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Can’t think of anyone exactly with this scope but there are secondary funds and fund of funds with similar strategies.
Also, there is likely to be debt in place at the portfolio company level when buying secondaries.
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Yes, definitely interesting strategy.
If the majority of what they do is secondaries (whether GP led or LP led) and minority growth investing then all of this more of an LP / FOF feel to it because there is a GP there that is in the driver seat. Likewise when they are lending to a company.
I think of special sits as more debt for control, workout situations in a PE context. So very active / hands on driving value so I wouldn’t think that label works.
Is this Beach Point?
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Can you pm? Sounds like sixth street
Definitely cool from a breadth of opportunities you get to look at, but I wonder how they can remain competitive across all these niches over time? Investing, as it grows more competitive, tends to specialize you on 1 to 2 (maybe 3) areas that you have to know cold to be competitive (whether that’s the m&a process, an industry eg enterprise software, or an ecosystem like early stage VC in the Bay Area) - you find your lane and stay ahead of the competition by getting really good at it. My challenge with broad, do-everything mandates is that you end up being a participant in everything but a master of none. Just my thoughts based on what I’ve seen having worked in generalist PE, vertical focused PE, and founding my own co.
How big are they and how long is the track record? IRR can be misleading for newish secondary funds
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In the hedge fund world I think Baupost and it’s Cubs have truly do anything mandates. Third Point may as well (not sure if there are limitations on certain exposures), and surely some others. It’s quite rare though. Most funds have equity/debt limitations, and/or geographic constraints.
I'd agree. Most multi-strategy funds can pretty much do anything, especially if you're including the illiquid sleeves. Farallon, Citadel, Tudor, etc. will invest across asset classes, geographies, etc. Some are doing privates, some aren't. There are a multitude of funds out there that have less restrictive mandates.
That said, I think what op is describing is different. AUM here is smaller and the individual investment professionals appear to have the ability to be a generalist/invest across a range of transactions. At any of the Baupost/Baupost cubs/other multistrats, teams are often segregated by asset class/liquidity/geography (public debt/private debt in Europe, Asian public equities etc.). If your goal is really to do anything, working at a family office is probably the one place where you can truly, in select cases, have a completely unconstrained mandate. For the fund discussed, I would be surprised if the LPs there weren't all family offices. It's highly unlikely institutional LPs would back that strategy for the reasons that kuf135 cited... most institutional LPs want their managers to do one thing and to do it well.
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