Madison Dearborn vs. GTCR
Obviously two of the top names in Chicago private equity - anyone have any insight into how they compare in terms of culture, hours, pay, prestige etc.? Was discussing Chicago PE with someone recently and realized I had very little insight into either of these firms.
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Heard from someone who interviewed at MDP that it's pretty formal like old money if you know what I mean. Suits every day, I believe. Wasn't for him and he went with a slightly smaller, less formal Chicago PE.
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Any info on GTCR? See they raised a raised a recent fund in 2017.
Anyone complete a GTCR case study?
I had interacted with both in a transaction and know someone currently working and another soon to join GTCR. For context, my interaction happened during a sellside of a company in a sector in which both firms had a portfolio company.
MDP - definitely very formal. During the mgmt pres of my deal, the associate came in in a full suit and tie, also wore a watch and was ready with a laptop right away. On the appearance, I’d describe him as “impeccable” slightly giving off an American Psycho type vibe. He said nothing and was typing every single thing that was being said. At one point, the CFO of their portfolio company made a comment about how great the associate was, but not like in a personal way, but more like a “he’s a machine” type of a way. Only a partner and he showed up from MDP side (in addition to the exec team from portfolio co), so I imagine teams are lean.
GTCR - I interacted with their TMT team. No tie. No laptops out. Even the associate was given opportunities to ask questions (the vp or partner would ask a question and the follow up to see if anyone else from the team had a question, sometimes specifically referring to the associate). Conversation was a bit lighter and they frankly sucked up to the sellside more so (in a more personable/positive way).
So anecdotally, I think GTCR culture is a bit less formal and personal than MDP. I’ve heard repeatedly that both firms work hard and long hours. My contacts at/going to GTCR have noted that culture/hours varies by the team (i forget which vertical, but there is one at gtcr that’s a complete sweatshop. Oh btw, you do get verticalized).
In terms of rep and pay, I think they are on par with each other. Pay should be aligned with other NYC supper MM firms. Investing styles, though in my opinion, are slightly different. GTCR seemed more interested in tech aspects, whereas MDP was straight up business/ops/$$. I’ve come across GTCR in a more tech-y situations, whereas MDP has come up as potential buyers in a more traditional/turnaround situations. So, that leads me to believe that despite the fact that they may invest in the same sector, their approaches diverge. This may be because MDP has deep roots in industrials, whereas the TMT team I interact with at GTCR have focused on TMT.
Thank you for your input, here's a nana!
Any thoughts on BDT?
Heard MDP is pretty sweaty via a friend at a different firm in CHI. I feel like your experience gives off a similar vibe.
How is MDP doing these days?
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GTCR > MDP. Returns, coolness of ppl, perception on the Street.
Bump.
Both firms here are for NYC rejects. Think that kid from Notre Dame or Indiana who thinks he is big time and comes to NYC. Gets low mid bucket or mid bucket and straight up murdered by all the ivy / Wharton / stern type kids who just are smarter, harder working and overall more plugged into the game. So you pitch yourself as wanting to go closer to home and go to mdp or GTCR and basically get on a path to no where. Do two years, three if GTCR and struggle to get into a Top mba without a return offer. You then jump to corporate or lmm until you fizzle out at vp or principal. They are not real investors either in that they don’t make great investments and both firms are simply run By B players. The gsb vandy cat who runs GTCR is a proper salesman if you’ve ever seen one. No real substance, both these firms just pick up money by being ‘Chicago Mm pe firms’ and most lps are dumb so it works.
lol what did I just read
I'm sorry they rejected you...
Wait is this a joke?
Hey intern, quit trolling on WSO and go back to aligning logos on that ppt.
Acceptance rate at HBS for MDP associates has historically been almost 100% but nice try
It’s definitely not close to 100% but it is pretty high at ~50%. Plenty of MDP associates end up at Wharton and Kellogg (not that those are bad schools). Anecdotally I think b-school placement out of GTCR has been more consistent in recent years.
Hahaha lmao even tho obviously a troll (god I hope), still caught me so off guard.
I can’t find it but someone wrote about it recently. The tl;dr is that GTCR is verticalized and MDP is generalist; MDP is tough all around hours wise but GTCR depending on group will either totally fuck you or be your standard PE experience. MDP had a hiccup around the recession in fund VI and GTCR did well then, but if you look at current LP reporting, MDP is currently at a higher IRR for latest fund than GTCR is for their latest fund (think it was like 7-10% higher). GTCR probably has more momentum but recent fund is eh; MDP seems back on track. This was paraphrasing the other post I saw. Both have good business school placement. There are of course differences but it’s kind of splitting hairs - both top Chicago shops. Thanks for coming to my ted talk.
Have heard the same about the hours at both firms.
I think it’s a little more consistently grindy at MDP while GTCR has groups that are chill and groups that are sweatshops. On the balance probably not a significant consideration.
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