Obviously a low profile name, but well know within the large cap value industrials space. Wanted to get a view on culture, deal flow, recent returns, and overall experience.
Also how would you stack them up against other large cap players that do a lot in industrials?
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Hours and culture sound extremely brutal
Value-oriented industrials player, love doing carve-outs public companies. They've historically tended to make more concentrated bets compared to some other funds that place in the space and are willing to write large checks. Heard culture is pretty intense and wlb is pretty sweaty. Historically a strong player with a good reputation, but interestingly their Fund XII is considerably smaller than the previous fund ($5.3B vs $8.1B). Somewhat understandable given the macro dynamics, but other firms that also play in the value industrials space of comparable size like KPS, HIG, and Platinum managed to raise larger funds in the same time period.
I could be mistaken, but didn't they raise that fund extremely quickly? My understanding was the environment was so uncertain that's the amount they felt comfortable deploying and that once the macroeconomic picture cleared up, they could clearly show hey, we only ask for what we can successfully deploy we have great returns and we believe we can deploy 10B ish. That's the picture I've heard anyone else know if that's about, right?
It was the opposite - Fund XII took two years to close and raised $5.3B, whereas the previous fund raised $8.1B in 5 months.
No GP thinks in this manner young grasshopper, it is always the economics maximizing move to raise the largest fund you can and then figure out a way to deploy it later. As such, if a fund moves down in size it is usually a (very) negative indicator on the whole firm’s performance and prospects
Could the down fund potentially due to a combination of leadership transition at the time of fund raising and just a poor environment? Have heard they’ve had historically strong returns
Bump
Del
Heard it's sweaty
Bump
Cool fund from the sense that you work on large transactions for being a lesser-known / smaller fund. Big con: very sweaty
Can someone confirm if the above is true? This seems extreme, even if comments are partially hyperbole.
Confirmed that they work 7 days a week for months on end. I know a member of the investment team there
Anyone have insight into their London office recruitment process or comp ?
Bump on this incase anyone can share in regards to London
Any insight into the NY office?
Curious on this too
Bump
Two really strong exits this year in a very tough environment. Anyone else have thoughts or intel in general?
also curious here
My best data point on this was meeting a friend who works there and was delighted that a deal had fallen through at the last minute because it meant that he finally could take a Saturday off.
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