Hi guys
Anyone got any insight on TowerBrook Capital?
Reputation, prestige, comparable shops, pay, culture, etc.
Both London and NY office
Much appreciated!
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Just closed on a large fund of $3.6 billion (I think...), above target. Decent, though not incredible, performance on their last two funds - low teens I think. Don't know much more than that.
mid market PE, does a bit of everything--from distressed to your typical LBOs. Average performance, but good culture. Hours are on the longer side.
I
Great insight. Which office did you work in?
London
Hi
I'm new to posting in WSO, but have been trawling through for years now and finally have a question!
I'm interviewing for an associate position with TB in London and would love to hear thoughts from anyone who is familiar with the role and company:
1) What the role is like? What the TB difference between investment or portfolio associate roles? Is there much overlap between these two groups in terms of the work they do? Why does a MM fund like TB an investment and portfolio team given that much larger funds don't? Can you try out a bit of portfolio work as an investment team member and vice versa?
2) general office culture, work hours (average hours vs spikes when deals are live), how successful the company is (e.g. average IRR, reputation in the field) and what does progression for juniors look like (how long do you stay in each role, is it up or out, do you get 'spun out' into a portfolio company etc.)
Any tips would be greatly welcomed!
Thanks!
Performance has been very lack-luster but they keep raising successively larger funds... so really good marketers, I guess?
Hi Marcus_Halberstram.
Would somewhat agree on performance of previous funds (i.e. they were not in the teens, but high single digits). However their IV fund (2013) is trailing at 27% IRR which is pretty good.
There's something very goofy going on with this math. It's a 2013 vintage fund (7 years ago) that has only returned 30% of the capital called and is marked at 1.5x but somehow gets to 27% IRR?
Suggests they’ve made some early exits during fund life (or shorten duration with subscription line)
Can you explain what you mean by shorten duration with subscription line? I’ve seen this alluded to but I don’t have a banking background so I don’t understand how it works or what it means.
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