Stonepeak London
Anyone has any recent update on Stonepeak’s London team? What’s the culture / hours / lifestyle there? Can see them doing many deals since the launch a few years ago. Wondering how they compare to other large infra players in terms of strategy as well.
To take with a pinch of salt.
Bunch of hardoes but quite smart and creative. Recruited last year the former Macquarie top exec to head up Europe (he has a very tough reputation but not a surprise coming from MAM). The team seems relatively flat in Europe but as far as I am aware, they operate under 3 verticals. Energy/Energy Transition, Teleco and Transport & Logistics and you specialise from VP upwards. I think the hours are quite long due to people in London working almost on US hours. They indeed did a bunch of transactions recently but I really question the infra angle of some of them and in particular the latest one which looks like more a PE/structured play. I wonder how they are selling this to their LPs but hey it does not mean this is not interesting or creative thinking to push the boundaries. Latest flagship fund is targeting $15bn with mid-teens gross IRR and preferred return of 8%.
Previous funds track record:
Fund I: 9.5% net IRR
Fund II: 13.6% net IRR (not fully realized)
Fund III: 17.4% net IRR (not fully realized)
Fund IV: 8.6% net IRR (not fully realized)
They have also recently recruited the former head of renewable from Allianz Capital Partners to launch a renewable strategy and already have $1bn of capital. Have not seen them doing anything in the space yet and they are trying to recruit a couple of individuals. Did not get much traction from my understanding.
If I had the opportunity, definitely a fund I would consider working for.
They have a rock solid track record and if you can stomach long working hours and a tough culture from a senior perspective (if you ever worked for MIRA you know :) ) then it is a stellar fund with a lot of growth potential
Heard one of their senior MDs recently left in Europe?
Not just one, I think a couple of them left recently (the guy who came from Elliott and someone else).
Are Stonepeak currently hiring?
My experience w/ Stonepeak in general (not just London) -- tough shop, grind it out, sharp elbows, but pretty smart and love to get into more structured type investments like prefs and convertibles. On that theme, it seems like when possible they like to give up some equity upside to "lock in" a more "fixed income like" return (that I'm sure they pitch to LPs as a part of their infrastructure sale).
They have been extremely successful raising money for new funds, which is obviously extremely important the more senior you are. I've seen some relatively young guys in fairly senior positions (no idea on comp but probably not too shabby..).
Everyone refers to Stonepeak as 'tough' - what are some concrete examples? Screamers? Unreasonable work demands?
Seems tough as in you need to know 100.0% of everything you're working on, because multiple MDs can ping you at any time about anything and will be upset if you don't have specific answers immediately available. So stressful in needing to stay on top of absolutely everything on all of your deals, while also having an opinion on everything. Additionally, there's politics at play where juniors will circumvent managers and speak ill of them to seniors directly - so lots of political managing as well
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