23 Comments
 

Hey guys - do you know if associates / principals are generalist (i.e., covering both PE and PC side of the fund) or not ? Would be really interesting to have such a broad mandate as a junior 

 

do you know if associates cover both PE and PC or if they are separate teams? 

 

I'd be shocked if they covered both. Totally different investing styles and mentality of course coupled with usually different target backgrounds for both (speaking generally and not counting the M&A analyst who gets a PC job or a Levfin banker who gets a PE role). Also they market their credit business as "Opportunistic Credit" which sounds a bit special sits/distressed to me which is further specialized and less likely to have an associate bundled into both that and PE. But could be wrong. If I remember correctly Centerbridge has their guys do both

 
TheBuellerBanker

I'd be shocked if they covered both. Totally different investing styles and mentality of course coupled with usually different target backgrounds for both (speaking generally and not counting the M&A analyst who gets a PC job or a Levfin banker who gets a PE role). Also they market their credit business as "Opportunistic Credit" which sounds a bit special sits/distressed to me which is further specialized and less likely to have an associate bundled into both that and PE. But could be wrong. If I remember correctly Centerbridge has their guys do both

Feel like closer you get to distressed / special sits, the more crossover you get to PE skill sets since underwriting equity risk.  Especially in these more value equity shops that recruit restructuring bankers, partially due to how hairy their deals are.

 

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