I've heard people talk about the sourcing model PE firms like Summit Partners and I've generally heard them say (on WSO, mind you), "you spend a shit load of time sourcing deals, but you execute any deal you source which is pretty awesome"
What exactly do they mean by "execute any deal you successfully source"? Aren't associates at non-sourcing PE firms executing too? Maybe even more-so because a portion of their waking hours aren't spent cold calling? Why is the fact that you execute deals you source viewed as some sort of silver lining?
Anyone care to explain.
it's a silver lining bc it gives the opportunity to actually develop useful skill set, rather than just being a professional nuisance.
Yes, associates at other firms are executing "more-so." Not all the time, there is retarded initial diligence on low-priority deals, to be sure, but most associates are actual deal-team members and they DO execute. The reason a TA/Summit cold-caller gets his d*** hard about executing is because he's sourcing all day while other associates aren't. The change inherent in the idea of executing, or doing what he probably feels he should have been doing all along, is the light at the end of the tunnel.
But yeah, it's the regular day job of most associates. But a rarity and a joy to sourcing associates. It's depressing just saying that.
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