I’d appreciate any perspectives on the relative attractiveness of a long-term career track role (post-VP) at a large hybrid equity / special situations platform (e.g., Apollo HVF, Bain Special Situations Group) versus a more traditional UMM / megafund private equity role.
In particular, I’d be interested in views on differences across compensation and carry, long-term economics, exit opportunities, fundraising credibility, and overall career trajectory.
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Bump: did Bain SS start, thanks
Bain SS is more exciting than HVF; HVF there will be some interesting deals but a lot of chunky prefs, pref converts, holdco prefs, etc. which get boring after a while. Also you should talk to people there, Apollo has changed a lot (even little things like PE and hybrid no longer being on the top floor which is symbolic of the lower relevance those teams have to the overall org now that it's basically a huge annuity/credit manager) and that team has especially, it's now combined with jr debt in their organization to form one giant "hybrid" bucket and they have very very aggressive growth targets will almost necessarily mean they start doing even more flow pref product to hit the target (you can read about this in their investor day materials). All to say this will likely be more paint by number than Bain SS or regular buyout where you have more things you can do with the business. But you'd still learn a lot and get paid well. None of my APO friends in HVF/buyout see it as the same career rocket ship it once was where you could go from asso to partner in 8 years and make bank. They layered in MD titles below partner and it's just a much bigger more bureaucratic org than it was 10 years ago.
Super helpful
Makes sense, helpful
how do returns compare for the two funds?
How are the '19 and '24 vintages for Bain performing? What does future fundraising look like for both firms?
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How does KKR’s special sits platform compare to HVF / Bain?
My understanding is less convex and more similar to private credit than HVF / Bain, so probably less interesting if youre coming from buyout
Hybrid capital is less interesting or fancy than it sounds
All you’re really doing is slapping 15% PIK 4y Non Call into a business with some nil-cost warrants and putting a big pref ahead of management who don’t know that soon enough all their MIP will be eaten by this massive stack ahead of them (because no business who takes these deals will ever hit plan numbers). Still great from risk / returns perspective (and returns are in line with most large cap buyout funds) but nevertheless less interesting personally
you could not be more wrong lol
What industries are the most common for this type of structured equity investing?
Will there be more for software and healthcare companies in the future as they begin to have issues?
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