Looking for a refreshed perspective on Prospect. As a BDC obviously most of the data about AUM / strategy / etc. is public, but I don’t personally know anybody who works there, so information about culture / WLB / and comp would be great.
thanks in advance
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I know a guy who worked there for a few months before lateraling. Weird dynamic. Prospect is primarily a debt fund, meaning they view potential investments through that lens, even for equity investments. As long as the cash flow looks good, they don't have a hold period. Cash flow from their investments primarily turns into dividends for investors (they are publicly-traded). They provide their own debt financing on equity deals as well. All sounds interesting, until you get to the team dynamics.
From the outside, it seemed as though my connection had free reign to pursue acquisitions at will. When I was on the sell-side, we would show him deals (many in a short span) and he bid on almost all of them. Not much senior supervision or sector focus. They tend to let juniors run around and bid on deals until IC shows up. Their IC is very strict and almost no deals get through. My connection ended up getting very frustrated and left for a fund more interested in equity investments with a higher close rate.
Throwing a quick disclaimer down here since I didn't work there and all my info is hearsay. Hope this helps.
Super helpful, thank you. Definitely sounds like an unusual dynamic
For what it is worth, I have interviewed / spoken with them a few times over the years and have a friend in their CLO business. Culture seemed fine and friendly, and much more laidback as compared to the typical hedge fund / PE / PC type firm their talent may also be interested in working for from what I can tell. They seem to have a nice approach to allowing remote work as helpful. My friend even asked them if he could move to LA and work from there and I think they were cool with it. Granted he is fairly senior-ish and in the CLO biz. I hope this helps. Good luck
What kind of name is prospect capital? At least go for Vice President/MD capital
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