Cross-team responsibilities in the private markets

April 30th

by Andrés Ramos, Content Marketing Specialist – eVestment Private Markets

The first Private Markets Work-Life Balance Report, produced by eVestment Private Markets and asset management consultancy MJ Hudson, surveyed over 300 private markets employees on a wide array of topics to offer insight into what it’s like to work in the industry. Survey respondents came from a broad range of titles and levels of seniority given the diversity of industry. 

One of the first topics covered in the report was “work responsibilities.” Looking at work responsibilities and their relative weights helps provide context into what might be driving challenges to a healthy work-life balance in the private markets. Let’s dive into those findings. 

 

Firm leadership does it all 

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One of the standout findings in the report is that 53% of firm leadership respondents, at both General Partner (GP) and Limited Partner (LP) firms reported participating in work responsibilities that extended beyond their executive duties. These responsibilities included activities like: capital raising, working on deals (in a capacity beyond seating on the investment committee), portfolio management, or manager selection.  

On the GP side it’s easy to see how this can be the case. At small firms, it’s very common for firm leaders to wear multiple hats and be both firm leaders and deal maker. Even at larger firms, executives are often involved in activities like fundraising from high-profile investors. 

 

Cross-team responsibilities at a career crossroads 

After firm leadership, it is often the middle-tenured professionals who have the most cross-team responsibilities at private markets firms. While some view this collaboration as an opportunity to develop a wider skillset, specialization is often preferred – and required – by those hoping to advance on a particular career path. More flexible roles and ranges of responsibilities can be beneficial for junior employees, but the impact of answering to multiple stakeholders can become stressful if not managed correctly, and consequently lead to dissatisfaction in their role.  

 

Collaborating on clients 

Within the administrative, legal, and operations roles of the private markets industrywe found for the most part that their focus was centered to their specific areas of responsibility: only 11% stated having formal responsibilities beyond these specific domains. Where overlap did exist however, it was to be found with fundraising and investor relations. In other words, client-focused work. This makes sense as cohesive coordination around these responsibilities is critical for success in raising capital and servicing existing investors’ needs and questions. 

Explore deeper insights

The full Work-Life Balance Report further explores the responsibilities and motivations of LPs on the other side of the market. The report goes on to examine the physical and mental demands of work in the industry as well as how employees spend their time outside of the office.

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