How do people feel about private capital sleeves within large hedge funds. Assuming its not at Tiger or one of the funds that was just levered tech, are those good spots to be relative to a standalone MM PE shop?
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really depends on the individual firm, so much variation in quality - as well as in the quality of "MM PE"
Do you have any sense for which of the big household name hedge funds have strong private investment teams, and which don't
Haven’t they all been focused on tech?
Tough for any of them to look “smart” if they’re being honest about markdowns in their privates book.
What about York or Elliott? Elliott does do tech, but I wouldn't think about them in the same light as a Coatue or Tiger. I had read that York had been trying to shift gears towards private stuff in the last few years.
York’s privates team is literally PE. I believe everything else is wound down.
So why go to sub scale PE shop vs other larger PE shops?
Elliott’s PE tech effort is through Evergreen - I believe they’ve done quite a few deals recently.
Don’t know about their non-tech privates - but at this point most funds of that size have a private credit/structured equity mandate either with flagship or through new vehicles.
In theory SVPGlobal fits this bill but they are basically just MM PE with a small HF and realistically being at KPS, American Industrial Partners or insert your favorite operationally intensive MM PE firm is likely more attractive.
The structured sleeves at Viking and Coatue have been doing interesting deals and should warrant a mention.
What does the career / comp trajectory look like at a firm like that? where you're investing out of a smaller sleeve of capital at a bigger fund. Is it realistic to expect to ever be an equity partner, if you're not part of the main strategy?
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