Special sits vs PE modeling
Hi guys:
How different are special aura modeling vs second round modeling in PE? Looking to make a switch and would love to know where things differ. Thank you
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Special sits is going to be more similar to a hedge fund generally. LBO models are an attempt to perfectly forecast a set of cash flows, incorporating every ounce of diligence insight. You’re playing for steady singles and doubles, with no strike outs.
Special sits is a little different because often you’re buying something at a deep discount, or you’re investing in a security with structural protections, so the deals are typically a lot more complex, but the models may not always be drilled down to the nth degree of “perfection” because there’s a greater margin for error
Special sits as a result forces you to think more holistically as an investor about deals IME — structure, pricing, governance, etc.. LBOs are just about projecting cash flows as best as you can so you can adequately service debt.
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