MLP Backing Ex-Coatue Rising Star's HF
When MLP gives external managers capital as in this case and others, what are the general terms? Are they paying 2 and 20 or close?
People always mention it's hard to spin out of a SM, since there's no attribution / track / etc (unlike a MM / Viking type). How was this guy able to raise "multiple billions" at 31 y/o nonetheless under a SM construct without being Philippe/Thomas/etc?
Any idea what this guy's strategy will be? Looks like he was in charge of healthcare L/S and structured equity (tac opps). Pretty different strategies
These articles are silly - if MLP wants to hire you and you insist on having your own "hedge fund" they will say ok and let you set up an LLC. In reality, you are the same as any other pod. You get paid the same deal and if you underperform you get canned. I'm starting to think that traders with egos "leak" that they are getting seeded by MLP so they get some article written about them because it gets them a half chub.
Generally agree, but these guys can raise external capital after a couple years so a bit better than being directly at the mothership.
Pretty sure every SPM contract at MLP these days has a spin out clause. You don’t need to be your own “fund” you can just be an SPM at Millennium and spin out
I assume if MLP pulls their $ the external LPs probably won’t want to stick around either so you’re effectively subject to the same risk/DD limits as being on the platform? Just with higher gross?
RE: MLP can pull out any time
https://www.bloomberg.com/news/articles/2024-01-26/millennium-pulls-out…
Weiner will get 3 years (assuming the same 3-year lockup of meridiem) of mgmt fees on multiple billions. Insanely good deal even if the worst case pans out
Looks like MLP is the a16z of the HF space, every new fund I've heard of in the last 6 months seems to have some sort of backing from them.
I have never thought of MLP/MMHF seeding PMs as analogous to a16oz/VC providing capital to companies before until this moment lols
Whatever construct this is, the ability to convince MLP to fund a multi-billion dollar raise in early 30s is wild, especially after effectively ~4 years at BX and ~3 years at Coatue. You’re effectively a mid level employee
to be fair, he was the head of a BU at coatue, not just some regular employee with 7 years of buyside exp.
There are VPs at investment banks that embellish their title by saying they are Head of [insert some niche sub-sector in some geography]. This is the whole “Head of Macro” debate. Yeah sure you’re Head of Macro by default since you’re the only one on the team…
Except Weiner was the head of a strategy that just raised a $3B fund (2x bigger than all of Greenlight)...and that's not counting Coatue's HC book. He's not claiming to be the head of some niche 1-person strategy, he's claiming to be a BSD at Coatue...and he wouldn't be doing that unless those titles were official. And I would imagine MLP did their DD. Don't know him, don't know his capabilities - but this is completely different from a random VP at Nomura saying he's the head of Turks and Caicos ABS trading.
Bro hard and ready to rock 8====D~
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