I’d get it if you aspired to become the next Leon Black, David Bonderman or Henry Kravis. But why not become the next Margot Wirth instead?
Ms. Wirth, the director of private equity for the California State Teachers’ Retirement System, earned more than $450,000 in fiscal year 2017-2018, according to state records. She had the potential to earn more–over $570,000–had her full bonus paid out.
Sure you’ll work hard on the buy-side of the market. But you’re unlikely to have to endure a series of 80-hour work weeks–or to be on call 24-7 while some big deal comes to fruition–or to get an e-mail from HR insisting you take Sunday afternoons off to achieve work-life balance. Consider how Joy Moglia, CFA, investment officer at Weizmann Global Endowment Management Trust, described her job at last month’s Catapult event hosted by the Toigo Foundation.
It’s a 9 to 6 job. We have very different hours than private equity. It’s a great work-life balance. It depends on which institution you work at, obviously. But most of our time we spend meeting with prospective managers…attending conferences. We manage a global portfolio, and so we travel quite a bit. I’m going to China next week. [You’ll travel] all over the world—India, South America—depending on where you invest. We spend a lot of time doing research, writing white papers. We did a white paper recently on the investment opportunities in India. So it’s a very intellectually interesting job and we have the benefit of being able to invest the institute’s money in top managers…
Sound interesting? Keep an eye on the job board over at the Institutional Limited Partners Association. It hasn’t reached critical mass; only half a dozen jobs are posted. But one of them looks super-interesting–an opportunity to build a private equity portfolio from scratch for a new $3.2 billion foundation. The Mother Cabrini Health Foundation plans to award $150 million per year in grants to improve the health and wellness of poor New Yorkers.