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Okay maybe get a sip of this coffee today?
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Leaving citi for GS. Question, what are some perks working for Goldman Sachs? I know the hours are long. But I also know they’re paying me a lot more and they’re a more premier firm than Citi. What are some actual great things of working for GS? Just trying to see all of the positives rather than all the negatives people love to always share.
Agreed and especially as exits via IPOs become less common due uncertainty in the public markets, continuation vehicles should be an interesting play for GPs
Can’t speak on GP Stakes as a career, but I personally don’t think it’s a great strategy long term. Free money, but bad alignment with the underlying GP and their investors.
Secondaries is a great & growing market. It’s only grown and become more and more adopted. Definitely a niche thing to get into (less so than GP Stakes), but by no means limiting for your career. It’s good transactional & underwriting experience and will be around as long as PE continues to exist and LPs need to rebalance their portfolios.
GP stakes is definitely pretty saturated. IMHO most of the good deals have been done and this is why Dyal has begun pursuing other strategies (debt based funds, NBA, etc.)
A lot of misinformed opinions here. Market is in its very early days and is growing incredibly fast as sponsors (especially in the middle market) see the value of selling stakes. Funds are mostly structured as perpetual capital vehicles and while there are many ways to exit investments (continuation funds will be a big one) that’s not necessarily needed. Alignment is fundamental to the strategy as the firms literally sit side by side economically with underlying GPs. Returns are higher and more consistent than secondaries or fund of funds.