looking to move to boston and am curious what people think are the best funds there? i could imagine bain capital, charlesbank, advent, etc are all here but want to get peoples opinions
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Maybe Abrams too. Depends I would think on what your investment goals are and what you want to invest in I would think
Large Cap: Advent, Bain
Growth / Buyout (larger growth players that will compete in buyout processes): TA, Summit
UMM: Berkshire, TH Lee
MM: Audax, Charlesbank, Abry, Cove Hill, Parthenon
Growth: Great Hill, Spectrum Equity, Silversmith
Most of these funds are solid - it depends on what you are looking for.
This list is great, very accurate. Would add:
VC/Growth: General Catalyst, Battery and maybe Openview
And would add Providence Growth to the growth list above (they are based in Fenway now I believe)
Open view shut down lol, def not them.
Would add guidepost
Thoughts on Parthenon?
do cove hill advertise sa openings?
Of the large cap / umm, who would you most recommend? Interested in buyout investing generally
Any take on the consumer teams at Bain, Advent, Berkshire, or TA?
I would go TA or Advent over Bain/Berkshire. I think they are doing more interesting/modern deals vs traditional consumer&retail at Bain/Berkshire. Also look at Summit and Great Hill for consumer in Boston. Good track records in e-commerce
Thank you, appreciate the response!
Would add Volition Capital as well in the GE space
Eh they play a different game than the growth guys mentioned (smaller check sizes, smaller companies, smaller fund, etc.). They're more in-line with Openview and maybe Elephant VC not mentioned previously. Definitely would not put them in the same group as Silversmith, Great Hill, Spectrum, PSG. Not a value judgment at all (I think Volition is great), it's just they don't really compete for the same deals (maybe at the lower end of what some of those growth funds do) and as a job seeker, you wouldn't expect same team size, same comp, etc. as those other growth funds.
Thoughts on Elephant VC?
HIG. Sweaty.
A lot of strong funds in Boston. TA, Summit, PSG and Parthenon in particular have had great recent funds
Berkshire and Bain have struggled a bit (Bain for a while), but both are great places to work for your resume/training
I feel like if Bain had been struggling they wouldn't have just closed that huge fund oversubscribed...
Look at all the high profile bankruptcies they’ve had. Their fund IX and X were bad (check calstrs). Looks like fund XI is strong but fund XII is fourth quartile according to pitch book. Obviously they are still good investors and have had strong demand but it took them well over a year to raise the most recent fund.
Bain as a whole isn’t struggling. Their funds surrounding the GFC were down, just like the majority of other MFs during that time. Things have bounced back since then.
The focus has shifted a bit from the flagship PE fund to other groups like Credit and Special Sits which are doing very well. So flagship PE fund sizes haven’t increased as much as some other MFs, but overall AUM has continued to grow quite quickly. Approaching 200 BN, and keep in mind that Bain is privately owned, so they keep all the profits, not half like the public firms. Most consider Bain the best alternative asset manager in Boston (for all types of investment firms, Wellington might come out on top), but there are other great ones in the city too as mentioned above.
Source: I used to work there.
BayPine
del
Anyone have any insight into their team / culture / returns / overall assessment? Sounds like an interesting firm
Ares Infrastructure has sizable presence in Boston
Can speak to Audax, TA, and TH Lee - think really highly of both Audax is definitely a heavier workload but comes with the territory.
TA comp is top of street from AS1; Audax gives carry as an AS3 so if you want to find a place to stay seems like good shop
Not a huge fan of TH Lee kinda just hanging around based on name brand nothing really big going on 86ed consumer a while ago. Big drop off in fund size compared to peak.
Haven't they (TH Lee) kind of rebuilt? They went from $2.6bn in 2016, $3.6bn in 2019, to $5.6bn in 2022.
Still obviously lower than their 2006 vintage of $8.1bn but that was another time with the namesake still involved as well. Its not like its consistently smaller and smaller funds.
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