Overbay Capital?
Hi, anyone have any info on these guys? Are they legit? Worth working for? Pay range? Thanks you....
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Been interviewing for an analyst role and curious if anyone knows much about them? Haven't been able to figure out if they have a fund or what their reputation is like. Thanks
My senior ended up joining a big secondaries platform in Toronto and I recently explored the secondaries options around here – ended up speaking to one of the guys there on the current process.
Used to be a fundless sponsor and do things deal-by-deal, but they have managed to raise several funds over the past two years. They seem to be looking to pay around market at the Senior Associate level (250-300+ all in), but not sure what that means at the Analyst level. There has been a ton of turnover at the mid to senior level in the past couple of years and all decisions are run through the founder. There are plenty of options to explore within secondaries and on the buy-side in the US.. Unfortunately, if you plan on staying within Canada, there don't really seem to be many options..
Thanks! That's really helpful. Everyone I spoke to at the firm was really nice and the comp expectations seemed reasonable. The base was a bit low but they were making big promises on bonus potential and carry in the future. The area that really concerned me was the turnover, especially at the senior level. It just didn't immediately make sense to me why so many people would leave (or I dunno, get fired or something) if they were doing so many deals and raising lots of money. Part of me wants to be "entrepreneurial" but the other part feels a bit sketched out and makes me want to just go with a pension.
edit
I'd be interested to hear if anyone else has heard anything about the firm/turnover. The founder and their top two MD's come from Setter Capital. Those who are not familiar with Setter can gain insights from the company's Glassdoor reviews. So I'm guessing either they left to start a firm with a better culture or they brought the same culture from Setter with them. I know nothing else. I'm just speculating. Hoping someone else can chime in.
Looks like a small firm that has been in business for only a few years. I've never dealt with them but just going by what's on linkedin the turnover is concerning:
1. Senior Analyst x2
2. Accountant x3
3. Business Analyst x1
4. VP x1
5. Analyst x1
6. Managing Director x1
7. Director x2
People usually leave young shops because they either aren't paid well or aren't treated well.
Avoid unless you're really desperate. They're a Setter Capital spin out and the junior team spend most of their time cold calling trying to drum deals that will never happen. They basically go around trying to low ball people and hoping people just sell and never actually run a process. They've also got a bad reputation as a counter-party as they apparently defaulted on a bunch of PSAs.
Yikes....
Interesting. Working at one of the larger secondary advisory shops (Evercore, PJT, Campbell Lutyens, Jefferies) and they did manage to come through on several large transactions recently.
Did also hear rumblings about Overbay exercising the MAC clause in a purchase agreement when COVID first hit. In light of the current backdrop, I have seen several secondary buyers try to negotiate these clauses into offer letters and purchase agreements.
Do they have a fund? Their website says AUM of 1.8b but I haven't seen much reporting on fundraising.
Apparently the whole name Overbay name was an attempt to distance themselves from some of their past behavior. They used to be called something else (I think it was Optimize Capital Partners)
Did some research. I think these guys might be a broker though? Someone told me they find assets in auctions and re-sell them to other secondary funds for an upfront fee?
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