Blackstone Tac Opps

Anyone know more about Blackstone's Tac Opps? I know it's not Corporate PE exactly but how does one recruit/what kind of candidates get interviewed/get offers.

Also if it's not traditional corporate PE is it comparable to UMM or Mm?

Comments (20)

Jan 3, 2019

I know their returns aren't great - definitely worse than BCP or BREP.

    • 1
    • 1
Jan 3, 2019

Any range?

Jan 3, 2019

Don't think I can disclose, sorry.

    • 1
Jan 3, 2019

Blackstone 10-q

    • 1
Most Helpful
Jan 3, 2019

For what it's worth:

Net returns since inception (IRR):
- PE: 15%
- RE: 16%
- Secondaries: 17%
- Credit: 12% Distressed / 15% Mezz
- Tac opps: 13%
- HF Solutions: 6%

Source: BX Investor Day 18 presentation

    • 2
Learn More

9 LBO Modeling Tests, 10+ hours of PE Cases and 2,447+ interview insights across 203 private equity funds. The WSO Private Equity Interview Prep Course has everything you'll ever need to break into the competitive PE industry. Learn more.

Jan 3, 2019

Could be wrong, but believe it's sort of a special situations group. Believe David Blitzed is the guy

Jan 4, 2019

This is correct, going to add that I believe it also has RE & Credit/Mezz components

Jan 5, 2019

Correct - they have done some interesting real estate special sits deals in the past and continue to do some interesting real estate deals (always wondered how some of these deals aren't picked or tossed over to BREP). Perhaps falls out of BREP's fund docs or smaller check size.

Robert Clayton Dean: What is happening?
Brill: I blew up the building.
Robert Clayton Dean: Why?
Brill: Because you made a phone call.

Jan 6, 2019

bump - anymore info about recruiting?

Jan 6, 2019

You either need to be from a target with strong internships/PE work experience OR you need to know a guy. Goodluck!

At the experienced associate/VP level its almost always on a referral basis at BX

Jan 6, 2019

Thanks for the insight! So an associate recruiting from a top BB (ms/Gs) wouldn't go through head hunters? Or is it the just referal based?

Jan 23, 2019

FWIW - SG Partners recruits for the group. They have filled their 2020 asso class (did a month or so back shortly after GSO/buyouts kicked off). They are truly a catch all for strategies that don't fit into the other arms of Blackstone, such as infrastructure and real estate as mentioned earlier. They actually bought up some Chinese golf courses a few years back. The group seems really interesting and does traditional buyout PE as well (has been very active in insurance recently).

As mentioned earlier, Blackstone is unique in the sense that referrals are very important to get traction.