Do long-only funds still have teams that do both private and public investments? I have seen people in the past who've made both private and public investments in places like Fidelity, T. Rowe, Wellington, etc., but I am curious if that was the product of a more underdeveloped market or if it's something that still occurs. I know a lot of them have private teams more so interested in truly hybrid teams.
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Based on the most helpful WSO content, long-only funds like Fidelity, T. Rowe Price, and Wellington do still engage in both private and public investments, but the structure and focus of these teams have evolved. Many mutual funds have started deploying more capital into private investments, such as private equity or real estate, to diversify their portfolios and present themselves as more sophisticated compared to traditional long-only public equity portfolios.
However, the concept of "truly hybrid teams" that actively manage both private and public investments under one roof seems less common today. Instead, these firms often have distinct teams specializing in either private or public investments. This separation is likely due to the increasing complexity and specialization required in each domain. For example, private investments demand a different skill set, such as deal structuring and due diligence, compared to public market investing.
That said, the presence of private investment teams within these large long-only firms indicates that they are adapting to market demands and investor preferences for diversified exposure.
Sources: https://www.wallstreetoasis.com/forums/the-only-post-about-active-investing-you-will-ever-need-to-read?customgpt=1, BlackRock Raising a $10-$20bn direct PE investment fund, “Long Term Private Capital”, Does long-only active management add any value??, Differences between Co-invest and Secondaries?, Automation in fundamental finance roles
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