bx tacopps or kkr infrastructure/special sits
curious on what the forum think the learning experience and exits would be in tacopps versus kkr infrastructure or special sits. if you were not very interested in vanilla pe and find the work done in all of these groups theoretically interesting, which would be the best to pursue a junior seat for? i supposed the core question is what do you think the tradeoff is between working at an older, but potentially struggling group (TO) versus newer groups at a slightly less established fund (infra/special sits at KKR).
for context went through SA recruiting a few years ago and got an offer for one of the groups listed above but chose to sign with an EB FT. i am currently preparing for associate recruitment. thanks.
KKR infra I believe is pretty legit but ofc sweaty. I think the decision should come down to whether you want to do special sits / tac ops (basically same "bucket") vs. infra. Infra I agree is pretty cool.
Based on the most helpful WSO content, the decision between BX TacOpps and KKR Infrastructure/Special Sits involves several considerations, each with its unique trade-offs and opportunities. Here's a breakdown to help guide your decision:
BX TacOpps:
KKR Infrastructure/Special Sits:
Trade-offs:
Conclusion:
If you're drawn to the intricacies of credit and distressed investments and value the learning experience from complex, high-stakes environments, BX TacOpps could be a compelling choice. However, if you're intrigued by the potential of infrastructure and special situations equity, and the opportunity to be part of a growing platform appeals to you, KKR's groups might offer a more aligned path.
Ultimately, consider where your interests lie, the type of environment you thrive in, and the career trajectory you envision for yourself. Both paths offer unique opportunities and challenges, and your decision should align with your long-term career goals and personal interests.
Sources: Current Thoughts on Opportunistic/Special Sits Groups (Oaktree Special Sits, BX TacOpps, Apollo Hybrid Value Fund, Brookfield Special Investments, KKR Special Sits), Special Situations Investing (BX, Apollo, Ares), https://www.wallstreetoasis.com/forum/private-equity/qa-non-target-top-bucket-ssg-private-creditdirect-lending?customgpt=1
Defer to what you think is more interesting - cannot go wrong
assuming similar levels of interest i would consider it insane to take BTO over kkr infra from a deal experience POV. Also it is pretty well established and competes with stonepeak and GIP
kkr infra without a doubt
Why? Due to poor performance in TacOpps or just overall stronger culture, deals at Infra?
same prestige at kkr but higher quality reps and leaner teams/better learning, more flexible investment mandate (bx has cannibalized bto over the past decade leaving them with no room to invest the way they did in their early days), burgeoning growth in infra at kkr, better communication across/access to the platform (internal mobility at bx isn’t as strong and kkr has the whole “one carry pool” thing built into its ethos). if it was between bcp and kkr infra different story but unless you hate infra and just have to be in distressed, i find it difficult to see why you’d take bto here. Also cooler view from the cafeteria
what are your thoughts on KKR infra vs BCP?
Curious to know as well.
I’d personally go with KKR infra because I personally think infra is cool but also because buyout is so saturated right now, and while BX is very disciplined and didn’t get caught in the tech craze of 2021 like vista or TB, there’s still so few good assets floating around with low valuations. I think infra is the new buyout, and you’ll have better access to seniors and a strong learning experience being cross staffed with RE and buyout teams for things like data centers and telecom within infra. KKR’s main areas of growth right now are insurance and wealth management (the time to get into their infra fund was 7ish years ago). However, you’ll learn a ton and be able to leave to any SM HF with a story in hand for why you have a differentiated view on the markets, and you could also go somewhere like apollo infra where you have more chance of meaningful AUM growth (yes I know Rowan says they don’t want to be another large-cap infra fund, but they’re publicly traded so they have to play the AUM game eventually, or they’ll face activist pressure). Overall, I think KKR infra keeps a couple more doors open, but important to know BCP is generalist at the ASO and usually the Sr. Asso level, and they are really fucking good at what they do (knowing how the world works). Honestly, you’re splitting hairs so much here that culture, fit, and what kind of businesses you’re interested in matters much more (ie if you can’t stand the thought of working on southeast asian telecom deals and want to be working on software or healthcare deals, then go to BCP).
Tl;dr: KKR infra may leave a few more doors open exit wise and is a “better” place to be long term (pie will grow meaningfully), but culture, mentors at the firm, and industry interest should be the deciding factors.
KKR Infra is one of the best places to be in MFPE today. Very strong leadership, flexible mandate (core, value add, climate), well capitalized / on track to raise well, and you truly do a mix of a everything from corporate P2Ps to project finance to possibly climate growth. Sweaty but good culture.
How sweaty?
idk how to answer that mate. they're reasonable, mature, and efficient people so there will never be shit comments at 2am. but of course, deals are massive and models are granular. if there's a bid due tomorrow, you work till its done. it's sweaty cause it's important, not sweaty for the sake of it.
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kkr is the exit
Curious how the KKR Infra assessment translates to Europe. Just as strong or weaker here as compared to European funds like EQT, Antin etc.?
KKR Infra owns Europe rn alongside Brookfield and Macquarie/GIP. Look at latest PEI (PE Infra) awards.
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