Bain vs Carlyle vs TPG vs Permira
How would you rank these opportunities for an associate role?
Can anyone speak to culture, deal reps, or group specific details of these firms?
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Probably TPG = Bain > Carlyle > Permira, though I wouldn’t say there is any meaningful drop off from TPG to Carlyle, with a slightly larger (but still small) drop off from Carlyle fo Permira
TPG > Carlyle / Bain > Permira
TPG > Bain > Carlyle / Permira
I view these all the same, probably the U.S. firms carry a bit more name weight gun to my head. And also Carlyle has a lot of issues but doesn’t really matter at the aso level. Personally I really like what Bain has going on based on friends there but I also hear it has gotten a little worse over the last 5y.
will get downvotes but think permira is way up there with TPG if you consider factors beyond name recognition
TPG > Permira > Bain > Carlyle
What makes Permira’s associate program more attractive than Carlyle and Bain? Genuinely curious
Only MF to do both buyout + growth investing out of PE team. Historical b-school track record has been shoddy, but has gotten significantly better recently with 10+ associates getting into H/S in the past 2 years, though not sure out of what total number. Types of deals are much more interesting given growth angle (see Zendesk, Squarespace, Dr. Martens, Adevinta)
TPG & Carlyle > Bain >> Permira
Legacy MFs are preferred over the others for a reason
Bain is more of a legacy firm than TPG is 😂 founded earlier and has had more of an impact shaping PE
Only right answer in this thread.
I do think this is somewhat outdated thinking. I mean, anyone in the know knows that it’s essentially the same kids going to all these firms.
Can't go wrong with an offer at any of these. It's still MF PE at the end of the day.
TPG > Permira > Carlyle / Bain
Permira has really made a resurgence in recent years. Carlyle / Bain likely have more brand recognition than a Permira if you plan to leave finance later on.
Former MF PE aso here (was at one of the legacy funds not listed here). Really there is no clear cut option. Think it depends on what you’re optimizing for. The experience is largely the same at all these places and anyone who tells you differently is lying to you.
Maximizing HF placement? TPG or Bain. Old school prestige? TPG or Carlyle. MBA placement? Carlyle or Bain. Growthy investing style? Permira or Bain. Maximizing odds of not ending yourself during your ASO years? Don’t pick TPG. Want to be in NYC? Don’t pick Bain or TPG. Want to do A&D in DC? Carlyle. Want to do HC? TPG.
There is no way you have 3 or more offers because of the way the off-cycle process works so this whole discussion is all LARPing anyways.
Want HC and to gain 80 pounds? TPG.
……………
TPG > Carlyle > Permira > Bain
On a serious note, how come people are praising TPG as much as they have on this forum? The fund has had 40% acceptance rate into top MBA programs in the past 3 years, and is the least focused on corporate private equity out of all the funds (the key pieces of differentiation for TPG has been Rise / Climate...not corporate PE with the exception of healthcare...just listen to their earnings report). Also their culture is terrible from what I've heard and several associates I know there quit before their 2 year stint..
Not to mention their $12B PE fund is the smallest out of all the MF's by a meaningful margin, and their PE fund size has gone down steadily in the past 10 years. TPG Healthcare is pretty indisputably the top healthcare group on the street (see the raised a $3-4B side vehicle dedicated to healthcare), but the other teams really don't have the same kind of cache. I get BX / KKR / APO corporate private equity teams being on top, but frankly TPG is not on the same level as them...
Is there something I'm missing? I guess they have the largest associate program, so possible getting comments from people going there / currently there...
you can't exclude HC from the fund size. i realize it's a different vehicle but it should be added for an apples to apples comparison in which case it's of a similar size to others listed here
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