What's Going On With Pine Brook Partners
Anyone have any insight into what's going on with Pine Brook Partners and what is causing it? They've been hemorrhaging investment professionals for the last year or so (at all levels--associate up to partner) and today, it was announced that the a big chunk of the remaining FIG investment team is spinning out into a FIG focused fund.
It’s blowing up. Bad investments all around and now they are leaving. They had one fund for both energy and FIG, each team thinks the other caused it and is trying to raise individual funds.
Makes sense. FIG team announced new fund yesterday. Curious to know what's going to happen to the new associates that started in 2019 / 2020 that weren't brought over to the new FIG fund.
Surprised no one is taking advantage of the blood on the water and trying to buy some of their stronger portfolio companies.
Most dedicated FIG funds don't have great returns. See JC Flowers for example.
Totally agree. Other than Stone Point and one or two other guys, don't think most of the vintages since like 2013 have done particularly well. A lot of the FIG funds made a killing taking minority stakes / injecting capital into failing banks post-crisis.
From what I've seen, the pure-play FIG funds that have continued to be successful have shifted gears to investing primarily in Fintech / capital light business.
The energy team lost a ton of money like other upstream energy funds
This is an understatement. I don’t think they had a notable exit on any energy positions
Avoid. Investments on both side of the firm blew up as others have said, but notably in energy. If you're going FIG, a place like Stone Point or even Reverence is going to be much better.
Any insight on Lightyear and whether they are better?
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