Anyone know more about Blackstone’s Tac Opps? I know it’s not Corporate PE exactly but how does one recruit/what kind of candidates get interviewed/get offers.
Also if it’s not traditional corporate PE is it comparable to UMM or Mm?
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I know their returns aren't great - definitely worse than BCP or BREP.
Any range?
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Blackstone 10-q
For what it's worth:
Net returns since inception (IRR): - PE: 15% - RE: 16% - Secondaries: 17% - Credit: 12% Distressed / 15% Mezz - Tac opps: 13% - HF Solutions: 6%
Source: BX Investor Day 18 presentation
Could be wrong, but believe it’s sort of a special situations group. Believe David Blitzed is the guy
This is correct, going to add that I believe it also has RE & Credit/Mezz components
Correct - they have done some interesting real estate special sits deals in the past and continue to do some interesting real estate deals (always wondered how some of these deals aren't picked or tossed over to BREP). Perhaps falls out of BREP's fund docs or smaller check size.
bump - anymore info about recruiting?
You either need to be from a target with strong internships/PE work experience OR you need to know a guy. Goodluck!
At the experienced associate/VP level its almost always on a referral basis at BX
Thanks for the insight! So an associate recruiting from a top BB (ms/Gs) wouldn’t go through head hunters? Or is it the just referal based?
FWIW - SG Partners recruits for the group. They have filled their 2020 asso class (did a month or so back shortly after GSO/buyouts kicked off). They are truly a catch all for strategies that don't fit into the other arms of Blackstone, such as infrastructure and real estate as mentioned earlier. They actually bought up some Chinese golf courses a few years back. The group seems really interesting and does traditional buyout PE as well (has been very active in insurance recently).
As mentioned earlier, Blackstone is unique in the sense that referrals are very important to get traction.
Does anyone know whether they consider people with real estate backgrounds for this group?
Bump - also how well would this group be positioned to invest during the imminent downturn?
A downturn is not imminent. Structural economic indicators are strong, the housing market (while geographically frothy) is sound in core measures, and lagging corporate indicators (lack of capex, i.e.) are nothing new. While highly leveraged, it still takes an "economic shock" for there to be a recession in the first place. I think if you asked tacops about this, they would tell you the following "No we don't believe we're in the 9th inning. We won't try and tell you what inning we're in. Timing the market isn't our job. However, we have a flexible mandate across the capital structure. Our holding period allows us to endure full economic cycles. We will continue buying good companies at good prices."
Does anyone have any information on comp in tac ops? I assume it’s a bit less than traditional PE since returns are lower?
I’ve heard the work life balance in tac ops is very reasonable as well - 9-10 during the week with wfh on the weekends.
Seems like a cool group - looks like they’re adding the growth equity platform under tac ops as well.
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