Thanks. Makes sense.

I am in LMM in Europe (London) so slightly different reg landscape (although increasing regs in different ways e.g., EU rules) – but there is a clear potential path to Partner / MD, so hopefully intend to stay for the long haul.

Yes, because there are still more and better opportunities in that end of the market (assuming “long term” means “until you reach MD / Partner level”).

But I think it makes less sense to go to LMM and even smaller funds if you only plan to stay for the mid-term, such as 5-10 years, because then you’ll earn less and won’t be able to take advantage of the carried interest upside nearly as much.