Thoughts on Sun Capital
Anyone have info and insights into Sun Capital and their performance / culture?
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Very high turnover, lots of spinouts that have done significantly better than Sun, scummy founders with lots of legal issues, they backed a portco where the ceo literally committed 2nd degree murder lol
Was he convicted
Yes, he served time in prison. It's a portfolio company or their latest fund. I think the company is related to plumbing or contracting or something.
Oh wow. Do you know if they’re doing anything to address these issues
100% not lol
Why do you say the founders are scummy? Any specific examples?
Perpetually overpromise and underdeliver
bump
A few senior managing directors recently left and are starting up a new fund- Palm Peak Capital
interesting that they got the blessing from Sun.
Look up the returns on their recent funds and you’ll have everything you need to know. They have had consistent lower quartile performance and have raised smaller funds over the past decade. I wouldn’t be surprised if they throw in the towel in the next few years. Hope I’m not being too negative, just calling it how I see it.
Another spinout got announced just today.
As someone said above returns have been terrible and they've have subsequently been raising smaller & smaller funds. Healthcare and tech deals have been an absolute dumpster fire for them. They're not going to raise a new fund once this one is finished, part of the reason the new spin-out was able to get the founders blessing (investing in Fund I & attribution).
Delete
Have you heard anything new about the latest spinouts?
Point 41 closed their Fund I a few months ago at $400mm
Palm Peak is sill in market, believe they've completed a couple of deals in the fund
Ruined; co-founders got old and didn't plan for the fund's future. Can't raise, can't deploy money effectively, doing very small investments to show volume. Don't work for them.
One thing I never understood about them is their valuation approach - their fair values have 20-3% swings QoQ in either direction on some portcos.
Because PE port co valuations are ~ imagination ~
I know this is probably a dead thread but how do their PortCos fair? Do they stay till they can sell to a Strategic Buyer or is an exit to another PE firm? Is it just a financial re-engineering exercise or do they actually create value?
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