Best European PE?
What are the best euro PE shops in terms of culture, comp, deal flow, etc
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EQT, Apax, Permira, CVC, Hg, Cinven
Might not be at the level of the above, but Nordic Capital also seems to be doing well
Permira not doing well at all at the moment
This has been mentioned a few times recently, can you or anyone else elaborate what’s going wrong? They just raised a 16B euro flagship fund and a 4B USD growth fund, both significantly larger than the previous ones
Edit: not sure what all the MS is about, it’s a genuine question, if people keep saying that a firm is on the way down but they raise bigger funds, there’s definitely something going on and I’m just curious what it is. People keep commenting that Permira is on the way down but the fund sizes don’t suggest that and no one has given a good explanation (top of the market deals at too high prices? Just invested in bad companies? Particular region / sector not doing well? No one seems to have an answer?)
Following on Permira
Following
They invested big equity tickets in tech companies at peak valuations and the sector has since massively de-rated.
It's easy to do your own research: go to their website, go to the portfolio page, and sort by latest. Some of the companies are publicly listed so you can do the math yourself on where they stand.
By your logic, any tech PE shop that has been mildly active in the past year would be going downhill. I work at a tech PE shop in the Bay so am familiar with the investments you’re talking about. Can you even name the multiples that these investments were bought at? They are not a Tiger Global throwing checks into companies at absurd multiples. If you’re talking about Zendesk, they bought it at $10bn vs. the $17bn that was initially offered. This was also done with H&F so guess by your logic they’re also going into the grounds. McAfee was done with Advent and and Crosspoint so let’s mark them as zeros too. You must think Thoma is the worst shop to join given how many take privates they’ve done in the past year. On fundraising a google search shows they hit $16bn on latest fund (last one was $13bn) in a tough fundraising market. Looking forward to your response. If you have more details that I’m not aware of, please do share
Since so many MS - will redact.
Please tell me you’re not actually in PE and the first thing you think of is to create a ranking. Why don’t you enlighten us why this pecking order is so “clear”?
HG has incredible returns and massive momentum - the large cap fund they are currently raising is up 1.3x on their first vintage ($5bn to $11bn).
Obviously they benefitted from riding the tech wave like many others, but as opposed to many they returned massive amounts of capital (forgot the figure for 2022 YTD but its public and had blended MOI of >5x).
This isn’t even close to a solid ordering, sure CVC/EQT are the top but Cinven is doing just okay, Permira is struggling (investments not panning out, talk is all over WSO), and Apax is doing well (see recent raise)
Gilde Equity Partners
Not a bad shop but certainly neither exceptionally good nor big
BCP - best in loosing money in everything they touch
https://www.penews.com/articles/rainmakers-waterland-may-be-the-best-pe…
Would put Advent in the same tier as CVC / EQT
They‘re from the US, not Europe
Technically US but effectively Europe if you look at the history
CVC is head and shoulders in front. Just look at the returns on their latest funds to start. They also run super lean on deal teams and as an organization on the whole. And the plays they're willing to make ie Formula One and Australian Rugby are arguably some of the most interesting. Would be my top choice easily.
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