Audax Private Equity 2024?
Wondering if there are any updates on Audax. Sounds like a horrible culture for juniors, getting cranked. Wondering if this is still the case.
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Have friends there; can confirm that the place is an absolutely toxic culture with terrible WLB. On the bright side, they do promote internally if you can survive the toxicity and returns are above average. They raised an oversubscribed flagship fund of $~5Bn which is certainly on to larger side of the MM range, especially within Boston and slightly smaller than a more traditionally bigger Boston shop like THL. Also, beware if you are doing the internship or analyst program: return rates are not very high for the internship and the analyst laterals are all over the place but most end up pushed out of Audax eventually to go into an LMM or smaller MM firm in Boston,
Would only really go here as an analyst if you are fine with extremely long hours even for high finance, not a very collegial environment, want to be in Boston 100%, and are confident that you can get the promotions up the ranks within Audax from analyst to associate to senior associate etc.
The positives are obvious as well: growing fund sizes, very solid size fund especially for Boston, above-average returns, and opportunities for promotions.
Thanks for the details. How would you compare Audax to Charlesbank and Berkshire?
In my opinion, I’d go Berkshire > Audax > Charlesbank if you’re staying in Boston and picking among those three (excluding the other Boston GPs like Advent/Bain). Funds are smaller (though generally in the same ballpark) than Berkshire (~$8B) vs ($5.3B for Audax and $4.1B for Charlesbank) who just raised theirs in 2024.
Plus, culture is undeniably stronger there although performance might not be as strong compared to Audax
Worse than Berkshire in every way; culture, WLB, fund size, reputation, B School placement (if interested). Think Charlesbank is more debatable; Audax's fund size of ~$5 Bn is markedly larger than Charlesbank's ~$4 Bn but it's not like it puts them in a completely different tier, and Audax has a pretty notoriously terrible culture comparative. I think Charlesbank vs Audax is just gonna depend on how you value significantly better culture vs a slightly higher fund size, personally, I would choose Charlesbank, but aware that, given the demographics of this forum, Audax might be more popular.
Other similar names in the buyout MM space in Boston are: Parthenon (rapidly growing fund; recently raised $ 4.5 Bn) and THL (currently investing out of a $5.6 Bn fund and fundraising for a new fund at $ 6.25 Bn).
any ideas on comp for associates?
what is there sf office like?
Did the sf office already do 2026 SA recruiting?
Agree with this. Fantastic fund to be an LP in. Terrible place to work. The entire investment model is built off the back of grinding and churning through junior and mid levels, burning them out, and replacing them. It's a meat grinder.
Life is short. Better ways to enjoy it.
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Wow that fucking sucks. GGC and Audax r the two MMs that recruit and our school and dang the GGC people seem to have it nice. Nice team culture, strong internal promo, good returns, not really toxic… what a difference
Any insight on THL? Culture/Hours?
Bump. Any other input?
Friend was a summer intern… he’s a smart cookie and he literally told his team halfway through the summer that he didn’t even want an offer because of how horrible the culture was
He’s at another shop now lol
Sweat central but LPs like them
what does comp look like for analyst and associates
Have heard comp is roughly 300k for associates
thx. do you know if this is the associate position that analysts get promoted to after 1 year
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Does anyone know if the SF office already did 2026 SA Recruiting?
Yes they sent out results today
Curious to hear if and how the HIG lawsuit has affected Audax's outlook, especially with regards to long-term fundraising. Know that when the lawsuit first came out a lot people claimed that it would become a major headwind for Audax.
Also know many people on the forum have claimed that sector-agnostic MM/LMM buy-and-build shops will begin to phase out. Does Audax belong to this category?
Culture seems to be extremely competitive and intense based on stories and the rumor mill from friends and mentors. I have not been able to validate, but those who don't hit the desk ready to perform may even be pushed out within 6 months to a year. Crazy if true given my large cap fund and others I know will allow even our underperforming associates or those with no path to senior associate to stay around for the full 2 year commitment and make sure they land on their feet unless it's something truly egregious.
Don't see how it's worth it when you are working megafund hours and treated like an expendable resource without the equivalent brand name and pay.
Would take a lot of opportunities ahead of Audax, but at the end of the day, it is a well-known UMM fund that has established itself in the buy and build space with strong industry recognition and respect for how hard the juniors work even if it is at the cost of WLB.
Pay is similar to MFs these days. And promotion opportunities are much higher. That’s the trade off. Good luck making MD at KKR, they don’t want to promit anyone. Audax promotes 3-4 MDs per year right now and 6-8 VPs
Does anyone know how comp at the analyst level compares to a first year at a BB?
bump
Top EB comparable An1 total comp. It also increases mostly every year, as you become more senior
Any idea on #s / how they scale each year assuming successful promotion?
Went through the interview process for Audax (associate). First few rounds were fine, but then had a very weird conversation with one particular VP who, for lack of a better word, was total prick. Would hate to work with him. Would hate to have him pipe up in IC. It was also like he was actively trying to make Audax's culture sound as bad as possible (not that I asked him). It was 1-hour of red flag after red flag.
Damn I really enjoyed all my networking with Audax and was pretty sad when I got rejected, glad to know I dodged a bullet
What are the hours like? Weekend work every week?
Is this really your question after the whole thread
what is first year analyst comp
bump
bump
Its known to be one of the best UMM firms. They only recruit from Princeton, Harvard, MIT, and a handful of other elite schools. It is a very coveted jobs that opens many doors.
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Not true, they take a bunch of LAC kids as well. It's also not traditionally viewed as a UMM shop, more of an MM one that has now raised a $5Bn+ fund. They are a buy-and-build shop that is notoriously sweaty with really low return rates for interns, it's not a very coveted job... the vast majority of kids would pick any BB/EB over Audax due to overall reputation for toxic culture + the afforementioned low return rates (i.e. why go to Audax and risk a 50% return offer when you got to a BB and end up with more optionality and a 70-90% return rate, the math just doesn't make sense). Think I would even pick DB over Audax; more optionality, higher return rates, and not a guaranteed sweat and toxicity central.
Are return offer rates still this low as of recent? I know they sat around 50% in 21-22.
Two things: 1. Sounds like you got rejected from Audax 2. You work for DB and would have zero chance of exiting to any decent PE shop, let alone Audax
you are another kind of stupid
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