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.
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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.