BlackRock Secondaries & Liquidity Solutions - Culture and Reputation
What are your thoughts on the culture, pay, and reputation of BlackRock SLS? They raised a $3b Fund I in 2021 and are looking to raise a $4b Fund II, but without the return info, unsure how to think about them relative to the BXSP, Ardian, Lexington, Ares, Carlyle/AlpInvest, Neuberger Berman, etc of the world. I would think that they had to do some rebuilding as their senior staff left for Apollo S3.
They have been trying to hire for that associate role since Feb. should tell you all you need to know
Hahaha, fair point! I did not know that, but that tells me everything I need to.
don't listen to this guy. it's a good opportunity to step into a strong secondaries team that has already raised a decent amount of capital. I know a few folks on the team and they are intelligent.
The original leadership of SLS did leave to start S3 at Apollo but the current co-heads are great guys who had worked closely with the original leadership at their previous firms. Both are really excellent at what they do and would be great mentors to any junior person. Comp is probably better at other firms as it is whenever you're comparing BlackRock to somewhere else.
Know this team decently well. All nice people, no real bad apples. I’d say they skew younger which can be good from a cultural perspective but maybe not great from a fundraising perspective. That said, most of the team was around to invest Fund I so most of the track record should be attributable to the existing team. I’ve never gotten hard numbers but sounds like Fund I has had good performance and Fund II is off to a strong start.
Biggest risk here is the fundraising question. They are def not hitting that $4bn target… likely at or below the prior fund. I wouldn’t say they are out of capital but not super active given Fund II is substantially invested yet still fundraising so they have to be picky. You’d basically be making a bet that Fund II performs and they can raise a bigger Fund III.
At the end of the day, BlackRock is a massive platform and I’m sure they’ll figure it out but current state is in flux a bit.
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