Multi Strat Funds?

I know in the hedge fund world you find funds that are structured as multi strat, in that they have exposure to a variety of strategies, such as: merger arbitrage, long/short, short bias, quant. I'm not referring to a fund of funds, but rather a fund that does everything opportunistically.

Now, here is my question: is there such a thing in PE? I was doing due diligence into managers and encountered one group that is doing a crazy different amount/type of deals in a single fund: direct growth equity/minority VC, co-invest across all stages, direct real estate, direct lending, PE secondaries (LP stakes, direct and GP led), some joint ventures. I had never seen a single fund that did all of this random stuff and they seem to be doing it well by targetting net 20% IRRs per deal.

I am curious if there other funds out there like this?

Comments (3)

  • Associate 3 in PE - Other
Jan 21, 2022 - 6:51pm

Any buyouts or just minority equity investing?   

A few of the sophisticated LPs have set ups  that have to invest in almost everything non-control though often times once they hit scale, the teams diverge.  For example Northwestern Mutual and Nuveen.  Wafra probably could check this box through their AID group.  

Also - a fund investing in all of those, is different than a junior working on all of those.  If its a scaled fund, having juniors look across all of those asset types is pretty inefficient.  

Only other place that this occurs is in HFs that can do privates with generalist seats (Davidson Kempner comes to mind) or with a stage focus (ie; distressed groups can do a ton of stuff across asset classes).   

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  • Associate 3 in PE - Other
Jan 22, 2022 - 12:33pm

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