I just came across this terrific Jon Moulton quote in an English magazine, The Business. Jon is the head of Alchemy Partners, one of the UK's most successful mid-market firms. And doesn't the truth hurt!
"Large funds have far too much staff. They have teams of 30 people doing one deal - most never do anything, it only needs five people. There's a morale issue; what are you going to pass your days doing?
We've been out recruiting for the last year, and we've seen people from large funds: they've got a good Harvard degree, been at a large fund four or five years. We call them 'deal virgins.' They're highly paid people who've never done anything - and they know it."