Abry Partners
Does anyone have any insight on Abry Partners? Reputation, returns, culture, compensation, hours, etc.
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Rigid culture but they're really good to those who fit in. Fair amount of politics like at any established shop, but folks at the junior level are generally close with each other. Great from a performance standpoint.
Comp: Associate - $230k, Sr. Associate - $280k, VP - $450k, Principal - $750k. Not sure on carry -- pay is 50/50 split base and bonus but they are one of the few shops that do 100% base salary after the VP level.
Thank you, this is helpful. Do you mind elaborating on what you mean by rigid culture?
you mind if I PM you on this?
Associate comp is 200k less than top IB ASO1 pay... crazy
ASO1s at a GS/EB getting paid the same as UMM VPs these days wow - not including carry at least
Sure, just old school -- expectations of face time (more for subordinating associates), a hierarchy which equates to status, etc. -- fairly controlling/at the mercy of partner (especially on a deal), but definitely not as bad as it could be. Would say it's 75th percentile in that regard, but if you get to VP, it drops off (but politics tend to kick in at that point).
Very insightful, thank you! Are those comp numbers recent? Just seems low. Mind if I PM you?
Please feel free to PM -- comp numbers are 2 years old, so probably +10% at each level is my guess
What’re your thoughts on the culture? I’ve heard the senior guys are pretty toxic towards junior level associates but have no proof of it, just heard from someone and so wanted to check if anyone would’ve any insights.
Their fund returns have been garbage for the last 15 years
I’d give them a consideration. Yeah I’ve also heard rumors about recent performance issues as others have said, but it’s a still a brand name that’s done some interesting things. Also offers direct promote if that’s something important to you. Get a feel for the culture and see if it’s a fit and then find some very tactful (use EQ…) way to get them to talk about recent performance. Then make an informed decision.
Performance has turned around - that period of weak performance was due to a couple bad investments that have been more than outweighed by some great outcomes on others.
Also heard that comp is a higher now due to some recent pay increases. Around ~$275K for first year associate and ~$450K for first year VP (+carry at all levels, even first year associate). Also get access to levered co-invest.
However, heard some pretty negative things about the culture - hierarchical and political (as someone also mentioned above).
Would second (or third?) the last part... known for being hierarchical and political. Somewhat territorial, not exactly a "supportive" environment.
Insight on hours at aso level?
Bump
Didn't Abry blow up? They've had a ton of people leave recently and I heard they couldn't raise a new fund.
think it's in-process but generally yes
Def top of the market when it comes to comp. Strong team, highly intellectual people with great wlb.
Echo the top of market comp - was surprised to hear VPs were earning ~$600K at a Boston shop. They were one of the few (if not the only) shops commanding a premium 3% management fee / 30% carry. Certainly a ton of turnover recently though. Crazy how quickly things can change in this industry.
Heard they're in wind-down. Can't raise a new fund and so will just deploy their remaining dry powder and gradually exit all their portcos.
Can you give a rough description of your source? Seems like for a firm to totally wind down it needs 2-3 consecutive bottom quartile funds AND a succession issue… is that true for Abry? (Didn’t think so but curious if your source knows something)
From what I know, only the firm's flagship has struggled, the other strategies are doing just fine. Like many other funds these days, flagship had trouble fundraising and they needed to lay off a significant number of folks to right size the team. Last I heard they weren't shutting down but were definitely retrenching. Unfortunate because some really talented people who had bright careers are since looking for a job.
Can confirm that they were not able to raise their latest flagship fund and effectively shut it down. They are now considering a bridge fund until they can figure their stuff out, but not sure how many LPs will bite. Numerous folks are now gone, including the CIO (who left on his own given the fundraising concerns).
I haven't personally looked at Abry's funds but I just went on Preqin to look at their performance. It's ok, it's fine, nothing to write home about. They had a long streak of 1st and 2nd quartile funds and obviously parlayed that into fundraising success that then dragged on returns. I am seeing a lot of 3rd quartile funds and very few 4th quartile funds, and those are more recent funds where it's too early to evaluate performance.
But......Abry had a reputation. Premium fees - 3% management fees and 30% carry and a generally arrogant attitude towards LPs. If the rumors that the firm is having to wind down or re-trench is actually true, this is the ideal case study in never being a d*ck to your clients, no matter how much you think you don't need them. I think if the firm had market standard fees and treated their LPs well, the story here would have been much different. Otherwise, as an LP, yeah sure, you'd grit your teeth and invest with them in good markets but one strike, and you are out. With other firms, you'd give them a lore more rope.
How’s culture / hours at assoc level?
lol if they are truly winding down / had tons of layoffs, it is highly likely culture is not good - morale is low, everyone good running for the exit, anyone remaining trying to shore up the remaining portfolio and not doing any deals because no money. Hours are probably not that great with smaller team, but offset is that you’re not going to be chasing new deals lol
Hours were always difficult at the associate level even before the recent developments. Abry is very hierarchical and associates are grinded hard. The flip side is that you get a ton of reps early, climb the learning curve quickly (and there is an extensive training program / heavy emphasis on developing best practices as a junior), and receive above market comp, but the WLB is extremely challenging.
Culturally, the associates / senior associates seem to get along together, but at the VP+ level it is quite political. Not atypical for a large firm.
Anyone have color on their Credit team?
Toxic toxic toxic —Run away
Does anyone know how the overall culture is especially towards their associates? I am sure I sound like not skin in the game but are the VPs etc pretty toxic towards their associates and or how patient they’re towards junior associates
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