PE Analyst in this environment?
Have accepted a FT offer from a PE shop (not one of the big boys, but certainly not MM) over an elite boutique
I am sure of my decision given my preferences, was just wondering specifically about the cons of going into PE in this environment
Does this shop specialize in any one sector?
No, why do you ask?
Some shops began specializing in one sector and gradually spread their resources to cover other sectors. (i.e. Apollo specialized in distressed investing and gradually widened their scope)
In this environment, distressed investing would thrive obviously. But from my limited experience in M&A, I found that shops that specialize tend to perform better. This completely goes against the idea of diversifying your business, but on the other hand, you won't have to spread your resources too thin and get into businesses that the shop doesn't know much about.
Once again, I do have limited experience with PE shops, so I may be biased on my opinion.
Thanks for your input Anybody else?
I started in PE 4 years ago around the top of the boom and the landscape and my daily responsibilities have changed drastically as I am now more focused on stewarding our existing portfolio companies through the downturn. That is not to say that we have not been putting capital to work but deals are significantly more difficult to get done due to absence/terms of financing. There are plenty of distressed companies across of sectors that could benefit from a recapitlization/liquidity event but many guys are unwilling to sell at such low valuations. My biggest concern right now is Obamas socialist programs including increased regulation and tax. Feel free to PM should you have specific questions. Best of luck to you. Just be happy to have a job in this market.
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