PE Exit Opportunity Following Restructuring Experience
Hey guys,
What do you think the chances are in terms of going into a private equity (MM not your KKR) following a few years at a restructuring shop ( think Alvarez, FTI, ALIX, etc.). Personally, I would figure that in addition to the financial analysis experience, the operational experience would be very applicable to the private equity industry.
how are your modeling skills
restructuring is more like consulting
i am interested in this as well, except am coming from a MM IB restructuring group (think around jefferies or chanin but below lazard or blackstone). where have you seen these analysts exit to after 2-3 years? strictly distressed HF or any more general PE? Any firms in particular that like to pick up people with restructuring backgrounds? Any headhunters that i should talk to? And yes, I have extensive modelling experience. feel free to PM me.
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How would an analyst from HL Restructuring do for PE exit opportunities?
hl rest places just fine. You won't get tpg or kkr but you get very good distressed positions and also sometimes billion + buyout positions
Can anyone provide more info on exit opps for Alvarez, FTI, ALIX though?
Restructuring backgrounds are great fits with operational oriented PE firms, esp. those that focus on special situations (distressed, carve-out, etc). Every PE firm markets itself as operational, but some that I commonly see in hairy deals are Golden Gate, Platinum Equity, Marlin Equity, Gores Group, KPS, Sun Capital, Angelo Gordon... Larger funds like Bain Capital and Cerberus are operational oriented as well.
I would recommend you do a google search for special situations or distressed private equity.. there are tons of shops out there, especially when you get to the sub-$1bn AUM level.
I heard a sponsor describe themselves as NOT operators for the first the other day, I just about fell out of my chair.
Restructuring to PE? (Originally Posted: 04/18/2009)
Hello fellow monkeys,
I am new user to wallstreetoasis, but I have surfed through the forum quite frequently in the past. With the recent boom in restructuring, I am curious if PE firms would be a likely or even possible exit for a restructuring group analyst as I would be interested in this path. I have recently heard of various PE firms being involved in restructuring deals. I was curious as to what everyone else thinks?
Alternatively, you could focus on the portfolio/operational groups of PE firms. A lot of these funds have portfolio groups to support operational changes at portfolio companies. Of course, if your goal is to get investing experience, this would not be helpful. Some well-known examples are:
KKR Capstone is like 50% ex-BCG, 30% ex-McKinsey - they definitely hire consultants BainCap Portfolio group is fairly new, but also has several MBB hires that I know of Summit Partners also has a portfolio group, though I don't know as much about it
As posters above have noted, distressed funds are a natural fit for a restructuring background. If any of those have operating groups, it might be a good exit for Alix/Alvarez & Marsal
there exist PE funds that invest in turnaround & special situations and buy distressed companies. for example - KPS Capital Partners
the lev fin experience can come in handy but I assume you are referring to a restructuring advisor such as HL or LAZ not the lev fin/restructuring desk of a BB.
so traditional buy out is usually a road less traveled. from what i've seen, buyside opps are usually at distressed hedge funds.The world has changed. And we must change with it.
buyout shops are the more traditional route but you can definitely go into PE from restructuring (I did as well as a few of my friends in restructuring)...and it doesn't necessarily have to be to a distressed buyout shop.
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It is interesting to hear a position that is different than the common one of restructuring-> distressed HF/PE. Are the skills and modeling experience of a restructuring analyst be as easily transferable to healthy PE/HF as a similar individual coming from an M&A role?
I would also note that a lot of PE shops have distressed portfolio companies and are looking for people experienced in distressed situations. Haven't started recruiting for PE yet but that is what a lot of the headhunters are saying right now. I'm not entirely sure how that will play out in a year or two from now but it makes sense for PE firms to pick up analysts with restructuring experience now given how badly their companies are doing.
with regard to analysts with restructuring experience?
Restructuring to PE (Originally Posted: 09/25/2009)
I asked this in the PE forum, but didnt get much of a response so figured I would try it here.
Was wondering if there was anyone here who has made the transition to PE after their 2-3 year stint in the restructuring group of an IB.
I'm coming from a MM IB restructuring group (think jefferies or chanin but below lazard or blackstone). Where have you seen these analysts exit to after 2-3 years? Strictly distressed HF or any more general PE? Any firms in particular that like to pick up people with restructuring backgrounds? Any headhunters that i should talk to? And yes, I have extensive modeling experience. Feel free to PM me.
I would think that in this market, PE firms would be more interested in people with restructuring backgrounds given they are the ones who have been busy for the last couple years, not to mention the opportunity there will be to buy distressed companies and execute turnarounds. Any opinions on this?
bump - didnt get any response to this the first time around
Hahahah, no ur pretty f'd coming from a MM and being in pidgeholing restructuring. Once ur in restructuring u stay there.
I gotta ask this...wtf is your problem?
You've been here what, 6 weeks? And you have almost 340 bananas? That averages out to like 7 posts per day. Do you even have a job?
Vulture funds
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