Currently thinking about a move to secondaries from IB, I’m familiar with the work and keen on the GP-led side. Just want to understand what are the culture/comps/hours like at top places like Glendower, HarbourVest, BX strategic partners, AIMS etc. Are the hours better than direct PE/IB?
Thank you!
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GP-led is glorified co-invest
Did you see BX’s earnings report?
Which said what exactly
:)
Would you expect similar hours/comps?
Worse
Bump
Since no one else seems to have provided much info yet, I can chime in with the little that I know/believe about the space and hope it helps:
Haven’t worked in it directly but have interviewed/met with and networked with people in the space
i understand there is a good amount of modeling/financial analysis involved in the work since the deals can have multiple assets/moving pieces that need to be underwritten
that said, I’m not sure if hours are too much like IB and maybe somewhat closer to like 9-7 or whatever with weekends maybe every now and then from what I gathered
comp at least at the base salary level may probably still be in line with banking (maybe less than the top, top banks) but you get the added bonus of much better WLB, potentially more interesting work since you are an investor, and hopefully a bit more predictability around when you may need to work or be on-call.
just some info I gathered as an outsider so you can take it for what it is worth for now
I hope that helps. Good luck
Comp is definitely not in line with banking.
Most definitely is and better at places like GS/BX
Thank you so much! That’s super helpful, really appreciate the detailed comment
You are welcome. Good luck :)
Waiting for that dude who says secondaries lads get comp'd more than Apollo
Ya it was pretty off base and cringe to read
BX SP probably gets paid similar?
pay is shit, but work life balance is usually better
still advise against it - it's mundane and extremely boring as you won't be doing meaningful work on individual companies, even if you're "co-investing".
I heard BX SP pays in line with its regular PE group. Is this true>
Yes, but this is far from the norm. Blackstone pays very well.
It’s incredibly firm specific. Strat partners are known to have terrible hours but pay well. Harbourvest is the opposite. You work and close many more transactions than in direct PE, but your depth of analysis is a mile wide and an inch deep, unless you sub specialize in a unique asset class. GP led is still a nascent industry.
What is HL's reputation and pay in the secondaries world?
Low
They hired a bunch of setter capital guys lol
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