Anyone have insights into the general MM FIG PE space? Looking to get insights into the following specific names: Corsair, Lovell Minnick, and Flexpoint. Trying to get a sense for their associate programs, culture, etc. Would appreciate any color or any interactions members have had with these firms.
| +89 | Nothing to do at work & bored to hell | 9 | 5h |
| +67 | Do people over-index on 'moats' | 20 | 1d |
| +51 | Predicted Net Worth in Trodden Finance Path by 60? | 20 | 5h |
| +44 | Biggest (avoidable) failures in PE Investments? | 24 | 2h |
| +38 | Why is ROIC never really a topic when looking at companies IRL | 11 | 3d |
| +26 | SGE Final Round (Investment Summer Analyst) - Case Study & Technicals? | 13 | 6d |
| +19 | Senior IR Lifestyle | 3 | 5d |
| +12 | How to approach Buyside Recruiting | 3 | 4d |
| +12 | Honest opinions needed about lateraling | 4 | 1d |
| +12 | NY LMM PE Recruiting | 3 | 23h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
interested as well
Corsair: JP Morgan spinoff in 2005. Relatively old track record given the JPM history. Some history of international investments (PZU) but mandate was bolder when part of JPM; today mostly US focused. Have had some notable successes - Repay Holdings (payments is a good sector to have experience in) and did the very cool CamberView Partners deal, through which they now own a stake in PJT Partners (quite unconventional and creative). On the other hand, fundraising has been very slow and steady (raised $1bn in 2020 but were raising this since March 2018 according to some news reports). https://www.penews.com/articles/corsair-capital-secures-some-420-millio… https://www.businesswire.com/news/home/20200226005173/en/Corsair-Capita…
Lovell Minnick: more modern brand of FIG/fintech-focused PE firms. Similar to Aquiline. Growth-y firm (will do several minority growth deals but also buyouts) ahead of major FIG trends: wealth management (sold Mercer to Genstar), payments software (Bill Highway). Also notable take-private of Charles Taylor (MM PE firms rarely do take-privates). Deal sizes are small. Fund growth has been strong and consistent. "Nearly all of LMP’s [funds] are in the first or second quartiles in Private Equity industry peer performance rankings" - MA Pension. http://www.mapension.com/files/8315/3512/8822/Q2_2018_PRIM_Board_Quarte…
Flexpoint: Mostly Chicago-based with small office in NYC. Have heard hours and culture are good. More value-oriented and do some niche/complex financials deals - e.g. their vehicle to invest in TALF, and another vehicle to acquire acquire re-performing first lien mortgage loans (“RPLs”) (not many firms do these "de novo" strategies). May target larger deals (also suggested by their overage fund, meant for this purpose). Returns have been solid but not stellar.
I work in FIG and have worked with some of these guys. Just wanted to add the above is very accurate.
I would add that Corsair when Raising their new fund said they are planning to focus on capital light FIG, in a similar vein to LMP I guess.
"Nearly all of LMP’s [funds] are in the first or second quartiles in Private Equity industry peer performance rankings" - MA Pension.
This is LP “consultant” speak for “since most of the firm’s performance was average, we will give them a pass on the funds that were well below average”
Not sure whether highlighting that as an endorsement of a track record is dumber than describing a 2019 investment as “ahead of the curve” when it is literally a deal that TA did 7 or 8 years ago for one of their portcos which they later sold and then resold.
You're likely right. Given the small size of the fund, couldn't find better direct returns data (not enough public LPs). However, I am familiar with the firm and have heard they have had strong exits and returns on their recent investments. They do well in growth-y financial services and technology. Returns are likely good, not outstanding.
Thanks for this. Was wondering if you had any insight on Aquiline or Lightyear
Heard Corsair culture is a nightmare from a friend of friend who works there. Very demanding partners with ridiculous expectations and zero shits given about associate lifestyle. Heard associate retention is an issue.
Have worked in FIG PE for >10 years. Happy to provide perspective if you message me.
Would be helpful to hear your thoughts on the middle market guys Flexpoint, Aquiline Lightyear, Pine Brook etc.
Would also put reverence, stone point.
Thank you. This is helpful.
Worked with Corsair extensively. Every partner and MD I interacted with (several times a week for over a year) was great to work with and are just generally good people. Really smart and are genuinely positive in both work and just general interaction. Don't know much about their junior team but its been all good from my view. Reasonable expectations as well they recognize you have a life other than work
Would be interested to hear more perspectives on Flexpoint if anyone has them (returns, lifestyle, comp etc.)
Bump. Would be interested to hear any perspectives on Varde as well.
Suscipit quia animi quaerat harum. Quidem voluptatem at quos nulla ratione autem. Voluptates et cupiditate illum. Dolor autem rerum soluta. Dolorem nulla ea at vero totam. Quia aut sit omnis. Et illum qui a quasi tenetur dolorum.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...