Hi,
I have an opportunity to join a fund in London that is an activist (not so hostile) investor in UK and European small to mid-cap companies, and in most cases takes them private. The role is an analyst and I have around 5 years of experience in the HF industry and a total of 10 years of work experience. Here are further details:
- It's not actually a fund just yet - it's been around only a few years and whenever they see an opportunity, they invest a bit of the partners' capital and get the rest of the capital (the bigger chunk) from a megafund
- They invest in one company a year because between not having a committed fund and not finding that many activist opportunities, it can be tricky to do more
- The two partners come from a sell-side background (M&A and wealth mgmt, 20+ years of experience each), and have told me that they have sufficient relationships to call capital on a deal by deal basis for opportunities that emerge
- They are a team of 4 (2 partners, 1 analyst, 1 COO)
- They are situated in shared offices in Mayfair
Can you help me think through the pros and cons of this opportunity? The comp will naturally not be a big pro here, so I'd like to hear your perspective on what kind of "optionality" this job can provide down the line? Is it to narrow a scope to spend the next 3-5 years of my career there, or is it the right thing to do to go ahead and specialize from now in an area like that? I do like activist investing I must say and am not a big fan of passive HF investing.
Any thoughts appreciated please.
Thanks!
I've worked for an activist fund focussed on European small caps; I'd be happy to share my view/experience. Feel free to PM me!
Hi I am really interested in a career in an activist fund. Could you describe shortly what your typical week is with the activist fund? What should a specific skillset someone had to be successful? Feel free to PM me!
whats the return?
not sure why the MS especially because this is the most relevant question for you to ask.
I know - and i guess other people out of london, too - who you are talking about and why my question is relevant... anyways good luck
My question would be: why are they not a fund? Is there something about their process that cannot scale, or is it a strategy where they are unable to manage portfolio risk?
One investment a year doesn't really give you great diversification or downside protection. I've come across a few shops that have a similar approach (raise capital on a deal-by-deal basis), and one reason to do this is to avoid high water marks because they do very risky deals.
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