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've worked on a few deals with Tac Opps. There is a misconception that Tac Opps "shoots from the hip" in most of their deals or that they deal with "refuse" from BCP or other Blackstone entities.
Tac Opps basically invests in opportunities where traditional financing opportunities (debt, buyout, or otherwise) are not beneficial for the target; but there is a pressing capital need. For instance, a company may need to quickly monetize an asset in order to meet a pressing debt maturity; but can't release the underlying lien and doesn't want to sell the asset outright.
Structured equity, operational equity (.e.g a tolling agreement with a minimum hurdle) are ways Tac Opps gets around existing covenants/leverage and provides financing.
Given the amount of intellectual capital spent around deals and structuring; they do try and repeat structures or trends in sectors that are jammed up from a macro perspective. Also as their risk can be pretty idiosyncratic at times; I've seen Tac Opps partner with a smaller, more experienced firm in the space. No idea how they split fees/pref, but it's also worth noting Blackstone does this in EM (like their partnership with Patria).
David Blitzer, Jas, and the other guys there have a great culture and team.