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What are EXIT OPPS for v20 fund formation
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Date: January 27th, 2012 7:13 PM Author: excitant den private investor I got good (top 20%)first semester grades from CN and two years of vanilla fortune 500 work experience. Figure if I can repeat in the spring I may have a shot at Debevoise and Simpson. Is fund formation a credited practice area for exit opps into legal positions within financial companies? (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849079) |
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Date: January 27th, 2012 7:16 PM Author: Angry parlour No. It's also not much of a practice area at those two firms. The big fund formation practices are Schulte and places like Seward Kissel. (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849091) |
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Date: January 27th, 2012 7:18 PM Author: excitant den private investor That's good to know. Ty. I'll look into Schlute and make sure to bid there. (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849101) |
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Date: January 27th, 2012 7:52 PM Author: khaki state I always thought Simpson and Debevoise had two of the most prominent fund formation practices in the country (along with Latham, Ropes & Gray, and K&E).
However, I cannot speak to exit opportunities. |
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Date: January 27th, 2012 8:02 PM Author: excitant den private investor That's what I thought. I wanted to do Dev/STB for 4 years --> 200k, no weekends in house at a fund. Now I'm confused. Help Plz! (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849331) |
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Date: January 27th, 2012 8:05 PM Author: Stimulating hateful party of the first part Join whatever group involves advising funds on formation and regulatory stuff at a high vault firm. (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849342) |
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Date: January 28th, 2012 5:26 PM Author: Sickened burgundy pozpig indirect expression 4 years may have been the baseline in 2006. ITE, try 7.
BTW, part of your confusion is that some of the firms you're looking at it are PE, others are hedge fund - very different practices. |
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Date: January 27th, 2012 8:07 PM Author: Angry parlour Fund formation is very different than private equity practice. Private equity practice (i.e. what Simpson, Latham, K&E, Ropes, Cleary, Debevoise and Weil) do is represent PE funds on buyouts and dispositions of portfolio companies. That's where the big money is (because each deal will be a combination of M&A, corporate finance and banking work). Fund formation is not particularly lucrative, and to the extent those firms do it, it's just a small side-practice to keep those sponsor clients happy. (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849351) |
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Date: January 27th, 2012 8:14 PM Author: excitant den private investor hmm. Guess I'm still lost. I'll look at vault ranking tiers for PE groups then. Thanks man. (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849377) |
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Date: January 28th, 2012 12:06 PM Author: Angry parlour What is there to be confused about? Forming HF/PE funds = low-margin third-tier firm work. Representing PE funds in investing/divesting = extremely lucrative top-tier firm work. |
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Date: January 28th, 2012 5:23 PM Author: Sickened burgundy pozpig indirect expression Problem with your distinction is that one line of business leads to the other, as the PE funds in particular tend to want a full service law firm. When you are dealing with KKR / Apollo etc. nothing is low-stress.
But you aren't entirely incorrect, I'd just put one additional level of complexity to it - in fund formation, there is "deal work" (e.g., forming a PE fund, drafting partnership agreements and offering documents, dealing with investors) and "compliance" (e.g., compliance manuals, registration issues, SEC exams). "deal work" can be extremely lucrative and high margin, and, accordingly, the lifestyle is along the lines of M&A. "compliance" is SPS, low-margin work that the firm needs to do in order to be full services, I'd rather shoot myself but those peopel tend to work 9am-7pm and have their weekends.
To answer OP's original question, debevoise / simpson have very strong PE fund formation practices and you'd be lucky to get a seat in that group at either firm (if you don't fight for it, they'll try to stick you in cap markets or M&A). Schulte & sidley austin are very stong in the hedge fund space and are probably a little easier to get, but hedge fund formation is very different (and honestly less interesting) than PE fund formation. Seward & Kissel has some market share in the hedge fund space but they are pretty horrible.
Just go to chambers & partners and look at the rankings if you don't want to take my word for it. BTW, OP, fund formation is completely different than M&A, so be sure you understand that difference. |
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Date: January 28th, 2012 5:33 PM Author: Angry parlour There simply isn't that much PE fund formation work. Even the megasponsors don't raise that many new funds as they'd rather raise one $8 Billion Apollo VI (or whatever number they are currently on) fund rather than 10 individual funds. The prime sponsor firms do fund formation work for their sponsor clients but it's simply not a large practice nor a heavily leveraged one because the only complicated aspect of it is the tax issues and some negotiation on the fees/distribution waterfall. They spend the rest of the time doing bullshit JV/partnership agreements for real estate acquisitions. |
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Date: January 28th, 2012 5:40 PM Author: Sickened burgundy pozpig indirect expression That's sort of like saying "M&A isn't that complicated, it just involves negotiating a purchase agreement" or "Securities work? Sheesh, all you gotta do is slap together an OM based on some precedents, get the SEC to sign off, and you're done."
Listen, I'm not going to argue with you. If you think KKR's fund formation work, including drafting their 125 pg partnership agreements, their carry plans and their various investor-specific vehicles is easy and low margin and that STB isn't clearing profit in the millions on that work alone, you're entitled to that opinion.
Admittedly there is less dilligence/doc review where you can staff 6 juniors in a data room that are adding little to no value like in M&A and cap markets, but (sadly) a lot of that is getting farmed out anyway. |
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Date: January 28th, 2012 5:47 PM Author: Cheese-eating spot Instead, you can have a few juniors dupe documents and turn comments, which is 90% of what junior fund formation associates do. (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19854112) |
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Date: January 28th, 2012 6:59 PM Author: Sickened burgundy pozpig indirect expression This is the schulte HF model. For PE you can't really do this, at least IME. (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19854528) |
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Date: January 28th, 2012 6:28 PM Author: Talking Becky Bawdyhouse Deb has a pretty big and well known fund formation group (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19854307) |
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Date: February 17th, 2012 4:30 PM Author: Insecure Orchid Abode Toaster This is not correct. I am not in fund formation, so I don't have a dog in this fight, but word through the grapevine is that the exit options are very good. |
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Date: February 17th, 2012 5:19 PM Author: Mind-boggling crusty cumskin TITCR.
Places like Skadden and Simpson will have what is called a private equity practice. This is a general corporate practice group that services private equity clients in mergers.
If you want to do real fund formation, you gotta do middle market stuff. Kirkland does have a fund formation group seperate from its M&A group.
Why do you want to do fund formation though? |
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Date: January 28th, 2012 11:31 AM Author: Massive chartreuse old irish cottage box office Yes, but S&K is clearly inferior. (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19852132) |
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Date: January 28th, 2012 5:24 PM Author: Sickened burgundy pozpig indirect expression tcr (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19853999) |
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Date: January 27th, 2012 7:20 PM Author: Stimulating hateful party of the first part Don't think so man. You're probably better off practicing investment management if you want to go to an investment fund. (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849111) |
Date: January 27th, 2012 7:26 PM Author: tantric grizzly market quadroon v50 fund formation (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849149) |
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Date: January 27th, 2012 7:41 PM Author: excitant den private investor Man. I'm so confused. Given my work exp and grades what practice area and firms should i look at if ultimatel goal is just in house at a bank or private fund after 4-5 years? Tyia..! (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849223) |
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Date: January 27th, 2012 8:04 PM Author: Ultramarine Headpube Jap THIS is what you aspire to? Lol, just lol at our generation, man. (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849340) |
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Date: January 27th, 2012 8:10 PM Author: excitant den private investor brb. just working 9:30 - 7 with low stress brb. just making 200k + bonus brb. just actually enjoying the fun/culture of NYC by rarely ever working weekends brb. just doin a CrossFit WOD while "fire drills" get farmed out to mega firms
Everyone I talked to says its credited for the reasons above. Could be wrong though. I'm only a 1L. |
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Date: January 27th, 2012 8:11 PM Author: Swollen Stage Gaming Laptop "Everyone I talked to says its credited for the reasons above. Could be wrong though. I'm only a 1L."
ROFL |
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Date: January 27th, 2012 8:12 PM Author: Ultramarine Headpube Jap It's cute when you try to be funny.
I was actually commenting on the smallness of your dreams. |
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Date: January 27th, 2012 8:15 PM Author: excitant den private investor Tell me about your dreams bro (srs). I'm not sold on this but I did hear in house at a bank/PE is a good gig in terms of work/money ratio. Again, I'm a know nothing 1L though. (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849387) |
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Date: January 27th, 2012 8:21 PM Author: Ultramarine Headpube Jap I haven't given up on making billions from nothing, and I've resolved to never be shoehorned into a middle class existence, because if all else fails, I'll likely end up there--or close enough--anyway. (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849404) |
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Date: January 28th, 2012 11:34 AM Author: Rose tripping hospital (TMF) (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19852145) |
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Date: January 28th, 2012 6:19 PM Author: Cerise fiercely-loyal haunted graveyard gunner (imbecile) (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19854265) |
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Date: January 27th, 2012 8:16 PM Author: Aphrodisiac Big-titted Blood Rage Boistinker sounds pretty SWeet to me (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19849393) |
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Date: February 17th, 2012 5:21 PM Author: Mind-boggling crusty cumskin just do M&A or capital markets.
Forming LLCs does not lead you to banks. Banks want deal lawyers. Do M&A. |
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Date: January 28th, 2012 11:20 AM Author: Provocative pink immigrant base (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19852105) |
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Date: January 28th, 2012 11:40 AM Author: bipolar passionate new version (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19852162) |
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Date: January 28th, 2012 6:39 PM Author: Domesticated brilliant church they are among the best in nyc for sure.
the firms can't keep people around b/c of it.
the best legal hedge fund jobs will pay you more than law firms after working at a firm for 6-7 years. however they are very competitive. |
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Date: February 17th, 2012 4:51 PM Author: Histrionic Primrose Trump Supporter School law: gayer than a back full of floppy monkey cocks (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#19985443) |
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Date: April 8th, 2015 2:50 AM Author: galvanic affirmative action (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#27646458) |
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Date: April 8th, 2015 2:51 AM Author: scarlet university (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#27646460) |
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Date: April 8th, 2015 3:01 AM Author: Embarrassed to the bone narrow-minded wagecucks (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#27646480) |
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Date: April 8th, 2015 8:53 AM Author: mauve bearded area I'd go higher, you don't want to leave anything to chance when you're trying to exit fund formation. (http://www.autoadmit.com/thread.php?thread_id=1859562&forum_id=2#27647286) |