I know it started after Elliott was rejected from consortiums to bid on buyouts of assets in which they had an activist stake. If anyone has familiarity with them past what is listed on websites, already on WSO, would be great.
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big time turnaround shop. currently in play with Nielsen and Citrix buyout so gunning for large assets. Typical thesis is to cut overhead and bloat to realize cost savings and then take their portco's public again rather quickly. Incredibly lean running shop, and I've seen associate emails coming in at 3:45 am on a Sunday...
Top notch learning experience since you could be the main associate on massive deal ie Nielsen/Citrix, but expect difficult hours. This is all from what I've heard from a friend and brief interactions there so a current employee should be able to comment further
Thanks! Sb-ed.
+1. they're mainly based in menlo, right? so if you're receiving emails at 3:45am et, it's only 12:45am pt for them. don't get me wrong - still not a positive signal for hours, but not THAT bad
Should have clarified that I am also WC based, so they are emailing at 3:45 am PT on the WC
Anybody doing these big corporate carve outs (and similarly large take privates) will have tough WLB. Carve outs can be complete shitshows esp in the throes of a deal. However, If executed well, you can come out of the other side owning a nice asset at a great price, which is why some very successful PE funds focus on them.
hi colleague
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Who's their HH?
Headhunter: Gold Coast
Sector: Tech in Menlo Park, building out a new NY office that focuses on Industrials buyout headed up by some ex-Cerberus guys, think just a handful of people there right now
Comp: $150k base + $200k bonus
Strategy: Emphasis on buyout but they have a 100% flexible mandate which is pretty cool. Partner a lot with other buyout shops like Vista and Veritas on some of their larger deals. Not completely sure whether they're as turnaround/special sit. focused as the commenter above said, but that'd definitely make sense given Elliott's notorious activist approach
Past Investments:
- Take Privates: Nielsen (not closed), Citrix (not closed), AthenaHealth (heard AthenaHealth was Elliott's highest-ever-returning investment on an equity basis or smth), Cubic, LogMeIn, Travelport, Gigamon, E2Open
- LBO: ASG Technologies
- Growth Buyout: Dreambox
- Carve Out: Quest / SonicWall
- Minority Growth: Introhive, bmc
- Equity Recap: Academic Partnerships, Workforce Software
- Mezzanine: Misys, BMC
Runs crazy lean, talking ~5 associates in the Menlo office at one point. Decent mix of ex-consultants and ex-bankers. No insight on day to day culture, but I've heard people are generally happy. Seems like there's a path to direct promo without an MBA based on LinkedIn profiles of principals who're there. Think the HF culture of Elliott bleeds down into Evergreen a bunch, heard they only have 3 mandatory days a week in-office
Source: Friend who works there, coffee chat during recruiting a while back
Helpful, thank you.
Sounds like paradise
their position on a bunch of those take privates gotta be underwater, right?
What are interviews here like?
Curious about any recent updates and size of the NY team…
How should one evaluate this vs a traditional UMM / MF seat? If you can preserve exits while having more responsibility, seems like a no brainer
Have heard that they haven't done that well and are in a wind down mode essentially...
Where did you hear that and how is that manifesting?
Heard from someone who works there. Also the head of that team Isaac Kim left to Lightspeed to build their buyouts team. Haven’t heard of the Ny team doing any industrials deals after hiring ex Cerberus people
This is false - the Menlo team has replaced Isaac Kim already and are distinctly not in wind-down mode. NY team has also signed a deal this year and is actively expanding its junior ranks. They retired the “Evergreen Coast Capital” name but they’re called “Elliott Private Equity” now. The tech team certainly made some bad buys because they started deploying heavily in ‘21. The PE strat certainly isn’t going anywhere - just not pursuing vanilla buyout.
What are they pursuing if not vanilla buyouts?
Ignore title.
Elliott PE is top notch and should be considered in the same realm (if not above) APO/KKR/BX. Incredible experience for associates that comes with lots of responsibility. The PE team is decidedly not in wind down mode — actually the opposite.
Would note that some of their ‘21 buys have been performing very well
Received an offer from this group but decided to go to a MF. Would've had no regrets signing here, but ultimately had the privilege of having 2 offers in hand and weighed the pros / cons, a few of which are below:
Pros
- Flexible investment strategy; get to work on buyouts, credit and pref equity and plenty of stuff with some hair (take-privates, distressed situations, etc.)
- Extremely lean deal teams, as an ASO you have a ton of responsibility. An ASO I interviewed with told me the Elliott PE deal team for one of the big take privates referenced above was 3-4 ppl vs the co-investor had closer to 10
- They invest out of the broader Elliott fund so don't have to worry about fundraising
- Very collaborative with other Elliott teams
Cons
- Extremely lean deal teams = sweaty
- I hated SF so MP wasn't ideal, though not a deal breaker
- Many of their investments originate as activist situations. Once Elliott decides they want to own 50 or 100% rather than 20 or 30, you effectively become the execution team, with a significant amount of work already done through the activist team (this was the biggest factor for me)
Can you pm me? Would love the opportunity to learn more about your recruiting experience / this role
Is it possible to PM me? Have questions about the team and am actively exploring recruiting with them. Thank you.
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