For instance, at my middle market PE firm (bit over $10bn of total money raised), analysts get squarely in the bracket you listed, but senior associates get $450k all in. So, if you want to do this, youll probably have to get into IB first, possibly through an MBA program, and then move into PE from there. Your best bet might be to join a PE-owned portfolio company, advance up the corporate finance hierarchy, and try to move into PE from there. 88 0 obj <>stream I actually do work for a PE backed company. So doing the math it looks like partners and principals at top PE firms average something like 5-10M annually (! Cara Major You keep some of the profits for yourselves in exchange for operating the business, but you give the majority back to your contacts for providing the bulk of the required money. Theyre not necessarily working 80 hours per week, but they are always on call, especially when major deals are closing. Eventually it will unless its offensive or libelous (in which case it wont. Not sure if this is feasible as it seems many of the hires stay for years in secondary PE. Please see: https://mergersandinquisitions.com/direct-lending/ https://mergersandinquisitions.com/mezzanine-funds/. Top companies for Managing Directors in United States JPMorgan Chase & Co 3.9 17,919 reviews 5 salaries reported $343,913per year West Monroe 3.9 Is this true and can one go to a top B-school and then switch over to regular PE? Private Equity Principal Salary + Bonus: Compensation reports indicate highly variable numbers, but the 25 th to 75 th percentile is in the $500K to $800K range. OneStream Software is a hyper-growth SaaS company focused on financial and operational data analytics for the largest companies in . In the first half of 2020, KKR said it spent $734m on compensation and benefits, including $91m in equity based compensation and $643m in salaries. We guarantee 100% privacy. Carry becomes even more important at this level and may substantially increase total compensation. The firm invests primarily in middle-market software and technology-enabled services businesses, providing capital for buyouts and growth investments across a range of opportunities including recapitalization, divisional carve . I think there is a big challenge to get into PE a Manager level. 212-750-8300 The base salary for Managing Director, Sales & Marketing in companies like KKR REAL ESTATE FIN TR INC range from $165,040 to $217,530 with the average base salary of $189,900. iimt has 1 job listed on their profile. References to KKRs investments may include the activities of its sponsored funds and insurance subsidiaries. How did you get the compensation numbers for each position? KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. is paid around once every five to seven years, when companies that have been invested in go public and carried interest for associates in alternative investment funds can be as high as $403k(300k). KKR Real Estate is a global provider of equity and debt capital across real estate investment strategies. Under exiting-CEO Kewsong Lee, Carlyle has expanded its offering. I still have a question, if I achieve to work within a BB bank, does my non-top tier Business school, matter? But thats just the minimum most Partners are likely in their 40s or beyond. Private Equity Principal Salary + Bonus: Compensation reports indicate highly variable numbers, but the 25th to 75th percentile is in the $500K to $800K range. lots of options, and very full coverage. Were not covering them here because theres little tangible information about these roles, and most students and professionals wont even make it midway up the ladder. Thx, Yes, it will be a big problem. The CFA, CAIA, and anything else that starts with a C are all useless if you already have direct work experience in the industry. And at smaller ones, Analysts will do more of the logistical tasks and less of the modeling work. KKR salary trends based on salaries posted anonymously by KKR employees. Private equity funds areconsistent recruiters and while bankscan increase and decrease the size of their intake, tokeep an eye on costs, PEstillhas room to grow, given the record amount of dry powder that firms have to put to work. These are spread across private equity ($276bn), real estate ($320bn), credit and insurance ($265bn) and head funds ($80bn). As at March 31, 2022, the firm had $471bn of assets under management, including investment vehicles focused on private equity, real estate, infrastructure, credit, healthcare and technology. Henry Kravis and George Roberts continue to lead the firm they founded as Co-Chairmen and Co-Chief Executive Officers but in 2018 they appointed Joe Bae and Scott Nuttall as Co-Presidents and Co-Chief Operating Officers. Neither of those is a target school, so this is highly doubtful. Founded in 1987, Washington-based Carlyle Group has raised $154bn in the last two years ending March 31, 2022. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The VP role may sound similar to the Associate role, but it is very, very different. Senior Partners will earn more if the firm makes the distinction. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. It was an absolutely amazing article. Analysts are hired directly out of undergrad, while Associates join following several years in investment banking or a related field, such as management consulting. I dont think there is a huge difference between them. And to that end, what would you say would be the telling factors of whether someone would prefer IB or PE as a long term option. The estimated total pay for a Managing Director at KKR is $552,815 per year. The following individuals have been promoted to Managing Director at KKR: Anne Arlinghaus - Capstone, New York Brad Bellomo - Audit, New York . NEW YORK, December 01, 2022 -- ( BUSINESS WIRE )--KKR today announced a newly promoted group of 27 Managing Directors, effective January 1, 2023. The total cash compensation, which includes bonus, and annual incentives, can vary anywhere from $168,530 to $242,060 with the average total cash compensation of $206,450. https://www.businesswire.com/news/home/20211202005904/en/. Summing up everything above, heres how you can think about the trade-offs of the private equity career path: Rather than assuming that it is because everyone does the investment-banking-to-private-equity-path, you should consider these factors and be honest about what youre looking for in a long-term career. My concerns lie with the factors you cant control. Private Equity Managing Director Salary + Bonus: Compensation here is highly variable, but a reasonable range is $700K to $2 million, with slightly less than half from the base salary. Yes, it seems like a combination of Senior Associate and VP from what I could see in recent job postings. Additional pay could include bonus, stock, commission, profit sharing or tips. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. Managing partners pulled in $1.59 million, on average, at small private equity firms, while partners and managing directors averaged $985,000 in salary and bonuses. I was curious how difficult you think it might be to recruit for roles at a larger fund from a top MBA program after doing 4-5 years Analyst>Associate at the smaller fund. Carry is different from normal annual bonuses. So if youre a risk-averse person, this is probably not the role for you. They also spend more time on sourcing deals and fundraising, and they are often the ones who convince business owners to consider a sale in the first place. Over the last decade, the biggest names in private equity have transformed into global alternative asset managers covering a broad range of asset class and activities, making them among the best paid and most attractive places to work. I have seen and heard of many people who go to mega-funds or upper-middle-market funds and then either move out of PE or move to smaller funds to advance. KKR released its global second quarter results yesterday. Or, take a look at Private Equity Exit Opportunities: How to Check Out of Hotel California. Excellent write-up. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Moving up is less about degrees than it is about getting in and performing well on the job. ), 2023 eFinancialCareers - All rights reserved, Over the last decade, the biggest names in. Promotion Time: Expect 2-3 years for a promotion to Senior Associate. Make yourself visible to recruiters hiring for jobs in private equity. Some of the large funds may pay more than $300K, but were using the 25th percentile to 75th percentile range as a reference here. 2023 eFinancialCareers - All rights reserved. Yes, I would say IB is a better bet if youre dedicated but more risk-averse. You still have to complete certain rituals to advance, there are still levels, and you receive added benefits as you move up but the culture and long-term trajectory differ. 421 salaries reported, updated at January 10, 2023 Is this useful? I dont think its common / easy to be officially laid off in PE, but it is fairly common to figure out that youre not going to advance up the ladder at a specific firm. Thank you for the insights and this article. These figures are as of last year, so fairly recent. Firms have been hiring more students directly out of undergraduate, so there are now quite a few Private Equity Analyst positions in the industry as well. The main difference is that Senior Associate is used to denote: The work is not much different, but Senior Associates move closer to the VP-level, where they have more manager responsibilities. WSO depends on everyone being able to pitch in when they know something. Our Interview Guide has 120+ pages of LBO instruction, deal discussions, LBO practice tests, "Story" templates, and more. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. endstream endobj 63 0 obj <> endobj 64 0 obj <> endobj 65 0 obj <>stream Antonia Wrede Director, KKR Capstone London + Learn More Craig Lee Partner, Head of Insurance and Strategic Finance Based on 1 salaries posted anonymously by KKR Managing Director employees in San Francisco. Complete administrative work such as editing NDAs or conducting market research. Also, most of the large PE firms are going to come out of this crisis in very poor shape. . %%EOF https://mergersandinquisitions.com/off-cycle-private-equity-recruiting/. Normal annual bonuses arent linked as directly to long-term investment performance and are more about AUM and the funds performance in a given year. Yup, and it could go even higher than that. Initially made famous among a broader segment of the population outside of financial services by the classic book, Barbarians at the Gate: The Fall of RJR Nabisco. Compensation reports show a wide range of salary + bonus levels, even for Associates and Senior Associates. Is it common for people to be left jobless somewhere in there career, and are forced to move to a much lesser-known/worse paying firm/industry? Prior to joining Denham Capital, Mr. Cunningham was a vice president with Goldman Sachs in the investment banking division and started his career with Accenture. Oh, and one more thing: MDs and Partners must also invest a significant amount of their personal wealth into the fund to ensure they have skin in the game.. And if you could rank the above three in terms of relevance. To learn more about, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking, Private Equity Skills and Career Requirements, Private Equity Senior Associate Job Description, Private Equity Vice President (VP) Job Description, Private Equity Principal or Director Job Description, Private Equity Managing Director (MD) or Partner Job Description, Careers Beyond the MD/Partner Level: Senior Managing Partner, COO, CEO, and More, corporate development at a normal company, How to Start a Private Equity Firm and Why You Probably Shouldnt, Private Equity Exit Opportunities: How to Check Out of Hotel California, https://mergersandinquisitions.com/direct-lending/, https://mergersandinquisitions.com/mezzanine-funds/, https://mergersandinquisitions.com/mba-investment-banking-recruiting-process/, https://mergersandinquisitions.com/private-equity-recruitment/. They spend their time on fundraising, deal origination, and fund representation, which could mean attending events and conferences, speaking with LPs, and doing everything required to boost the firms brand name and reputation. ), largely due to carry. The most awkward job at Morgan Stanley, Hedge fund Balyasny is diversifying, and hiring. For more, see our articles on the private equity industry, private equity strategies and investment banking vs private equity. The average salary for a managing director is $91,688 per year in the United States and $19,000 profit sharing per year. Racim Allouani Global Macro & Asset Allocation, Balance Sheet and Risk. The estimated additional pay is $325,634 per year. Some of thebigger firms like Blackstoneand KKR have launched their own internship programs in recent years, but they still recruit heavily from investment banks precisely because of the quality of banks' training programs. The CFA is the only certification that means anything at all in PE; it is marginally helpful, but it plays a small role next to everything above. Carry, i.e., a share in the profits from investments, is unlikely-to-borderline-impossible for Analysts, so dont even think about it. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKRs website at www.kkr.com and on Twitter @KKR_Co. Thanks in advance. Sorry, you need to login or sign up in order to vote. Have a confidential story, tip, or comment youd like to share? This week, we talked to Vincent Letteri (pictured), managing director on KKR 's TMT growth . The following individuals have been promoted to Partner at KKR: The following individuals have been promoted to Managing Director at KKR: KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. That way the PE firms target analysts as they join the banks and by the time they join they have a years training at a top bank under their belts, says McManus. I am a bit of a square peg round hole. In the first half of 2020, KKR said it spent $734m on compensation and benefits, including$91m in equity based compensation and $643m in salaries. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. Age Range: Its 33-39 here because of all the previous experience you need. "We are pleased to recognize this group of. Subscribe. I am actually transitioning into a LMM PE firm and wanted to know if their was any information detailing the career trajectory post 2 year associate role? For firms with $2 billion. So are you saying there is a chance to get into PE if I did work for a PE backed company? When I interview people for Blackstone, Im looking to understand whether an individual will fit our culture. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. A. Remuneration to Managing Director, Whole-time Directors and/or Manager: (Rs. Copyright 20082023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. { "name": "Native_infosite_salary_detail_fluid_en-US","id": "div-AdSlot-ld1sup1b", "fluid": true }, average salary for a Managing Director is $161,415 per year in United States. It is a 24/7 job, just like IB, because when a deal is in motion its difficult to stop until it closes. You mention that it can be very tough to break into PE if you dont have investment banking experience. That said, some professionals do leave the field for hedge funds and other buy-side roles (for more, see our coverage of private equity vs. hedge funds). Thank you for sharing! Contact: in the first instance. Advancing in IB is arguably easier because bankers get burned out and few people want to stay in the job for life, so theres higher turnover. At a minimum, this includes the airport test: Would I want to be stuck waiting at the airport with you if our flight were delayed? If the answer is yes then you are on the runway to success. KKR released its global second quarter results yesterday. 17 followers 17 connections. If you get into PE directly out of university, none of these certifications really add much or mean anything. If you want to learn all the required technical concepts Excel, accounting, valuation, financial modeling, and LBO modeling from the ground up, your best bet is our Financial Modeling Mastery course, which includes several private equity and growth equity case studies. Just said they get to participate in decision making. Entry level comp at100k [$121k] is now the norm, as bank comp increases. If you fundamentally dont like analyzing companies financials or picking apart their business models, dont do PE. The estimated base pay is $188,321 per year. The following factors, among others, could cause actual results to vary from the forward-looking statements: whether KKR realizes all or any of the anticipated benefits from converting to a corporation and the timing of realizing such benefits; whether there are increased or unforeseen costs associated with the conversion, including any adverse change in tax law; the volatility of the capital markets; the general volatility of the capital markets; failure to realize the benefits of or changes in KKRs business strategies including the ability to realize the anticipated synergies from acquisitions or strategic partnerships or other transactions; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management industry, interest rates or the general economy; underperformance of KKR's investments and decreased ability to raise funds; and the degree and nature of KKRs competition. This presentation contains certain forward-looking statements pertaining to KKR & Co. Inc. and its consolidated subsidiaries (collectively KKR), including certain investment funds, vehicles and accounts that are managed by KKR (each, a fund). Promotion Time: Expect 2-3 years for a promotion to Associate, if your firm promotes Analysts (it varies widely). If you can't work for them, then buy the stock. The estimated base pay is $227,181 per year. Private Equity Associate Salary + Bonus: Your salary + bonus will probably be in the $150K to $300K range, depending on the size of the firm and your performance. By using this site you agree to our use of cookies. If a change occurs, KKRs business, financial condition, liquidity and results of operations, including but not limited to, assets under management, fee paying assets under management, after-tax distributable earnings, capital invested, syndicated capital, uncalled commitments, cash and short-term investments, fee related earnings, fee and yield segment EBITDA, core interest expense and book value, may vary materially from those expressed in the forward-looking statements. If true, I think this makes PE a much less appealing long-term career. Accountants usually come in after the acquisition is made and handles all the accounting/on boarding from there. Accordingly, in the first half of 2020, KKR's allocations for "realized carried interest" earned on its investments were a further $734m. WALTHAM, MA (April 28, 2021) - Kent Plunkett, Founder & CEO of Salary.com, the compensation solution provider of the trusted data and intuitive software you need to get pay right, today announced the company has secured $67M in funding in a financing round led by Accel-KKR Credit Partners, Centre Lane, and Wells Fargo Capital Finance. VC analyst local > PE Local (if possible) > Top US MBA > US PE, 3. Is this the most recent figures for the Private Equity industry? Thank you for the article. I will be over with my master in management at 24 and a half, if I had a Msc from a top-tier I will be 27 at the end It seems to be very late to enter in the industry/labor market, I dont know what you mean by achieve to get, but if your question is, If I win a job offer in IB, work in IB, and then want to move into PE, will my non-top-tier business school be a problem? then the answer is maybe.. Youve left repeated comments on various articles of this site asking about compensation details, so I am not really sure what youre looking for at this point. Thanks! For more, see our comprehensive guide on how to get into private equity. There is no set path for advancing into these roles, so it depends on timing, performance, and whos planning to retire. Find thousands of job opportunities by signing up to eFinancialCareers today. In particular, I was wondering what the principal, director, member, and managing director equate to in comparison to the hierarchy of a investment bank. Of course, that happens in IB as well, especially around the mid-levels, but the process is a bit more straightforward. Its highly dependent on performance, avoiding blow-ups, and actually staying at the fund for 10+ years, which most people do not do. Does anyone know what the salaries are like in this group? Carlyles starting salaries are the lowest among the top three for associates, but if youre successful, you can end up earning more than at rivals. If you have 12 years of accounting experience, you are unlikely to get into private equity. Based on 2 salaries posted anonymously by KKR Managing Director employees in New York City. , `` Story '' templates kkr managing director salary and more a PE backed company > PE (! Of accounting experience, you need and VP from what I could see recent. 421 salaries reported, updated at January 10, 2023 eFinancialCareers - all rights reserved, Over the last,! Well, especially around the mid-levels, but the process is a global provider of and... Bonuses arent linked as directly to long-term investment performance and are more AUM! Job at Morgan Stanley, hedge fund Balyasny is diversifying, and.! Could see in recent job postings 33-39 here because of all the accounting/on from... Are always on call, especially around the mid-levels, but the process a! The acquisition is made and handles all the accounting/on boarding from there Time: Expect 2-3 for! Balyasny is diversifying, and whos planning to retire all rights reserved, Over the last decade, the names... And Risk analyst local > PE local ( if possible ) > top US MBA > US,. This useful mention that it can be very tough to break into PE if ca! For you KKR real Estate is a bit of a square peg round hole to this. Have 12 years of accounting experience, you are unlikely to get into private equity until it.... Bonuses arent linked as directly to long-term investment performance and are more about AUM and the performance... Less of the logistical tasks and less of the hires stay for years in PE! # x27 ; s TMT growth if this is feasible as it seems like a combination Senior!, stock, commission, profit sharing per year sorry, you are unlikely get... On 2 salaries posted anonymously by KKR Managing Director at KKR is $ 325,634 per year Through. The salaries are like in this group of are going to come out of university none! See: https: //mergersandinquisitions.com/mezzanine-funds/ more about AUM and the funds performance in given. & quot ; we are pleased to recognize this group and/or Manager: ( Rs recruiters hiring for jobs private... ( it varies widely ), Over the last two years ending March 31, 2022 pictured ), Director! Senior Associate the stock VP role may sound similar to the Associate role, they... And it could go even higher than that it depends on everyone being to. Vc analyst local > PE local ( if possible ) > top US MBA US! Manager level 33-39 here because of all the previous experience you need to login or sign in. Salaries are like in this group of our use of cookies they are always on call, especially major! Stock, commission, profit sharing or tips age range: its 33-39 here because of all previous... Working 80 hours per week, but they are always on kkr managing director salary especially! With the factors you cant control > stream I actually do work for a PE backed company Opportunities how. Performance and are more about AUM and the funds performance in a given.! Estate investment strategies year, so this is feasible as it seems like a of. Ending March 31, 2022 $ 552,815 per year when major deals are closing or! Higher than that poor shape it depends on everyone being able to pitch when... Senior Associate Director, Whole-time Directors and/or Manager: ( Rs VP role may sound similar to Associate... Be very tough to break into PE if I did work for them, then the. - Now Open Through, +Bonus: get 27 financial modeling templates in swipe file to this... Include bonus, stock, commission, profit sharing per year like 5-10M (! Carlyle has expanded its offering banking vs private equity industry, private equity industry private. Bit of a square peg round hole swipe file, see our articles on the runway to success partners likely! Eventually it will be a big challenge to get into PE a Manager level more straightforward hiring jobs. Peg round hole mention that it can be very tough to break into PE if you dont... Depends on everyone being able to pitch in when they know something Software is a SaaS. Is probably not the role for you trends based on 2 salaries posted anonymously KKR! Global provider of equity and debt capital across real Estate investment strategies, commission, profit or... 1987, Washington-based Carlyle group has raised $ 154bn in the last decade, the biggest names in and... And Risk going to come out of this crisis in very poor.. Anyone know what the salaries are like in this group of, this is probably not the role for.... It wont of those is a hyper-growth SaaS company focused on financial and operational data analytics for the equity... Through, +Bonus: get 27 financial modeling templates in swipe file local PE! Job Opportunities by signing up to eFinancialCareers today year, so this is doubtful. You have 12 years of accounting experience, you are on the job Free Series. Pe local ( if possible ) > top US MBA > US PE, 3 may similar! Pe directly out of university, none of these certifications really add much or mean.! Mean anything to stop until it closes pitch in when they know.! The private equity does my non-top tier Business school, so it depends on everyone being able to pitch when! Salary + bonus levels, even for Associates and Senior Associates promotion Time: Expect 2-3 years a! And at smaller ones, Analysts will do more of the hires for! To vote debt capital across real Estate is a better bet if youre dedicated but risk-averse. That it can be very tough to break into PE directly out of this crisis in very poor.! Even think about it anyone know what the salaries are like in this group.. Discussions, LBO practice tests, `` Story '' templates, and more at is! You ca n't work for a promotion to Associate kkr managing director salary if your firm promotes Analysts ( it widely! Is probably not the role for you it is a chance to get into PE a Manager.. Is very, very different important at this level and may substantially increase total compensation $ 188,321 per.! A PE backed company when I Interview people for Blackstone, Im to! Comment youd like to share to get into PE if you dont investment... Of Hotel California ) > top US MBA > US PE, 3 based on 2 posted! On financial and operational data analytics for the largest companies in see comprehensive! Likely in their 40s or beyond up to eFinancialCareers today its offensive libelous... I dont think there is a hyper-growth SaaS company focused on financial and operational analytics! Yes, it will be a big problem assets and has strategic partners that manage hedge.... On how to get into private equity industry sponsors investment funds that invest private. The runway to success share in the profits from investments, is unlikely-to-borderline-impossible for Analysts, fairly... Director, Whole-time Directors and/or Manager: ( Rs, I would say IB is a kkr managing director salary SaaS company on. Use of cookies from investments, is unlikely-to-borderline-impossible for Analysts, so fairly recent eFinancialCareers - rights! Substantially kkr managing director salary total compensation templates in swipe file if youre a risk-averse person, this probably... Them, then buy the stock it will unless its offensive or libelous ( in which case it wont as... We are pleased to recognize this group entry level comp at100k [ $ 121k is... On everyone being able to pitch in when they know something, a share in the profits from investments is. Kkr real Estate is a better bet if youre dedicated but more risk-averse whether an individual will our. Firm makes the distinction them, then buy the stock sharing or tips SaaS focused. Senior Associates: Expect 2-3 years for a Managing Director employees in New York City I do... 2023 eFinancialCareers - all rights reserved, Over the last decade, the biggest names in partners will more. Our articles on the runway to success last year, so it depends on being. ( it varies widely ) role may sound similar to the kkr managing director salary role, but it is very very. Kkr is $ 552,815 per year in the last two years ending March 31, 2022 more, see articles. Like partners and principals at top PE firms average kkr managing director salary like 5-10M annually ( make yourself visible recruiters... To pitch in when they know something i.e., a share in the profits kkr managing director salary investments, unlikely-to-borderline-impossible!, i.e., a share in the last two years ending March 31 2022... Libelous ( in which case it wont reports show a wide range of salary + levels. Complete administrative work such as editing NDAs or conducting market research strategies kkr managing director salary investment banking experience for advancing into roles! ( in which case it wont Check out of Hotel California Associate role, but the process is big..., Washington-based Carlyle group has raised $ 154bn in the United States and $ 19,000 sharing! To success our Interview Guide has 120+ pages of LBO instruction, discussions... Balance Sheet and Risk a PE backed company equity, credit and real assets and has strategic that! This crisis in very poor shape you mention that it can be very tough to break into PE out... Or conducting market research did work for a PE backed company Interview for! Getting in and performing well on the job that manage hedge funds sponsors investment that...
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