Any insight into the newly formed H.I.G Secondaries group (their GP Solutions team)? Seems like an experienced group hired from MS, but wondering how they’re thought of in the space, and in respect to the other newly raised secondaries funds at legacy buyout funds (LGP, NMC, Bregal, etc.). Any culture carry over from H.I.Gs buyout groups?
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Based on the most helpful WSO content, H.I.G. Capital has a mixed reputation in the private equity space, but they are known for being highly active and successful in terms of deal flow and returns. Their newly formed Secondaries group, specifically the GP Solutions team, seems to be an extension of their broader strategy to diversify and capitalize on growing trends in the secondaries market.
The team being composed of experienced hires from Morgan Stanley (MS) suggests they are aiming to bring credibility and expertise to this new initiative. However, as with any new group, their reputation in the secondaries space will likely take time to solidify, especially when compared to established players like LGP, NMC, and Bregal. These legacy buyout funds have already built strong track records in secondaries, which could make it challenging for H.I.G.'s team to compete initially.
In terms of culture, H.I.G.'s buyout groups are often described as intense and performance-driven, with a reputation for being somewhat aggressive in their approach. It’s possible that some of this culture could carry over to the Secondaries team, especially given H.I.G.'s overall emphasis on high deal volume and returns. However, the specific dynamics of the GP Solutions team may differ depending on the leadership and team composition.
If you're considering joining or working with this group, it might be worth digging deeper into their early deals and speaking with industry contacts to get a better sense of their approach and how they are perceived in the market.
Sources: Pitchbook: PE Secondaries to Boom in 2023, Q&A: PE Secondaries Principal, Secondaries Comp / Culture in 2023, Differences between Co-invest and Secondaries?
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