For Blackstone, out of PE, RE, Credit, Tac Opps, Infra, Energy PE, and Growth, how would you guys rank them? Also, outside of PE/TacOpps/Infra, which are the best to go into public equities longer term? Thanks.
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Based on the most helpful WSO content, it's challenging to rank the Blackstone groups of PE, RE, Credit, Tac Opps, Infra, Energy PE, and Growth as each has its unique strengths and focus areas.
However, if we're talking about exposure and opportunities, PE and Infra have been mentioned quite a bit. PE is known for its wide range of deals and high-profile nature. Infra, on the other hand, is gaining traction, especially with the growth in energy storage and hydrogen.
For a longer-term career in public equities, it might be beneficial to consider the Growth group. This group could provide valuable experience in understanding the growth trajectory of companies, which is crucial in public equities.
Remember, this is just a general perspective. The best group for you would depend on your interests, career goals, and the kind of experience you're looking to gain.
Sources: Q&A - Infrastructure PE & IBD, Private Equity vs Megafund Credit, Blackstone Infrastructure?, Difference between REPE, GP, LP, debt fund?
Personally think PE is tops. For hedge fund exists, tac ops probably good, especially for special sits, distressed investing type places. Personally think real estate, credit, and infra PE is a bit limiting. Don't know too much about their growth platform
Real estate is their bread and butter, I would opine as the “best” group at BX by a mile. Unsure if your criteria for best is based on exits within public equities or the HF world, I’m sure they are all very similar in that regard.
I’m sure you would love to “opine” lmao. What a trash take. Real estate losers gonna do what they do I guess
Congrats on Blackstone non-RE
The BX partners in real estate are most definitely heartbroken seeing you call them “losers” lmao
A “real estate loser”, Jon Gray, is going to be CEO after Schwarzman retires - he’s already been picked. He also happens to be a billionaire more than a few times over.
I'll try and tackle the second part of this. Your best bet is probably Energy PE if you don't mind covering O&G at an HF in the future. Aside from that if you're at Credit and are placed into a debt strategy with equity upside (e.g. mezz or opportunistic) I could see you being able to spin that into a good story if you're trying to end up at an HF, especially in a role where you're doing event-driven or special sits investing.
The special situations hedge fund in BAAM (BSOF) I would expect would have decent public equities options trying to leave Blackstone even if they are doing alot of co-invest.
I believe BAAM is going to run BXPE (the equivalent of BREIT but for the pe side of the house), and they will have a public equities allocation in order to drive some liquidity and be able to give dividends.
why isn't BCP running BXPE? wouldn't that make the most logical sense?
BXPE is replacing BSOF to my understanding, a part of every BCP deal will be included in BXPE.
What about growth?
I’d stay away from BXG, extreme underperformance, people have been put on notice to fix it
Like every other growth fund due to valuation contractions right? Or even relatively to market?
Is strategic partner the bastard child at Blackstone?
doubtful, they just raised $25B i think
Nope, BAAM is
How about BSOF within BAAM? Red-headed stepchild or improving perception since new mgmt came in?
Tacopps started off with one of the coolest/weirdest mandates and continues to fundraise strongly but I hear returns have been middling.
Main issue has been that other newer groups (infrastructure, growth) infringing on what was previously tacopps mandate.
Agree with this, Tac opps was a dope place from like 2013-2017 but has honestly been a victim of it’s own success with some of its more interesting strategies being spun out into separate funds (growth and infra come to mind as you mentioned)
What are other funds that resemble what tacopps was originally? Sixth street strategic cap? Bain SS?
13-17 was commingled 2/3, not exactly monumental returns.
Is TacOpps similar to Apollo HV at all?
How is infra?
The seniors in Infra are pleasant people (worked with a few when in banking). The juniors are not, very cut throat. (2nd hand source)
Pretty insane returns apparently.
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