Sectored Fund vs Sectored within Fund at Associate Level

Incoming analyst interested in recruiting for buyout PE during on-cycle and want to understand recruiting for sector specific roles. How are investment philosophies different between sectored firms and sectored teams? For example, what is distinct about TB or SLP's investing style relative to technology groups at a Carlyle or KKR? How do the latter firms compete on deals against a company like TB who has much greater capital allocation towards tech, has the tendency to pay higher premiums, and has greater sector expertise? 

Curious about this topic since a number of the largest names in PE give industry specific offers for their buyout funds. Even if there are differences in general investment philosophy, does this translate to a meaningful difference in the associate experience? Would welcome perspectives from other industries or fund sizes, just used the above examples for their name recognition.

 

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