Lone Star V Onex London
What’s the view on these firms? This is for London Associate positions coming from a US BB Analyst 2 role. Have to be clear on my decision by Monday.
Looking for additional info on fund performance, culture, strength in EU etc.
Onex last fund wasn’t doing great, Lone Star has a rough culture but it’s more reputable
I’d go lone star
Congratulations on both offers, both sizeable funds that do large cap deals.
Hard to make a specific recommendation but this is what I would consider:
Onex is struggling to fundraise, not performing very well (has not monetized much in 2021/2022 which were good years to sell) but the team is laid back. Has promoted a lot internally historically but seems to have issues at the top (MD type level and founder transition).
Lone Star is a more nerdy and sweaty, focused on fewer sectors / types of assets. Has done few great deals (MBCC out of BASF will see them make 2-3x their money in like 2 or 3 years on a massive ticket… basically guaranteed to pay carry if they don’t fuck up the rest).
Onex fund size is much much bigger and they run relatively lean, so would imagine the carried interest at senior principal+ level could be more attractive.
Onex is investing fund V which is $7bn and has around 60/70 IPs in PE. Lone star is investing fund XI which is $8bn and has same number or probably less IPs (exact number unclear as they are not on website but through LinkedIn search seem much less)
The thing that actually matters is how much the senior partners / founders keep for themselves. The spread on this stuff is huge
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Congrats! Can you share offer comp numbers of these 2 firms?
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