What does this firm's name even mean? What do these bozos do? Do they just buy utter dogpoop for pennies on the dollar? I don't buy the whole "we focus on deals too complex for others" - most people are smart, these guys aren't smarter. Usually "complex" actually means hairy/garbage.
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lol why the hate. Think buy small stuff stuck in dead PE vintages
So they do a secondary direct to buy minority stakes in companies housed in 20 year old buyout funds?
Bump
Bump
Spoke with them once - not pleasant to speak with, very cagey, act like they have this unheard of bespoke strategy - it's just buying tail end crap
Just raised 1.2bn for a first time fund in this environment which is pretty impressive, anybody got additional insights?
Had a heck of fundraise. Seem to be somewhat of garbage seeking vultures which makes sense as ex-Elliot guys and are swinging for the fences.
Main principal got appointed to Fannie/freddie boards so seem very well connected for early career guys so will have good deal flow.
The kids from Greenwich or connected? No shit.
But for real, securing a $250m check from sequoia heritage is nothing to scoff at… especially for a first time fund.
Strategy is basically rip the faces off of LPs for dying GPs to give them one last shot at making money off a deal. Come across a lot of opportunities that fit their M.O. these days.
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