Cerberus culture/work environment (NYC)
Can anyone provide insight into this subject? How crazy are the hours? Dress code? Flex work schedules or telecommuting?
How does pay compare to other firms (PE, BB, HF)?
Thx!
Can anyone provide insight into this subject? How crazy are the hours? Dress code? Flex work schedules or telecommuting?
How does pay compare to other firms (PE, BB, HF)?
Thx!
+41 | Boomerang from PE back to IB? | 6 | 2d | |
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+19 | Funds with the best culture | 20 | 7h | |
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Career Resources
Cerberus doesn't strike me as the sort of place with flex work schedules and telecommuting.
PM me
Anyone have insight to the above questions? I'm starting the interview process with them soon and would be very curious to know. Thanks
I feel like they don't know much about cars.
it's pretty fucking bad. I know someone there
A friend of mine works in a group that won't show Cerberus deals any more. They have a pretty bad reputation of being "slimy" PE guys.
Cerberus is commonly known to have among the worst culture on wall st. I've seen this first hand when working with them, I've heard it second hand from people who have been there and I've seen it in the attrition and overall satisfaction there. I also know at least 3-4 people who had an offer from Cerberus and at least one other shop and they always picked the non-Cerberus option.
That being said, very reputable firm but youd be well advised to consider all options before accepting there.
I can confirm that you will do a shitload of diligence on deals. Nothing is overlooked.
This surprises me
Sounds fun
+1 on the comments re bad culture. Have heard similar things from an analyst who works there now.
Cerberus - How are they doing? (Originally Posted: 04/10/2011)
How are they doing these days?
I'd be interested in finding out as well.
I'd be interested in hearing about the internal investment thesis behind the Chrysler investment from anyone who actually worked there, what the hidden value realization was envisioned to be, what levers could be pulled, and how that post-close leverage parameter was well-suited...
Curious about this as well, does anyone here have details on this?
Only saw recently that theyve shuttered Dymas in favor of their own branded group but are keeping Ableco. Read an article somewhere too that they're reemerging as some realized investments have done pretty well. Sorry for the vague response but I can't recall sources on either.
One of the few that I truly desire to be a part of. I don't have enough information, but from what I have come across I've been fascinated. Why did you ask this question op?
I was just curious. Everyone talks about megafunds all the time but I never hear anything about Cerberus so I was just wondering.
I have heard that they're trying to moving back towards the founder's roots as a debt guy and away from buyouts (as noted above shuttering Dymas to start their own MM lending group, reramping Ableco). Their credit funds performed very well last year. Freedom Group is definitely in-the-money for them when they exit. I've also heard from FOF people that they burned a ton of bridges when they gated so the longer-term outlook may be shaky.
Just curious... why do you think Freedom Group is "definitely in-the-money"? They pulled the plug on the IPO and sales haven't been well.
This reminds me of one of my favorite Long or Short Capital articles: Better Ways to Spend $7.4 billion than buying Chrysler by Johnny Debacle •Donating $1,000 in malt liquor money to each member of the US homeless population •Making Spiderman 3 24.67 times •Drowning a stripper by making it rain with $7.4 billion in singles. Sacagawea singles. •Buying decaying shark corpse art for all your closest friends. Your 1,000 closest friends assuming you get a discount for buying decaying shark corpses in bulk (we have little information on the dynamics of the decaying shark art market). •Purchasing Manchester United, Arsenal, AC Milan, Real Madrid, the New York Yankees, the Boston Red Sox, the LA Dodgers, the Chicago Cubs and the New York Mets with enough cash to probably buy half the NHL. •Lifetime bottle service •1.75 billion golf balls to prep for that management consulting interview question •A money bonfire http://longorshortcapital.com/better-ways-to-spend-74-billion-than-buyi…
[quote=Kenny_Powers_CFA]This reminds me of one of my favorite Long or Short Capital articles: Better Ways to Spend $7.4 billion than buying Chrysler by Johnny Debacle •Donating $1,000 in malt liquor money to each member of the US homeless population •Making Spiderman 3 24.67 times •Drowning a stripper by making it rain with $7.4 billion in singles. Sacagawea singles. •Buying decaying shark corpse art for all your closest friends. Your 1,000 closest friends assuming you get a discount for buying decaying shark corpses in bulk (we have little information on the dynamics of the decaying shark art market). •Purchasing Manchester United, Arsenal, AC Milan, Real Madrid, the New York Yankees, the Boston Red Sox, the LA Dodgers, the Chicago Cubs and the New York Mets with enough cash to probably buy half the NHL. •Lifetime bottle service •1.75 billion golf balls to prep for that management consulting interview question •A money bonfire http://longorshortcapital.com/better-ways-to-spend-74-billion-than-buyi…]
HAHAHA
I obviously didn't work on this, but I looked into it back in the day.
Look at the actual flow of funds / sources & uses. $6.0bn of the $7.4bn out of pocket was going directly to fund the turnaround. You can also look at the remaining $1.4bn in a couple of different ways too
That may help put some of Feinberg's comments in context
A lot of HFs liked the deal too http://blogs.wsj.com/deals/2007/09/25/cerberus-the-hedge-funds-hedge-fu… http://online.wsj.com/article/SB119067700681638040.html
Look at the actual flow of funds / sources & uses. $6.0bn of the $7.4bn out of pocket was going directly to fund the turnaround. You can also look at the remaining $1.4bn in a couple of different ways too
That may help put some of Feinberg's comments in context
A lot of HFs liked the deal too http://blogs.wsj.com/deals/2007/09/25/cerberus-the-hedge-funds-hedge-fu… http://online.wsj.com/article/SB119067700681638040.html[/quote]
Hey man thanks for the post, I missed it when you replied. I def agree w some of ur comments. I know of ppl who looked @ the bank debt. Correct me if im wrong but I think 2006 total lev was 5x, and lev thru 1st lien was ~3.8x-4x? The main catalysts / investment rationale where the following (very weak catalysts and very "2006"): - Chrysler Auto Co. had sufficient liquidity to weather years of cash burn to effect a true turnaround. Proved untrue. - Cerberus was expected to contribute further capital here if stuff went south. Not the case. - M&A event likely, either in its entirety or asset sale optionality (attractive brands and attractive FinCo).
The bank debt was said to be attractive - M&A event would refi the cap structure - 1st lien coverage 1.5x-2x depending on inclusion of equity in subs - hidden liquidity support @ junior parts of the cap structure (eg. equity holders doubling down due to national importance of asset)
Again -- from what I surmise pretty weak rationale here
Cerberus - How they are viewed? (Originally Posted: 03/22/2009)
I was just wondering how they are viewed. This may not be a big deal so don't attack me if I'm wrong but have they "fallen" a little after Chrysler?
anyone?
Personally, I think that fund performance is somewhat less relevant (now assuming your fund is not going to close - which obviously has personal employment implications then) at a junior level.
What you want to be getting is experience and exposure/access to quality people, ideas, deals and processes at the junior leve to build your skill set.
On the question of whether Cerberus has "fallen", it is rather subjective - and hard to answer without knocking which perspective you are looking at - for all you know - they could have negotiated a great deal for themselves on Chrysler, leaving the banks to hold the bucket (I have no knowledge of this situation at all).
Bump
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