在PE Portco或F500的中级Corp Dev运行Corp Dev？
Hey guys,
I'm a VP in growth equity currently in process for a couple different corp dev opportunities (in tech)
选项A：您在一家巨头上市公司的经典公司开发组织，将成为一个8-10人群的董事，该公司历史上都做得很好
Option B: Would be running the corp dev function for aPEportco. Report to CEO, but not really any full-time junior resources (probably can tap in FP&A, etc. when needed). The company is ~$500M TEV today and just recapped with a new sponsor who wants to be acquisitive
My inclination is that Option B is more appealing from a career perspective (given level of profile / responsibility) but my big concern would be the lack of mentorship. In theory you get guidance from thePEsponsor, but I know my career development isn't high on their priority list. You probably learn a lot from the CEO but that would be more general mentorship since they've never done the M&A job.
有人想到每个人的吸引力吗？这些似乎代表了Corp Dev作业的两个主要推力，向我的级别开放了某人，因此关于如何评估每个人的一般框架是有趣的。
评论 （18)
一直在考虑类似的东西，并倾向于选项B。我的2美分是根据个人经验。
在大型CAP Tech的导演Level Corp Dev的导演中提出了很多想法。我找到了他们一般来说成为产品组的网守和想法过滤器。非常执行执行，不是很参与战略。在产品覆盖范围方面也非常非常孤立，并且其机会主义的能力也有限。最近，Cold向其中一项云服务提出了一个想法，并且基本上失去了试图连接到涵盖该特定产品的正确导演。manbetx 2.0下载非常惊讶的是，至少我与之交谈的人没有互相交谈。当然，我只有投球MMand product tuck-in type ideas and not transformative or mega deals.
对我来说，小型团队充满活力PEPortco只是意味着对我的个人发展和更多成长机会拥有更多的控制权。我喜欢这种独立性，并希望在战略方面坐在桌子上的席位，尤其是在获得的赞助商时。寻找机会主义收购，在管理层，董事会和赞助商之间建立共识的房间确实对我有吸引力。我将其视为提高职业赛道并将我提升到一个新的水平的道路。
Great opportunities regardless, good problem to have. Congratulations and all the best.
In Corp Dev at a tech company and this comment is spot on. We truly are the gate keepers. You come to the corp dev team with a deal we speak to you about it and figure out who sees it/if they see it. We also have in house strategy but you would be shocked at the lack of communication there. Things we think are good fits are "not in the strategy" more often than not.
This part was a real shock. I mean I know large orgs can be siloed and unwieldy but you'd think at least in a sector like tech, there is some flexibility. Big driver of my hot take hypothesis, that organic innovation at mega cap tech is basically dying and is all about acquisitions.
感谢这个数据点！作为大型技术公司Dev Corp Dev的人，您会认为Pros v。在一家较小的商店里经营该节目？
OP - are both opportunities in HCOL cities (sf/nyc)? Wondering about the comp differential + equity packages between the two, which I imagine is probably an important input into your decision making process.
My two cents: If you like the independent, scrappy aspects of your current role, I think option B obviously makes more sense; whereas option A is more if you want climb the corporate ladder.
Somewhat related....but I run a large portco biz unit for a top CPG corpVCand I would advise you that my life as a director level employee (similar to B) vs. a comparably senior guy in our main organization are hugely different (option A). Going to a silo-ed environment sucks & I would turn down an promotion if it led me back to a role in our parent co.
仅仅让人们进入大型公共公司至1）冒险2）创新真的很棘手。一旦人们在40-50小时的座位上舒适地赚到200-300k，就不会发生任何可以提高风险状况的
长话短说，选择A可能会导致很多挫败感，试图完成狗屎并成为动态的贡献者。
If you're looking for continued mentorship and development regarding executing deals & M&A, remain in private capital investing. The opportunity exists in the large public company space, though you're looking for the unique situation where you'll learn from the exceptional CEO/CFO/C-Suite deal advocate. Portfolio company M&A lead will likely offer higher monetary trajectory + greater responsibility, ability to shape the company, develop reputation in market as a decision maker, among many other traits. Portfolio company route will almost certainly include limited bandwidth support from the organization or the sponsor (associate/VP say they will lean in, but they'll really just take shots at the diligence packs and say "have you thought about?...it would be nice to see...") and less perks that may come with being at a larger company (willingness to spend $ during early stages of diligence).
您是否觉得看起来像选项A的期权A和看起来像选项B的公司之间的外观相似？我的倾向是，在副总裁 /董事级别IBguys would get way more traction with option A type companies andPEguys would get more traction with option B type companies.
似乎您在这里对利弊有一些可靠的回应。作为另一个数据点，我有几个朋友离开了PEaround the senior associate level and went route B. The biggest complaint from a couple of them is the lack of support beneath you. Going "backwards" to spending time pulling financials out of tiny companies' shitty financial systems / quickbooks and laboring to just get data into a workable format after 5-6+ years of deal work can be frustrating. One friend went to a company where he has analysts below him (and one guy above him) and he seems pretty happy. I'd try to get concrete feedback on what resources you will / won't have supporting you. Unfortunately I don't have any option A data points so I can't compare and contrast.
This is good point and I would recommend to OP that if he's considering Option B he gets confirmation that he can leverage the sponsor's junior team for time-sucking tasks like converting financials into a workable model. Your time should be spent on more valuable tasks.
Had opportunities for both Options A and B when I left banking, took Option B and haven't looked back. As others mentioned, too many Corp Dev groups are 9-5 looking for reasons to say no to deals. Option B can be intense, but any acquisitive sponsor will give you a mandate to do deals. Build a reputation in the sponsor portco world, and you'll have a job for a long time.
"I don't know how to explain to you that you should care about other people."
These are just night and day different jobs. It all depends on what you're optimizing for.
Option A - first of all, depends a lot on how acquisitive the company is. At the right company, you can get a lot of valuable deal reps very quickly, but at a different company, you may end up being hamstrung. It's a good thing that the company has been acquisitive historically, but things can always change. And the respect Corp Dev gets varies a lot. At some companies, Corp Dev is just an execution team. At others, they're driving the strategy. So your mileage just varies a lot.
I would say in general, the better the company is at developing new products in-house, the less respect Corp Dev gets. For example, even though Facebook and Google are very acquisitive, the Corp Dev team isn't really driving a lot of the decisions, the product leaders do and the Corp Dev teams are there to execute. Still, you do get a lot of deal reps. Meanwhile at places like Adobe and Cisco that haven't been able to hire top tier tech talent for years, Corp Dev has a lot of internal power. Those teams in particular are great places to be. Not sure what things look like in other industries.
But in all cases, you'll inevitably deal with much more hierarchy and politics vs.PE. On the other hand, the scale of the impact for your largest deals will be orders of magnitude greater than what you work on at thePEPortco.
Option B - you'll have a lot more autonomy here and you'll feel like you're tangibly making more of an impact on the company. You will probably have a lot more financial upside, but on the other hand, there's also a lot more risk. A bad acquisition or two can absolutelywreck anLBO和猜测,他们的脚将举行。Whereas at a big F500 company, all but the very largest deals won't make a dent in the company's P&L. If a small acquihire or tuck-in goes sideways, nobody's going to give a shit. If a deal that is large enough to matter goes sideways, enough senior execs will have their signatures on it that it won't just be corp dev's fault, and the buck's definitely not going to stop at the director level unless it was clearly an execution issue that was overlooked.
您还将拥有一支更加精益的团队 - 您可能会负责许多合并后的集成工作，而F500 Co可能会为此提供单独的团队。
另外，一旦您选择B，您就会关闭在F500 Corp Dev团队工作的大门。随着时间的流逝，您也许可以跳到逐渐增加的PE支持的公司，但是如果您决定想担任F500的角色，则不太可能会看到。您的技能不会翻译，因为您必须跳过F500交易的过程/篮球量比PEdeal and you just won't have that type of experience. You will have more experience directly negotiating deals, sourcing etc. but F500 companies won't care about that since the senior folks are doing all that anyways. The deal experience is just so different.
另一方面，如果您选择A选项A，则有很多PE支持的公司在寻找Corp Dev帮助，以至于以后可以始终可行。
Anyways, both are good options. Think hard about what types of deals you want to do over the course of your career. For me, I would be drawn to getting the chance to work on deals that show up on the front page of the WSJ. I would have a hard time looking back on my life thinking yeah, I executed a bunch of roll-ups for widget companies that nobody ever heard of. But to each their own.
I lived through option B and think it's a better pick.
Portco is great to work in imo
你有多少经验？你的背景是什么？
Am wrapping up my first year as a VP at a mid-sized growth fund (think Level, Five Elms, Frontier); previously did 2.5 years as an Associate (skipped Senior Associate title) and 3 years of consulting
I can't speak with certainty, but I'd imagine if you think you're a rock star, the ability to get more responsibility as the portco grows, or even placed into better roles of the sponsor portcos down the line is much better than f500 long slog to moving up. It would be great to be on the sponsors bench at some point.
I think it just comes down to whether or not you believe you're ready to run the show and all of that entails - sourcing leads, closing deals, managing external and internal relationships, mentoring eventual junior members of your team - go with Option B. But if you think you're not quite ready - and there's no harm in that - then go with Option A to try and refine your weak points to get ready for the next Option B-type role.
However, I'll caveat all of this to say be careful putting people on pedestals. I can promise you most Corp Dev heads aren't excellent at every phase of the process either and they still do just fine.
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