Exit Opps in Denver
Looking to move to Denver for the lifestyle and lower cost of living (I know it's not cheap anymore but it's a shit ton better than NYC). Assuming I'm sector agnostic, what are my options? Thanks in advance!
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Lots of CorpDev, Denver is quickly becoming a tech, telecom, FIG and A&D center with F500 companies and startups.
Partners Group is the largest PE fund in Denver. There’s a number of other solid funds, but they’re all oriented towards or focused on certain industries (KSL, Mountaingate, Platte River, Grey Mountain)
+1 partners group is the only MF/UMM presence. Lot of Corp dev as well like Liberty Media. Other solid PE funds not listed are Revelstoke (healthcare services, very solid investors) and bow River capital. Brightstar capital has a satellite office, although I don’t think any associates sit there. KSL, as mentioned, are very well known in RE / lodging. I would imagine more funds open up satellites there over the next few years as the lifestyle shift and pay arbitrage is very attractive to a lot of people.
Im skeptical if Revelstoke will make it more than one more fund. I’ve been told returns have not been great and there’s been quite a few zeros, some of which aren’t fully realized yet.
Ares recently acquired a REPE firm there too, might be an option for OP too.
Partners pays relatively terrible though right for MF / UMM
There was a massive bump last year. It’s on par with NYC MM/UMM and in Denver… 250-300ASO1.
Ngl I had totally written off Partners Group as a viable option cus it’s a UMM/MF and I’m an MBA associate…but after doing a quick LinkedIn search I’m pleasantly surprised to see over half the people there are from non targets/non-elite backgrounds. Pretty shocked tbh…seems like a PE firm this size would have their pick of the litter in terms of talent, anyone have any idea why it doesn’t seem to be a particularly high barrier to entry? I know it’s not NYC but shit you’d think Denver would be a hot ticket destination no??
The direct buyout team has traditional / “elite” backgrounds for the most part. There are lots of folks that sit in Denver ranging from debt - FoF / secondaries and REPE which may be skewing your view as those groups are very non-target heavy (not in a bad way).
In general, PG is friendlier to non target schools, even in direct buyout, but recruit from the same pools of banks as other funds. They look for folks to stay around longer term and don’t support 2 and out + MBA like traditional MFs. Denver location plays into that, and you’ll see more folks with long term orientations vs traditional Ivy + BB IB + MBA types. It’s probably the most “unique” seat in large cap PE in the US from this regard.
Do you by chance know whether post mba associates follow the same recruiting cycle as analysts? All the analysts at my firm recruiting for MFs recruit two years out for the role, is it the same for post mba associates or separate process?
Are there direct buyout seats at all in Denver?
Denver is not cheap at all. My sister in law just moved there and was shocked at hosuing prices. Like 2x in 3 years.
Finance scene is small. Lots of corporates in the communications space. RBC has a good group there covering the space. Some buyside stuff you can count on one hand. Had some friends at platte river which seems like the best shop in town
What a good one bedroom be like in Denver?
I’ve got 1br in a house I’m renting for $1k a month + utilities. If I chose to live downtown, I’d be paying $2k+ but didn’t really feel like going for that if I had something half as expensive that was equally good/if not better. I’ll just take the light rail into work lol.
Janus Henderson on the long-only side.
Artisan also has L/S equity and credit there
KSL is the top fund in Denver. UMM (3bn find size and raising new fund currently) focusing on travel & leisure (corporate and REPE). Recruit on cycle from top banks in NY (and recently MBB). Pay the same or more as comparable NY funds.
Denver finance native. This is accurate. Why the ms?
Denver Nuggets would be a good spot to lateral to
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