Hi WSO,
Any thoughts on PE as a function of private wealth management? Is it legit? Do people see it as legit? Are there exit opps to PE?
I'm interviewing for a firm that's similar to this description of a PE group within PWM. Example:
"Wilshire Private Markets currently manages nearly $5 billion in client assets from a global investor base of more than 100 institutions and has been providing private equity services to clients for 27 years, investing in primary partnerships, secondary partnership interests and co-investments with an exclusive focus on private equity."
Much appreciated!
It sounds more like, well it is, the description for a PE FOF, so the exit opps would be geared toward that. Is that what you meant, because it sounded a little as if you were referring to exiting to an actual PE fund?
Some PWM firms will recommend certain private equity funds to their clients or have a fund-of-funds. We've had a couple PWM groups run through our data room and do some on site diligence. The groups that have I've encountered are pretty unsophisticated with their analysis and require a decent amount of hand holding in areas I would consider pretty elementary for a mid-market private equity associate. Based on this, I suspect transition to a standard PE would be a challenge.
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