For those at PE back portcos, what happens when the sponsor sells the company? Does the corporate development team stay in tact?

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If they do a lot of M&A, I would expect the team to remain especially if being sold to another PE firm. It generates a lot of value for shareholders if done well.

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Depends heavily on the nature of the sale - if going to another sponsor, then likely to remain intact (unless the employees themselves choose to exit) given the significant value-creating nature of M&A to a PE. If going to a strategic, it would depend more on the level of focus on M&A going forwards as well as the combined team size - could be a synergy opportunity for the acquirer.

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(Assuming they're a good team with a strong track record...)

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