SPAC
Thinking about looking for opportunities in the SPAC world, but haven’t been coming up short. Are junior level roles just very hard to come by?
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But have been coming up short**
BUMP. Very interested and any help would be appreciated
What do you mean SPAC opportunities? If you mean associate type of roles you'll either need to look to a PE firm which has its own SPACs (ie. Apollo with Spartan) or be connected to a management team which is searching for targets. It's inherently difficult to be a junior and work for a SPAC I'd think given they're just in search mode and when they combine with their target, they operate as a normal public company rather than an investment vehicle. Most of the SPAC value-add IMO comes from the sponsor / management team expertise so outside of being staffed on a SPAC deal at a sponsor firm, not sure where you'd fit in. If you elaborate on the role you're looking for I'd be happy to elaborate to the extent I can
Thanks @TheBuellerBanker, this is very helpful.
Agreed that it's inherently difficult to work for a SPAC (have struggled with looking for roles). The role I'm looking for is just more on the analytical side (helping with due diligence, evaluating targets, etc; very similar to the work that is done in LMM / MM PE).
Looks like you have a lot of knowledge in this space, would be great to pick your brain on exit opps (in the event something works out and end up at a SPAC). What are the traditional exit paths? For example, if someone who has worked 4 years in investment banking + 2 years in PE + 2 years at a SPAC, would it be possible to go back into PE?
Not really sure you know what a SPAC is? These are not standalone firms that hire; these are blank check companies associated with investment firms. They would not typically hire people for their SPACs. They just use their own investment teams. So if you want to work on SPACs, you need to join a sponsor that raises SPACs. For example, Altimeter would not hire anyone to help run their SPAC (besides the independent board members); Brad simply uses the manpower he already has available at Altimeter.
Also almost 60% of SPACs fail to engage in M&A three years after IPO
Based on the growth rate of SPACs, finding a buy side role in growth PE or buyout PE should be sufficient. There are so many SPACs in the works!
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