Wanted to get y’all thoughts on a role please - it’s a start-up VC firm with a pedigree somewhat (Tiger grand cub running a mixed private/public equity mandate in a nice NON-Tech sector). I am offered a carry and the investment team will just be the GP + 1 associate.
GP has a good track record on both the buy and sell side and is well known in the sector (often lead rounds and can bring in co-investments etc).
I always wanted either this or HF but the problem is they are not raising much (potentially sub $50m at first close). While I’m not worried about redemption risk due to terms of fund, is there a risk that the fund size wouldn’t be enough? I have no clue in the private markets. The strategy is to go high conviction and have a smaller than average No of portfolio Cos focusing on more mature stage growth opportunities rather than early stage VC.
essentially I’d want to know how you guys would assess this opportunity. For context, I am a second year ER associate at a top boutique. Would be taking a pay cut for this role but again offered the potential upside of carry with an investor with decent track record. Any advice would be much appreciated..!
I was in a similar situation. I wouldn't take it, knowing what I know now.
The problem is that fees are always going to be on a knife's edge, and the moment things go south, partners are pissy and entitled brats that want to take as much for themselves as they can--you're seen as very expendable, and if there's not enough capital to climb the ladder, but you want to, then it creates incredible tension.
Add to that that deal flow is quite scare right now, and you've got a bad situation incoming. You don't know the future, and even if you're a "ground floor" employee, it doesn't mean that the story of you climbing and rising will happen.
I'd wait it out for something better. This jump isn't worth it.
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