Old post no need
Delete post this is not relevant to the culture or aid of analysts and associates. Thanks for your input folks.
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what HH, worried cause im not getting ops my friends are getting
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Its really interesting, read into some of the new press about them. Potentially a great place to get started from as well
There are so many negative stories around him in particular. Was he being carried really hard by his cofounders at Apollo?
He was a a prick but he was carrying them frankly
Sure, Lyondell was a cool deal but Rowan's permanent capital initiatives have created many x more value.
Anyone else hear from HH on them? Not sure why I didn’t hear about this. Im at top group and from strong target background.
Because you’re likely an insufferable dweeb based on the way you write about yourself
Hmmmm, interesting. Do they hire out of banking? Or is it like Baypine where they only hire with PE experience
Baypine hires out of banking.
No, not traditionally they haven't. They hired like one person early when they were formed. Look at associate profiles
I talked to CPI today about them. Not hiring first year analysts out
Like moths to a flame lol
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Also, my source is a friend who worked at Harris' family office not too long ago
The Brookfield PE guy certainly isn't an infra PE guy, he used to be on the US team of the corporate buyout fund who did the Nielsen, CDK and Scientific Games deals.
Agreed he was head of dept that did the Nielsen, CDK + Scientific deals, but he's the head of the team, doesn't mean he worked on the deals personally / has expertise in the area. His background is infra (heavy industrial) PE.. look at majority of his past deals and the boards he's on.
It's like when the head of M&A at an investment bank is listed on the deal sheet for a FIG (or any industry) deal. That guy didn't know much (or anything) about the industry, but they just list his name because of his title (read: politics)
Infra PE =/= industrials PE lol, completely different assets.
Not sure what PE firm you're a principal in, but look at Apollo Infra, Bx Infra, and variety of other large cap "infra" strategies - they are hardly narrowly defined infra (i.e. toll roads, bridge, data center etc.). At BX and apollo infra for instance, you're doing actual corporate buyouts of asset heavy industrial businesses, in addition to a WSO "infra" definition (data center, toll roads, etc.). Fortress is another example - they're again more asset-intensive buyout investors.. what is generally considered in the industry as "infra"
Back to my point - the Brookfield guy is not a general corporate buyout investor.
Also - don't let my title fool you - I'm no "Analyst 1", I just haven't updated my info. Been in the industry (corporate buyout, if you may) for 8 years.
The fact that infra funds are buying industrials to juice returns doesn't change the fact they are not the same assets eg. KKR Infra looking to buy a services business just because they have low revenue churn doesn't make services businesses infra assets lol
Your definition of infra is what infra was a decade ago. You're not wrong if you used the words "core / core+" which more accurately touches traditional assets like toll bridges, airports, etc. But infra has simply expanded since to look at businesses with infra-characteristics: wide economic moats, sticky consumer bases, contracted revenue adjacent to the inflow of money that has come in
Are you going to look at Sidewalk and say that none of that is infra?
"Infra-characteristics" case closed.
Are you going to look at GIP or Macquarie and say that they invest in fake infra?
GIP and Macquarie will say on their websites and investor materials that they have a very disciplined approach on infrastructure and what the universe is for them
You also didn't answer my question. Is Sidewalk infra or not? FYI Sidewalk being infrastructure doesn't exclude GIP/Macquarie from being infrastructure as well - my argument is that the definition of infrastructure has become more flexible, so both qualify. It's all infrastructure - your fund strategy will just be based on where a) you think the best risk-return is on the spectrum and b) what your team's skillset best evaluates and understands
I guess you should go up to Stonepeak LPs then and tell them their purchase of Intrado should get blocked because it's not infra. If you're in a MM fund or SWF as a purist searching for the highest quality single digit / low teen return assets considering only what you touch to be infra - that's cool but don't overlay your view as an axiom. Half of the top 10-15 players by AUM in North America definitely disagrees with you, with the other half not necessarily supporting you either
Also why is this big shot MF PE guy downsizing to a MM "family office" then? Makes no sense.
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Are you going to get WLB at Harris's family office? The articles about him whilst at Apollo sound the exact opposite. Can't imagine him being a hands off owner. "Some of those people remain unconvinced of Mr. Harris’s ability and willingness to take steps required to modernize the firm. He regularly dominated investment committee meetings, hammering young analysts about their financial models, former employees say. Not replying right away to a Saturday morning email from Mr. Harris would yield a response 10 minutes later of “?”. And he frustrated people with his iterative decision-making process, sometimes taking a year to decide not to do something." https://www.wsj.com/articles/a-433-billion-wall-street-giant-has-a-repu…
This. This and this. Could not be more true can personally attest from a few years back.
"whilst" lol. why?
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