Any info on Incline Equity?
I know their industry focus and that their returns are stellar, but can anybody comment on things like culture, differences between the Pitt/NY office, etc.?
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Hi Associate 3 in PE - LBOs, don't worry, the WSO Monkey Bot is here.... I'm hoping one of these links will help find your answer:
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Sweaty. Dont let their website fool you. High churn, low pay. Good experience for couple years because its a volume shop that’s produced good returns.
Jack glove has no soul
2nd that
Pitt office has an extremely sweaty rep (lol). NYC is better but I believe is only the Elevate fund, which is more LMM than the main fund -- may not be a bad thing as returns have apparently been insane.
Yikes, as a former employee (albeit nearly 10 years ago), I know a fair amount about Incline Equity. I can honestly say that I really enjoyed my time there and that the primary reason I left was because I wanted to get my MBA and live in Europe. The actual experience was fantastic.
Incline is the only firm I have ever seen that actually embraces the concept of ‘work hard, play hard.’ Most firms who say this only do the work hard part and then they leave it to you to play hard on your own. Incline has an incredible culture that combines fun/goofy/nerdy with a very competitive mentality. The company does all sorts of group events such as go-karting, flag football, running races together, etc. where the focus is having fun. They are also the only PE firm I’ve ever seen that produces as annual Christmas movie that is loved by LPs/Bankers/Lenders etc. Follow their LinkedIn and you’ll get an idea about why they are different.
Incline is a great place to go for someone who is looking to build their resume. The investment philosophy there is growth oriented. They buy really good companies and have no problem paying a full price. This means that you aren’t spending endless months chasing deals only to find out that your bid was 2-3 turns lower than the clearing price. If Incline has conviction in an asset, they’ll compete aggressively for it (within reason). You are pretty much guaranteed to get plenty of closed transactions if you work there.
The strategy has worked really well since Incline spun out of PNC Bank in 2011. Returns have been stellar — I was able to buy my condo thanks to earlier than expected carry payouts due to great fund performance. They’ve grown from a single c.$300M fund which held its final close in 2013 to now having 3-different fund lines (Flagship, Elevate, and Ascent) and multiple billions under management. They’ve also been building out the team alongside the growth. It has been really impressive.
Someone made a comment about Jack Glover having no soul. I actually worked directly with him on nearly all my transactions when I was an employee and we still keep in touch. He is one of my favorite people to have worked with in my career. What’s great about working with Jack is that he is able to make decisions based on imperfect data, he moves quickly, he doesn’t sweat immaterial things that have no impact on the investment, and he is actually pretty generous.
I have heard that the experience has become more intense since my time there — but if you’re looking for a top notch PE firm that will enable you to actually get closed-deal experience, Incline is a good choice. It doesn’t hurt that the cost of living in Pittsburgh is laughably low and that they have some pretty modern office space. Goldman apparently thought Incline was a good bet — last year Goldman bought a stake in Incline: https://inclineequity.com/incline-announces-strategic-partnership-with-…
Thanks compbanker. Your comments as usual are quite insightful, however, I must say your perspective on the firm is dated. Im sure it was a great place to work back in the day, but culture has changed drastically.
I won’t disclose much to avoid revealing myself, but I know from very close experience that some of the comments mentioned above are true.
They’ve had a very hard time attracting/retaining talent, hiring multiple HH firms (Amity, Oxbridge and some no name firms) to find talent to move and stay in Pitt.  Even the HH are up front and inform you of the “fast pace” (ie intense, high churn).
They comp below market, work you like a dog, and are culturally/racially very homogenous (more than the usual white shoe PE firm).
Their holiday videos and friendly website layout are not representative of their culture.
I will say though, their deal flow and returns are solid however. Make what you will with this info.
I’m the first person to admit my bias — I have some incredibly fond memories of working with Incline.
You make very fair points but I actually think they are largely aligned with mine. I don’t disagree that the culture has become increasingly intense since I worked there and that you will work long hours. My point is that you will be rewarded for this hard work in the form of actually doing deals and having a good name on your resume.
As for the difficulty in attracting / retaining talent, this is heavily influenced by the Pittsburgh location. I have spoken to more than a few VP / Principal level people about joining Incline and while they have unanimously been interested, the Pittsburgh location is almost always the dealbreaker…. but at the same time it can be a really good option for someone who is comfortable with Pittsburgh.
So in summary, not for everyone, but definitely for some people.
Incredible color/commentary, this is why you’re a legend here bro. Hopefully you don’t mind, but would love to PM you with specifics around my situation here.
Do I have a choice? Just kidding. I assume you aren't the guy who has already been PMing me about Incline? Either way, go ahead. Although in general I prefer to answer generic questions on public forum threads so that everybody can benefit from the information and for people that want really in-depth, bespoke coaching they should go through my website in my signature block. But for one off stuff, yeah, shoot me a PM and I'll respond.
bump. any updates here? looks like they have been hiring alot. any word on if that has changed hours/culture?
Invest in a few sketchy companies. Wont get specific but can think of a few portcos with CEOs with repeat and multiple felonies. Also know some very catty ladies there.
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