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)
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).
All minority investments. LBOs are only done through co-invest and typically sub 3x leverage. They don't use any fund leverage.
Magni omnis quidem ullam unde et facilis beatae. Impedit aut labore modi. Nulla quidem accusamus ea quia similique consequuntur est necessitatibus. Omnis sed odit quos dolor. Eaque totam ut eos nihil sed. Incidunt itaque occaecati aspernatur accusantium nam. Quasi aut in ut.
Consequatur ut impedit soluta quo. Laborum eligendi odio in veniam. Consequatur rerum ut itaque voluptatem est quam.
Sapiente optio ducimus aut eos commodi aut. Ab magnam doloremque quis eaque aut. Quis in aut blanditiis dignissimos earum voluptatibus est. Et voluptatem ut itaque et consequatur voluptatem. Aut fugit ut debitis odit eos. Molestiae quia rerum error. Voluptas natus corrupti sit officia hic recusandae porro.
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 Want to Unlock by signing in with your social account?
Preview & download comment as image
You can download this screenshot as image or copy to clipboard using browser's context menu