Delete
Dhcuhehxhxhdujsnxndjwiwiisieieieeidujcjcjejjejeww8djjdjdjdjdjdjjdjdjxjxjdjxjjdjxjdjdjjdjdjdjdjjdjdjdjdjd
Dhcuhehxhxhdujsnxndjwiwiisieieieeidujcjcjejjejeww8djjdjdjdjdjdjjdjdjxjxjdjxjjdjxjdjdjjdjdjdjdjjdjdjdjdjd
+41 | Boomerang from PE back to IB? | 6 | 3d | |
+40 | Trading PE Secondaries? | 27 | 3d | |
+35 | Best Tech PE Deals Ever? | 29 | 1d | |
+31 | Joining an exciting new Software Rollup over PE/ Growth Equity? | 24 | 1d | |
+20 | F500 Corp Dev (Manager), Or PE Portco Corp Dev (Mid-Level) | 5 | 13h | |
+20 | Autism in PE | 4 | 3d | |
+20 | Advice Needed: Starting Career at Smaller PE Firm | 6 | 2d | |
+19 | Funds with the best culture | 21 | 3s | |
+19 | PE BD/IR | 7 | 4d | |
+18 | PE offer — Post reference check waiting too long | 6 | 1d |
Career Resources
Can’t think of anyone exactly with this scope but there are secondary funds and fund of funds with similar strategies.
Also, there is likely to be debt in place at the portfolio company level when buying secondaries.
Dhcuhehxhxhdujsnxndjwiwiisieieieeidujcjcjejjejeww8djjdjdjdjdjdjjdjdjxjxjdjxjjdjxjdjdjjdjdjdjdjjdjdjdjdjd
Yes, definitely interesting strategy.
If the majority of what they do is secondaries (whether GP led or LP led) and minority growth investing then all of this more of an LP / FOF feel to it because there is a GP there that is in the driver seat. Likewise when they are lending to a company.
I think of special sits as more debt for control, workout situations in a PE context. So very active / hands on driving value so I wouldn’t think that label works.
Is this Beach Point?
Dhcuhehxhxhdujsnxndjwiwiisieieieeidujcjcjejjejeww8djjdjdjdjdjdjjdjdjxjxjdjxjjdjxjdjdjjdjdjdjdjjdjdjdjdjd
Can you pm? Sounds like sixth street
Definitely cool from a breadth of opportunities you get to look at, but I wonder how they can remain competitive across all these niches over time? Investing, as it grows more competitive, tends to specialize you on 1 to 2 (maybe 3) areas that you have to know cold to be competitive (whether that’s the m&a process, an industry eg enterprise software, or an ecosystem like early stage VC in the Bay Area) - you find your lane and stay ahead of the competition by getting really good at it. My challenge with broad, do-everything mandates is that you end up being a participant in everything but a master of none. Just my thoughts based on what I’ve seen having worked in generalist PE, vertical focused PE, and founding my own co.
How big are they and how long is the track record? IRR can be misleading for newish secondary funds
Dhcuhehxhxhdujsnxndjwiwiisieieieeidujcjcjejjejeww8djjdjdjdjdjdjjdjdjxjxjdjxjjdjxjdjdjjdjdjdjdjjdjdjdjdjd
In the hedge fund world I think Baupost and it’s Cubs have truly do anything mandates. Third Point may as well (not sure if there are limitations on certain exposures), and surely some others. It’s quite rare though. Most funds have equity/debt limitations, and/or geographic constraints.
I'd agree. Most multi-strategy funds can pretty much do anything, especially if you're including the illiquid sleeves. Farallon, Citadel, Tudor, etc. will invest across asset classes, geographies, etc. Some are doing privates, some aren't. There are a multitude of funds out there that have less restrictive mandates.
That said, I think what op is describing is different. AUM here is smaller and the individual investment professionals appear to have the ability to be a generalist/invest across a range of transactions. At any of the Baupost/Baupost cubs/other multistrats, teams are often segregated by asset class/liquidity/geography (public debt/private debt in Europe, Asian public equities etc.). If your goal is really to do anything, working at a family office is probably the one place where you can truly, in select cases, have a completely unconstrained mandate. For the fund discussed, I would be surprised if the LPs there weren't all family offices. It's highly unlikely institutional LPs would back that strategy for the reasons that kuf135 cited... most institutional LPs want their managers to do one thing and to do it well.
Dhcuhehxhxhdujsnxndjwiwiisieieieeidujcjcjejjejeww8djjdjdjdjdjdjjdjdjxjxjdjxjjdjxjdjdjjdjdjdjdjjdjdjdjdjd
Nemo possimus nihil officia et qui eos. Excepturi fugiat doloribus aut incidunt minus. Officiis quia cumque eum omnis incidunt explicabo. Amet quae nostrum architecto. Eligendi sint voluptas aut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...