Recently started working at an LMM shop ($50M - $100M check sizes). Seems like every process we do we end up getting outbid by some crazy number. These aren’t even the cream of the crop assets either, so parties are definitely overpaying. Anyone else not getting any deals done because of this dynamic?
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i'm in europe so don't have insight but remember:
everyone is solving for the same returns
other funds are probably not re74rd3d
if they're massively outbidding you, maybe they're seeing opportunities and growth that you're not seeing and not baking into numbers. so their base case (which they have DD'd and are comfortable with) is your bull case.
if you are 100% sure that that's not the case, then yeah they might be overpaying. or paying a premium for good assets without AI exposure (because there's plenty of sub-sectors that now are uninvestable)
Very interesting take. Would you describe fund / trust / corporate services as uninvestable?
nope, they should be fine. they're probably underwriting much bigger M&A story than your IC? or they see AI cost efficiencies? would also depend on the asset and how much private credit exposure they have. if private markets are a big driver, maybe your IC is just less comfortable with it than others. you should know why others are paying up more than you do...
You're full of shit lmao
No lol, they're not. Different funds have different strategies that solve for different return profiles. DPI deltas between funds and differences in deployment timelines require some funds to chase deals more aggressively than others.
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