Hi all,
I'm weighing an offer to join a relatively new fund (TMT, mix of minority growth deals and buyouts). Was curious if anyone had a view on how exit ops for a fund like this compared with more "brand name" funds (e.g. Insight, GA, Spectrum)... the founding team has strong pedigree from their old funds, but will people dismiss the quality of my experience if I ever wanted to lateral?
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The brand name growth funds will offer you a higher probability of strong exit opps, but you should heavily consider what the trajectory of the new shop could look like. If there's a clearer path to VP promotion, ability to earn carry earlier, and the pedigree of the founders is strong, upside could be significant. All depends on your risk tolerance and long-term goals.
If there is strong pedigree and you get good experience (get a couple deals done, take on lots of responsibility as an associate, etc) then it won’t inherently prohibit you from moving to a larger shop down the line, although it would naturally be easier if you were already at a larger shop.
The issue you’re going to face is telling the story - presumably there’s some reason you’re taking this new job beyond “best I could get” (if that’s the reason absolutely do not say so). If the fund is doing well, people will wonder why you want to leave. If it’s not doing well, jumping from a sinking ship isn’t a super compelling reason to hire someone, and you should avoid badmouthing any of your employers (even if it’s true). Same story with things like “lack of upward mobility” - presumably you knew what promotion paths looked like when you joined, and part of the value of new funds is typically the fast track to senior levels, so if you joined thinking there was a path upward and now there isn’t, my concern in hiring you is either that you didn’t think through the outcome or that someone worked with you and then decided you weren’t promotion-worthy.
Some of this is mitigated based on timing - if you’re there for 5 years, get promoted, and then they can’t fundraise and need to wind down, no one will blame you as a junior employee, but if you want to jump in 2-3 years you’ll need to have a compelling story
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