Thoughts on BC London
Does anyone have insights on BC Partners London? Comp at associate level and progression / culture / performance.
Does anyone have insights on BC Partners London? Comp at associate level and progression / culture / performance.
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They just missed their fundraising target by 30-40%, should probably say enough
They closed the fund at 7bn, of which 1.7 is coinvest. While your point is valid from a historical performance/LP perspective this coinvest is almost 1/4 of the entire vehicle; this might speak to the conviction of the people and the fund moving forward. Also remember something about their debut European RE vehicle which was oversubscribed; 900m isn’t a huge number but is not bad by any means for an inaugural fund.
Coinvest does not include fees / carry and would not be counted as money successfully raised in the traditional sense. I don’t know what you mean by ‘conviction of the people and the fund going forward’ re coinvest.
Also worth adding that they specifically sought out new higher GP leverage facilities to boost that number up and get closer to the original target
They’ve also been on the IR trail for a long time with this fund, and has been deploying capital at a rate consistent with the higher target. Unless they slow down investments in the near-term the next fundraise will be tricky given how seemingly fast they’re coming back for re-ups in an environment where LP allocations are already tight (denominator effect + macro uncertainty).
Then there’s the perennial problem of limited DPI, although I’m under the impression they’ve improved that since Fund X launched (not chewy though…)
Usually very good signalling - fund management is willing to rollover their wealth.
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