Hill Path Capital Info Session?
Did anyone else get an invite to the Hill Path Capital info session and know anything about the firm? Heard they have had good returns and a strong team from top shops (Apollo/GGC). Would love to hear other people's thoughts on the firm and investment strategy - from a quick Google search it looks like they invest across both private and public equity.
Well, they own SeaWorld so thats a pass for me
Smart investors, a la Apollo training. Wouldn't work there as an associate though. Brutal culture and turnover. There's a reason they are always hiring.
Any color on this? Is it long hours, bad internal culture/mistreatment of juniors, etc?
All of the above.
Overall great place to learn (founding team is all ex-Apollo PE), but tough person to work for. It's an interesting place to be if you want a mix of public activist equity, private equity, and distressed/credit transactional work. Very operationally intensive given Scott Ross is a beast and one of the better raw thinkers about businesses and asset value I've met, but he's extremely demanding. Their first three junior employees ended up at Lone Pine / Apollo / BDT which I would consider extremely strong considering Hill Path was essentially a 5-man sub-$500MM shop at the time.
+1. how demanding are we talking? any anecdotes?
Any other info on the current junior experience? Those exits are pretty incredible given their size back then. Any idea on latest fund / current raise?
Sweaty - pretty smart guys overall though. Have liked working with them in the past
They treat their employees like how any distressed / value investor would - cheap on comp and benefits. Paid MBA interns minimum wage instead of an actual salary. Good place to learn but think of it as a short term gig - you won't share in the upside here.
Never understood this mentality, especially at small/lean shops like Hill Path that have the money to go around. Surely it's more expensive to deal with constant turnover and new juniors vs. paying people right and having people stay?
This mentality is more common than you think - especially at newer / smaller / spin-off shops which founders think is their last shot at great wealth after leaving their former funds, so they're going to milk as much of the economics as possible and run it as a "run-off" scenario for mgmt fees and carry and squeeze economics for others. Somewhat makes sense - mature industry, potentially shrinking pie, so need to maximize your take rate of the shrinking fee stream.
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