Thoughts on Family Office Platforms?
Curious what people think about firms like MSD, Declaration Partners, Bregal, Pritzker, Wildcat, and others that manage primarily family money but seem to be fairly professionalized / compete with traditional institutional PE firms. Does the experience differ at all in terms of dealflow, hours, culture, comp, etc.? I'm sure it varies but it would be helpful to understand broader trends
I am starting at one of those funds later this summer in their private equity buyouts strategy. All in comp is $150-165K for a first year associate, certainly a pay cut but during the interviews they said they normally finish work between 5 and 8 pm. Culture seemed like a regular private equity shop which makes sense because everyone in my group is from private equity / banking. Seems like they see the same number of deals as a regular shop but dig into fewer — don’t do work until the top person says they’d like to learn more and because there’s no LP pressure to deploy dollars. Deals done is definitely lower since again no need to buy a mediocre company because you have to deploy capital, if you buy an asset that is throwing off FCF no need to sell it to pay back LPs and the goal is more capital preservation vs growth so a lot less laying crazy mults for a growthy business. I’ll post a follow up once I start and have been there for a while.
How's it been after 2+ years? Would love to learn more as I'm looking into joining a FO platform in East Coast.
Wow, I had no idea Bregal was a F.O. They are a really solid shop. I know someone left there for Cinven.
bump
Bump can anyone speak on MSD, especially PE and RE groups?
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