Bain Cap tech ops & Apax Digital vs TA/Insight etc
To those in growth or familiar with the space, I'm wondering how you think about the relative prestige and exit opps out of places like Bain Cap Tech ops and Apax Digital (super high pedigree people and brand names but newer growth funds) vs the traditional TA/Insight/TCV etc (traditional tier 1 growth places). Any and all opinions welcome. Thank you!
Personally I see both Bain Cap and Apax Digital as tier 1 growth places..obviously not in terms of track record as I believe Bain is a brand new fund and Apax raised their current fund ~4 years ago, but in terms of brand name and "prestige", both of these places are up there. Check out their team pages online and you'll see they have the same caliber people as TA/Insight etc
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Hm I mean just looking at team pages, it's hard not to see the Bain cap/apax types as tier 1. looks like same pedigree of people as TA insight etc. I know spots at those firms are coveted and pretty damn hard to get.
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Any insights on the reputation of Bain Cap Tech in 2023 ?
There new fund is 2 Bn USD so I guess they must be doing right ?
Also, how do they compare to a GA/TCV/TA etc ? Does Bain Cap Tech mostly invests in Serie C, D scale-ups or in mid-market software buyout?
Thx!
Still on the greener side but really, really good looking at the moment. First fund is in great shape with some real winners (Mixpanel, HST Pathways/Casetabs, etc) but they’re very disciplined about valuation so they haven’t been as caught up in the recent rout. Led by two brilliant guys at the top (one ex-H&F software partner, one ex-Bain Cap PE tech partner).
Broad mandate encompasses everything you described from Series C (Biocatch) to mature software buyout (AthenaHealth, which they did along with PE)
Bain Cap Tech Opps targets lower middle market companies (these are typically not startups) and deliberately avoids high-growth, "flashy" startups from Silicon Valley (meaning most of their portfolio isn't backed by top VCs like you'd see at a top fund like TCV). Not sure on returns, but given they invest in some more niche and boring spaces, I'm guessing the tech valuation collapse hasn't hurt them that badly.
The earlier stage/flashier stuff might be a more natural fit for BCV
Huge fan of the tech opps strategy, super interesting/unique portfolio
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