Does anyone have any intel on Goldman's Direct Private Equity team in London? Do they also do secondaries or only direct investing and execution? Additionally, can it be compared to the MFs (BX, Carlyle, Apollo) in London in terms of hours/comp/branding? I have seen quite a few undergrads get spots in London's Goldman PE right out of undergrad
Any insight would be much appreciated!
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Is there any process ongoing?
Do a mix of stuff. Brand is okay and probably on par with a mid market fund ish. Invest from GS balance sheet so no carry
hm they do have vehicles with outside capital (recently raised a new infra PE fund)
This is cap, firm is actively trying to move away from B/S investing, recently raised a $10bn PE fund. They do direct investing, secondaries and FoF is done out of the AIMS business which has a separate pool of capital. They do have carry, but correct re. the MM/UMM designation.
Credit investing is much bigger at GS with one of the largest mezz fund ever raised and the inaugural strategic solutions/special sits fund at $14bn. Senior side/DL side of the credit biz in Europe also regularly partakes in big buyouts.
If you are joining the GS PE out of uni generally quite a good gig, a few recent exits were Bain Cap PE and Apollo Hybrid Value. And on the credit side Bain Cap PE (as well) and Lonestar PE among other exits.
My mate was there for years and said no carry at that time (levered coinvest available). Maybe it’s new
A bank entity using its own balance sheet to invest in highly levered private companies.. Jheeze... Wondering whether SVB did the same thing? :) - No GS PE raises capital from LPs/Goldman Sachs Partners just as any other private equity fund. Goldman Sachs does use its B/S to invest in illiquid private equity, the ROE would be 0% as banks need to hold capital depending on risk (hence why you see banks with a lot of US treasuries on their b/s). GS only uses its balance sheet, as any other bank across the street, to lend.
to op point, GS investing groups is mid at best compared to street. Risk appetite is very much like what you would expect from a bank. GS does not do distressed anymore, they do not have appetite. Old SSG team have mandate over Cashflow lending to corporates and sponsor-led vs. Structured credit which has asset backed lending mandate.
Go to DB, more risk appetite across the board as they are a Euro bank
Why would this mean no carry?
MM PE. Still has a powerful brand name: know of 2 analysts who started in GS PE and then lateraled to BX PE
Do they hire students out of undergrad? If yes, is it a structured and advertised process (like for their IBD positions) or more similar to KKR FT analyst recruitment?
structured, some full time instakes from off cycle and summer - apply under GSAM
how's the KKR FT analyst recruitment like?
Think KEA Consultants are responsible for the entire process - they contact the candidates if I'm not mistaken
How does GS PE compares to MS PE?
GS is a much better option. Although in both cases you should look to exit relatively quickly. Cash is generally better than market (especially at more senior levels) but carry is derisory.
Thanks! Is this for London or NY?
Should be asking yourself how to get into their private credit business.
What’s so special about their PC business?
One of the biggest player in Europe, on the DL side one of the few firms leading big unitranches for mega buyouts. Mezz fund dates back to 08, with many vintages some of which with (backlevered) IRRs of >20%
On the Hybrid side just raised a 14bn fund doing SS/opportunistic cross-capital structure investing.
Any insight into the private credit business?
3 teams within PC - Direct Lending, Hybrid Capital, and Structured Credit. Any you’re specifically interested in?
hybrid capital is a legacy SSG team right?
So they would be analysts, correct? Does GS PE poach associates thru on-cycle recruiting from banking groups, like the standard PE practice?
And how come GS PE isn't usually included in the convo/ landscape when people talk about PE funds. Lol. Kinda sus
Yeah currently at GS IBD and yes they do hire from IB, especially from GS IB.
But in terms of reputation and relative standing to street - growth equity and private credit defo better than corporate PE (at least for LDN).
I know it’s been a few months but wondering if you could share some insights on what group they prefer? Incoming products team here hence the ask
Also would they have a better shot for exit at MF PE compared to straight out of ib products?
Thanks
GS Corporate PE will never be part of the convo, for the same reason why PJT was spun-out of Blackstone.
what do u mean? what’s the similarity?
ah yea cool man
Anyone knows about wlb? And culture?
Can anyone comment on hours as an analyst or an associate, especially in London? GS IB is rather a sweatshop, is the same for their PE?
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