Advent vs H&F vs Carlyle vs EQT
How would you think about these different opportunities for a PE associate role? Would appreciate thoughts from those who have real insights into exits, fund performance, culture, etc
How would you think about these different opportunities for a PE associate role? Would appreciate thoughts from those who have real insights into exits, fund performance, culture, etc
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H$F / Advent > Carlyle > EQT
I'd probably flip Carlyle and EQT given the poor fundraising performance for Carlyle and with EQT raising a $24bn fund earlier this year (albeit its US/Europe combined)
Global fund vs US only isn’t apples to apples. If you combined all Carlyle’s funds the size is comparable. Obv all great offers but still feel those 3 are above EQT. Put them more in line with Permira and Apax
H&F > Advent > Carlyle = EQT
H&F if you want to work with spies
what's this mean?
You can run but not hide
H&F > Advent = EQT = Carlyle
But they are equal in that order is the general perception these days probably
Advent >= EQT (=if you're in LDN) > H&F > Carlyle
Don't go to H&F. Terrible promotion prospects.
Advent is your top pick in this group. Tied with EQT if you're in London. If culture is a major point for you, go EQT.
Carlyle is a mess at the moment. I'd stay away.
EQT London presence isn’t even that big. Don’t think they even have any PE ASO in London
People who are effectively Associates are called VP there. They also have the actual Associate title however - but it’s how it’s viewed internally / equivalent responsibility levels elsewhere. It’s a longer road to Partner with more layers. Comes directly from someone working there
This is quite wrong. H&F is the absolute top associate spot in London period and by a decent margin.
H&F >>>> Advent > Carlyle >>> EQT
I would caution about EQT in London. The pay is abysmal and it is quite the sweatshop. Carlyle is doing shit deals (if any) in Europe but the brand carries, the culture is quite good for MF, and the pay is decent. The Carlyle Europe Tech team is an awesome team too if you can get it.
Solving for promotion is dumb, all H&F associate get decent gigs afterwards and no promotion is guaranteed anywhere.
How abysmal is EQT london pay? Any concrete data points?
Carlyle is a dumpster fire in Europe
H&F is the best seat in London if your goal is looking for a seat with carry somewhere else.
In a sector where office politics are a massive factor, why would you waste time on a fund that will most likely spit you out? Do you think anyone at APO, BX, KKR, CD&R etc is impressed because you did ppt and xls H&F? Get a grip mate
Carlyle is always underrated in these threads as a place to *work* as opposed to judging the fund as a whole.
If you get an ASO role there, you're going to have tons of prestige that will get you a leg up in MBA admissions or lateral / midlevel recruiting, and it's not like you have carry that matters. You also will face very little, if any, "competition" in getting a return offer--it's yours to lose considering how tight their classes are.
If you get a VP offer there, of course the returns matter more, but you're going to be one of like...six people at your level in the whole office across verticals, regardless of NYC vs. DC? Yes, upward mobility is ass given the partners seemingly just stick on until they die and don't expand their ranks, but are you complaining about having tremendous job security for PE midlevel comp?
If you're in the DC office and being in that region matters to you, it's quite literally the only firm except *maybe* Arlington that has a platform like it in the area, which is a lot saner to raise a family in than New York or SF.
None of this is me arguing that it's the best option on the table--that's pretty clearly H&F--or that there aren't legitimate reasons for pause when thinking about their future, especially when you chart out their long-term fundraising trajectory. I don't care to issue an overweight rating on their stock and I'm not predicting their next flagship is going to be a 3x. But acting as if someone who picked Carlyle to work at either pre-MBA (especially) or post-MBA instead of volunteering to be Advent's 20th Boston midlevel under quite literally 10 partners / MDs (these are numbers straight off the website) is making an insane choice is classic WSO unhinged absolutism.
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