I know this topic has been covered a few times, but the discussions are a bit dated at this point.
I'm contemplating an opportunity with an industrials-focused MM PE shop in a Tier 1 city that has had strong fund performance.
However, I am concerned about the firm's sector focus. Given the cyclicality of industrials, any thoughts on deal flow and the related associate experience if/when a recessionary environment or unfavorable macro circumstances set in? Do any of those possible negatives outweigh the positives of this opportunity? Are any of these questions valid concerns?