now?

1. $$$$$$$ 2. Big to small cause you will likely not advance in small if you start there

Neither will you in a big fund

I agree with you OP. Path to promotion is a lot more likely in small fund that’s expected to grow than on a big fund. Honestly odds you won’t be promoted at a large fund at all

The hours are so bad it takes an insane person to want to stick around to Senior Associate, let alone make it to Principal

Absolutely nobody takes a MF offer because of the incremental associate pay… Also there is a huge misconception on here that it is hard to move up in PE (the vast majority of attrition is self selection).

Apollo is probably the toughest PE shop from what I’ve heard

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