Just wondering what people think are up and coming funds/funds that will perform well as the cycle changes. In particular which MM funds are likely to grow into UMM
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HIG
Relax bud I know you have an internship there and wanna hype it up but it’s ok
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I was in Miami the other week and I ran into someone who worked there but idk much about em. R they a meme or r they acc a decent shop
No horse in this race but saw they closed a $5.5bn fund this year which is more than a lot of the other funds you tend to see on this list and have already raised $3bn for another in-progress fund. Would love to hear any color on how they pulled it off or if there are other factors to be considered.
Patient Square and Baypine both raised pretty large first-time vehicles last year
Baypine is a rocketship
Seriously is Baypine even in business? They have just three investments, one from 2020 and two from 2021. Raised a massive fund in 2022 but zero investments in 2022 and 2023. I don’t know what to make of it.
Greenbriar
Big recent fundraise combined with a good amount of home runs in their last fund, think this take is on the money
I would agree with Patient Square and Baypine. I would also add Arcline who recently raised a $4.5B Fund III. Then on the growthier side you could make an argument for Brighton Park Capital, who raised $1.8B for Fund II last year.
Second Brighton Park, the firm was also started by an MD from GA. A few other mentions but AKKR doubled their buyout fund to $4.4b in 2023, and Sentinel and Arsenal capital both doubled their fund sizes in 2022 to ~$4.4bn and 4.3b. Alpine also raised a $4.5b fund recently but given their investment strategy which focuses on small lmm companies not sure how much more scale they can reach or if they even want to grow any larger.
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Genstar
One Rock
Maybe clearlake
Not new but holy sh*t, veritas absolutely kills it
+1 on One Rock
Surprised that One Rock doesn't get more mentions on here. Been growing fast and in market now for $3.25bn.
Clealake should not be on this list. They had a really strong run until COVID, but now they have many portcos that are going to be zeros.
Cove Hill
Agreed on CoveHill
There’s another discussion on Cove Hill that was not so good and resonates with my experience with them
Gemspring Capital - has doubled fund size 3 times already and returns are crazy
If you are defining UMM as a $5 billion fund, then Altas is a firm that comes to mind that could be over that amount in their next fund (raised a $4 billion fund this past summer). The reason why I single them out is they run concentrated portfolios so they are already doing some deals that are larger than a typical fund of their size. A lot of MM strategies don’t translate to UMM, so I would spend a lot of time understanding how a firm creates value and come up with a view on whether or not their approach can scale to UMM. Most MM firms will stay MM.
Thoughts on Stellex? Saw they're raising a $2.6B fund but don't hear a ton about them on this site.
How about Arsenal? They raised a $4.3bn flagship and a $1.1bn inaugural growth fund in 2022. Not sure how far they’re from raising the next flagship, but given this one doubled from the previous one, they should probably jump above the umm mark if that’s defined at $5bn. They seem to be pretty good at their specialties.
How is STG doing? Heard mix things regarding recent returns but they definitely punch well above their weight in terms of some of the large deals they've done. Would imagine a great learning experience at the associate level but how's the future looking like?
They’ve historically been value buyers in the tech space. So I imagine they have been impacted like most tech portfolios, but likely to a lesser extent. Past returns have been strong and the team is sharp. Have heard it’s an absolute sweatshop for what it’s worth.
not a sweatshop
Considering Trellix / McAfee Enteprises is their biggest investment and its trading distressed, it’s going to be tough sledding for a while.
How about THL? Any insights
Sweaty
What about searchlight capital?
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