Thoughts on Bain Capital and Warburg Pincus special sits groups?
Pay / culture / reps / overall experience / career development / exit opportunities - how are those groups compared to BX Tac Opps and APO Hybrid Value?
Bump
Cannot speak to WP, never heard about their Special Sits group.
In terms of comparability, AHV >= Bain SS >>> Bx TacOpps
Bain has a wider mandate than AHV, but they probably are less internally focused on Special Sits deals, whereas at Apollo it's pretty much their bread and butter (regardless of asset class)
Feel like BX tacopps is on the up, why do you place them much lower than Bain? Not my world just amused…
You can probably see TacOpps as one of the OGs in SS, and within Bx they used to work on everything that fell outside of Buyout and Credit (i.e. Growth, hybrid capital, VC, anything really). Today, Bx has launched individual funds for every single one of these strategies, and effectively taken out a lot of wind out of TacOpps' sails. I've spoken to a few people that currently work there and the feedback is generally they are looking to leave, as they're finding it increasingly hard to do deals from within the TacOpps fund.
tacopps just writes structured equity checks these days. Refis and cap raises for M&A. Not the sexiest "special sits"
Any insight on comp/WLB at Bain SS?
Bump
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Does Warborg hire analysts for their special sits group?
I don’t think they do
They have just started to. One analyst so far.
When I’ve worked with Warburg folks - I’ve always liked them. They are smart, well rounded and we get to the point. I’ve worked with WP more than Bain so can’t make a good comparison but WP is a place that I wouldn’t be opposed to working if it was the right opportunity.
is this for WP firm wide or just cap solutions?
WP cap solutions is a new and quickly growing team. that being said they work their associates to bones
Is that Cap Solutions specific or across the firm? Specific to an office?
Cap solutions specific. NY office
This is incorrect, they do not work associate to the bone. That would suggest that once they’re done with you, a skeleton remains.
They in fact work associates through the bone.
First they consume your spirit, then they chew through your soft tissue, then they grind your bones. What remains? A fine dust/powder made of ground up bones.
They sweep this powder into a furnace and use the heat from that furnace to warm the Partners’ bathroom floor lest his toes get cold during a 2am piss break from firing off emails while the din from his iPhone illuminates the sleep mask of his slumbering spouse.
Once a week, they clean out the furnace of all the ash and refuse, mix it with a strong epoxy, and form it into staples to hold together printout of work plans and investment memos. Class of 2021 Associates are currently holding together a 140 page of a dataroom readout which sits in an Iron Mountain shred bin in Piscataway, NJ.
Did you just describe Apollo?
just caught up w/ a friend in Bain SS earlier this year, said the culture was pretty bad, esp compared to NAPE
Can you expand on this? Bain SS is one of the groups I’m most interested in and I’ve heard the opposite of what you’re saying so would appreciate more details
Surprised you'd hear anything else. Everybody universally knows it's a hard culture.
Are there any bain capital SS juniors in NYC? Or is it all seniors?
No juniors, only seniors. NYC office mostly private credit, ventures, and some NAPE.
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