Buyside (Fam Office, Direct Investing MM) ---> Rx (Offer on Table) Make Sense?
Might be unconventional, but it's a generalist M&A/Restructuring Assoc offer in NYC from a boutique.
Background: I graduated w BS from a target and spent 1yr at an m&a boutique, then 2-3yrs at a private investment vehicle of a family office that has demonstrated the willingness to pursue direct investing (think patient capital, broad mandate, slower-than-PE deal flow, lead one acquisition, few divestitures, some CRE deals, some refi's, 2-3 investment professionals but recent turnover so I've been running lender process, diligence, managing portco's etc - great exposure). We sometimes team up with PE or are counter-party to MM PE.
I avoided Rx during OCR because frankly it seemed super complicated, as an outsider I thought it'd be depressing to work with distressed companies/assets, and wasn't sure how lucrative it'd be. On a recent deal we've been on the other side of the table with top boutiques/turnaround consultants and I've began to appreciate their craft and gained an interest in special situations/distressed transactions. I shot my resume out to some Rx boutiques, I learned some ad-hoc/idiosyncratic Rx financial modeling during the weekends, and aced the interviews for an offer.
To be clear this is a mainly a financial restructuring sell-side gig, where the advisor is engaged with a healthy mix of debtors and creditors. Pure play healthy M&A is 20% of deal flow. They've worked on a few really cool transactions during LTM (execs are CROs and on boards of well-known names) and the folks there have been there for quite some time.
What advice would you have about a transition like this generally? Am I nuts? How would adcomms at B-schools view this trajectory? Would post MBA distressed PE be in the cards?
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