H.I.G / Apax / Marlin Equity Partners
I have a lot of materials for H&F, CVC, Hg, L Catterton model and case studies. Would like to trade most recent materials for H.I.G / Apax / Marlin Equity Partners
Based on the most helpful WSO content, there isn't specific mention of trading materials for H.I.G, Apax, or Marlin Equity Partners. However, Marlin Equity Partners is noted for its strong focus on software and tech services, with a disciplined investment approach and top-tier returns. Their interview process includes a 3-statement LBO model and abridged CIM, typically during a superday.
If you're looking for resources, WSO offers financial modeling templates, LBO tests, and case studies that could be helpful for preparation. You might also consider leveraging WSO's Private Equity Interview Bootcamp or their modeling templates in the swipe file for additional prep.
Sources: LA PE Firms Rep / Culture - LGP, Ares, Platinum Equity, Marlin Equity, Apax Partners 2022?, Apax Partners (New York) ?, Hustling into Algo/HF (Quant)
You do NOT want to work at HIG
Why? Heard great things about them
theyre half lmm and super sweaty "value" investors
Say what you will about them being sweaty but they’re anything but LMM these days - their MM fund is regularly doing $1B+ deals now and their LBO fund which is supposed to be their LMM fund has scaled to the point where they’ve launched a new small cap strategy to cover the LMM space.
Also, not sure what the quotations around “value” are for - no matter what you think of them, HIG is probably the most recognizable value investor in the PE space. They have a ~30 year track record of being disciplined investors and their value-oriented strategies have the returns to back up their reputation.
It’s the worst of the worst lifestyle / culture for lower comp and worse option value than you’d get for that lifestyle elsewhere.
They are fantastic investors and everyone knows it
Re economics, yes they don’t pay like Apollo, but don’t they have better career progression than most MFs?
They are great investors. If you were looking for a VP+ seat, HIG would be one of the best possible options.
By all accounts, junior experience sucks.
Seems like they hire a lot of VPs though so I wonder what probability of progression looks like? Not suggesting one way or the other, just an observation from their hiring v peer funds
Marlin should not be in the same sentence as the other 2 I'll say that much lol
What are your thought on Marlin?
Agreed and the guys throwing MS at this know nothing.
Can you PM me?
People who obv just don't work in the industry/know people from these funds.
LOL. Marlin is a bunch of Florida chads posing as investors
??? Literally all of them are either CA or London backgrounds, which is where their offices are based lol
What’s the case study like for CVC? Don’t have anything to trade… Send a poor person some help
Same here.. would be tremendously appreciated
Sure, connect me and let’s discuss
Will trade materials for recruiting intel
I have stuff I’ll send you can you message me
Did you ever receive any of those case studies?
Have Apax
Nice, can you send a PM?
Interested too. Willing to trade have a few interesting ones - pls PM
Who is hiring right now?
H.I.G. PE groups have a very easy case study, which was just a templated LBO model with a couple sensitivity related questions. Actual qualitative case stuff is done verbally at the superday.
Whitehorse (H.I.G.'s credit team) has a pretty hard LBO that you have to make from scratch from what I've heard.
Happy to trade.
Which one of them sponsors visas at the junior level?
Hey man could you DM me
Pm
marlin sucks real bad
Can you elaborate more? Are you talking about LA or London? Interested in views on London / Europe fund
They’re doing fine... Some hardos pushed out, culture is better, and latest fund is strong. London team just raised an oversubscribed fund last summer.
For what it is worth - I never thought highly of HIG despite having sold to them multiple times as a banker. As a coverage banker their questions were always dumb and they rarely had any real sector knowledge. Also have interviewed people from their funds over the years and they have never gotten an offer for a reason.
Their strategy can be summarized by lobbing in as many low bids as possible and then clearing processes that break down or have challenges for whatever reason. To be clear, you can make money doing this, but calling it an "investment strategy" is slightly too complementary for my taste. As a junior person, you also generally do not attend MPs and spend your days running diligence on sectors where you have a fairly limited angle in sectors you do not really understand (and neither does your boss).
The industry is quickly moving towards sector-focused funds with value creation strategies (mostly operational but also growth in rarer cases). If I were entering the game I would focus on finding a sector I like and looking for funds that have a strong track record and a strategy that can be repeated. I personally find this approach to be more intellectually stimlulating but to each their own. Comp will be bottom of market and they will also take your carry if you leave (friend got absolutely fleeced).
Gods Speed & Merry Christmas
Agree with this. High volume, low bids. Eventually some stick and they find multiple expansion.
Disagree with part of this take. There will always be a market for opportunists. Arguably a good one.
Sector focused funds all hoard into the same 5 safe subsectors and pay astronomical prices for B assets. That leaves a lot of the middle and lower middle market under-capitalized. Groups like HIG are able to maintain price discipline and have their pick of a number of C+ assets at C- prices.
Paying actually reasonable prices means they are also able to generate returns the old school way - paying down debt.
It can be abrasive and I'm sure it's annoying to a coverage banker who would prefer to sell to a thematic driven premium buyer, but it has its place in the ecosystem. They don't come off as knowledgeable because they aren't supppsed to be. They are supposed to smell blood, be adaptable, and learn on their feet.
I'd rather be an LP un HIG than the 20th thematic JAMMBO.
Nailed it
Ok I will bite.
Feel free to disagree - but I know that many in the investment community would agree with me. Early on it is about what you learn vs. what you earn. And at HIG you will get neither compensation or real investment training.
multiplesmatter (dot) gumroad (dot) com
Can you elaborate on carry being taken away if you leave? Is it significantly worse versus how other funds treat?
If you leave they pull your carry. Have multiple friends that made the mistake of working there - they do not care about their reputation amongst our community.
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