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Been able to raise money mainly because of their family office backing. Very fratty culture, trying to “diversify” their team. Extreme sharp elbows and toxic culture has fueled large turnover. I think of them as HIG Growth fund. The unattractive step sister of a larger fund where all the left overs go to. Wouldn’t work there.

 
Most Helpful
  • Returns for the flagship are at least decent
  • In my mind, cover a bit of a tweener segment of tech investing -- assets that aren't as sexy as ones Silversmith, etc. will chase, but are a shade better than something a Marlin would do. Very valuation sensitive, but more willing to compromise on things like business model (e.g. will do tech-enabled services)
  • They have been expanding strategies to cover different segments of the market with Basecamp, etc. Haven't heard great things about the new entities
  • Office is 100% bullpen (no offices)
  • The founder Gene has a large (and polarizing) personality with outsized influence over the firm -- feels a bit more like "his" show than a group of equals. Not a totally uncommon dynamic for younger firms, but I'd pay attention to how you feel about him in particular when evaluating the firm
 

Any insight into the Principal hiring process? Heard spot might be opening up.

 

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