2023 up and coming funds
Title title title title, preparing for on cycle and just thinking about what I can look out for. Like many others, would love to get that entrepreneurial feel (yes, I know the downsides too)
Title title title title, preparing for on cycle and just thinking about what I can look out for. Like many others, would love to get that entrepreneurial feel (yes, I know the downsides too)
+213 | I should have been a marketing girly (a rant) | 78 | 14h | |
+60 | Starting own PE fund as a student | 19 | 1d | |
+42 | Is HBS / Wharton MBA / Stanford GSB worth it? | 16 | 1h | |
+37 | The Morality of PE | 8 | 5h | |
+33 | Sourced company -- now what? | 21 | 14h | |
+33 | Prep On Cycle or Travel | 36 | 2d | |
+30 | Late sending case study | 7 | 4d | |
+28 | Burnt Out 2nd Year Analyst Dreading Move to PE | 1 | 1d | |
+26 | Leaving PE Firm | 9 | 1m | |
+25 | Me bitching... A Rant. | 3 | 6d |
Career Resources
Bumpity bump
I mean everyone will have their own definition of "up and coming" but the Golden Gate spinouts are crushing it: Arcline (industrials), Percheron (consumer), and a newer one, Lone View (tech). Don't think I've ever seen Radial Equity mentioned on here but good name to keep on your radar. Incline is a strong MM name. One Rock is growing like crazy and keeps doubling fund size. Clarion is a true LMM player but their returns are great. MiddleGround is growing and has great returns.
Just curious - how do you know they are crushing it given they are new funds and have no meaningful exits yet? Thinking Lone View, etc.
In order to raise a new fund that's 1.5-2x larger without significant realizations you need to show some serious value creation in the current portfolio. Some of those I named have portcos that have grown EBITDA 4-5x already. Should at least be good/stable places to be and learn as a junior professional since if it all blows up eventually, you won't be the one losing out on carry.
Any further detail on Incline? For recruiting / exit ops does it matter what fund (flagship, elevate, ascend) you go to?
What is best way to identify these funds? If you end up at one is there any reason to jump ship unless performance deteriorates?
IMO the easiest way is just to keep a close eye on the industry news and see what new funds are spinning out of established MF/UMM players. If one or more people are coming from brand names and raising a sizable first time fund, odds are they're serious people. Could be lots of upside getting in early as a junior and yes, you'll get reps and can jump if things go south.
Thanks that makes a bunch of sense. Appreciate the response!
Small firm called Blackstone is doing well
They have been around for a while as a FoF, but would add partners group. Very, very fast growth in US direct buyout with 15b fund last year and made a bunch of interesting investments this year despite deal environment
They’ve bought loads of stuff at way too high valuations. Portfolio will struggle big time
The direct portfolio has had 20-25% irr for the past decade. They sold off most of their assets they “overpaid” for in 2021, and what they bought last year came in cheap. Lot of capital yet to be deployed in fund IV
Second this, know they have a couple of donuts they overpaid for
What‘s their associate and VP comp / carry nowadays? Heard it got bumped significantly.
Would say comp is now in line with top mm funds (~275-300as1), a little below market for MF standards, but denver location balances that out. carry kicks in at senior associate level.
Whatever chance people get to hype up Partners Group lol
I’m keeping my eye on distressed and deep value oriented shops. They tend to thrive in this market
Any names coming to mind now?
Following
Bump
Explicabo asperiores eum et. Esse explicabo minima ipsa culpa non vero rerum. Voluptas ullam officiis consequuntur.
Molestiae nostrum quo enim accusamus accusantium laudantium. Eum sit quia distinctio ullam. Facilis voluptas iste assumenda repudiandae dolores labore. Doloremque accusantium provident aut at magnam omnis autem.
Qui officia qui ab odit sit nemo distinctio cum. Tempora maiores quo assumenda nemo. Distinctio eligendi doloribus iste enim voluptatibus quis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Rerum eum libero molestiae aut ratione necessitatibus dolor. Occaecati hic voluptates modi aut ut. Quae ad quis illo esse. Laudantium quo sit numquam dolorem voluptas distinctio exercitationem ducimus. Autem quibusdam labore fugit nihil.
Iure omnis quis velit mollitia aut. Hic eum cum quaerat molestiae possimus. Iste quia non distinctio aliquid numquam. Ut aut dolor facilis nesciunt sunt deserunt. Quisquam est totam qui tempore et nam quia. Est voluptatum aut maxime quia. Quod minima dolores sed perferendis et.