Does anyone know anything about CVC's New York office? Apparently they've been around for a couple of years and consist of about 10 guys. They focus on a couple of different sectors.
I was wondering if anyone knows about the office's culture and whether or not it's a sweatshop (I heard some of CVC's European offices were sweatshops). Thanks in advance.
do you have an interview?
Can't comment on hours, but culture seems very casual.
seamlessftw, what's been your interaction with them that makes you say their culture is very casual?
Worked with them on a deal. They had a very laid-back style at all levels. Not unprofessional, but also not as prim as one might expect from a megafund, and particularly from a European firm.
Bigger in Europe. Dig the US+Europe angle on deals. Have done much more in Europe than in the UK. I think it's def more than 10 people in US.
Reputable shop but nothing to write home about. I heard they had one or more associates leave early, which is always cause for concern.
For what its worth, CVC is arguably the top upper mid/large cap fund in Europe. It has been very active in the past couple of years (highest deal value/volume in European PE).
Also worth noting that CVC looks like it will raise up to $14B for its Europe/North America fund on the back of very strong performance of its 2008 fund of the same size. Contrast this with KKR who struggled to $6bn for their NA fund.
What KKR fund for North America struggled to raise $6bn? NAXI was $9bn and Americas XII was ~$14bn.
I'd agree with the statement that its top tier in Europe. Not so in the US, just because they have just now begun to try to establish a meaningful presence here.
I think the fund raising figures are a bit misleading. Correct me if I'm wrong, but I haven't seen CVC's current fundraise status. It's great to target a $14bn fund and quite another thing to actually close it. Their 2008 vintage fund had okay performance at best. It returned 9%. Compared to other top tier funds, Apollo returned 23%, Advent 15%, TPG 6% and KKR -2%.
The KKR fund has a $10bn target. They raised $6bn so far, but were also simultaneously raising an Asian fund of $4bn (the largest ever). So I'd expect KKR to hit the 8-10bn mark on their new North American fund.
Another distinction is the fact that CVC's fund is a global fund, whereas KKR's is North America only. If you look at their funds on a global basis, they will easily be over $14bn.
Long story short, some of that fund raising info is misleading ad the statement on strong returns not all that accurate.
Coming back to CVC, it's a great place to work in Europe given their reputation/brand. But OP is asking about NY, their NY office is a bit of a science experiment to some degree. Has a fair amount of Europeans. They try to differentiate themselves through a transatlantic edge. Smart guys overall. If you're interviewing there my main concern would be deal flow. They've made some Investments in the US thus far, I'd want to know how those are going because if they're getting shit on, their European daddy is less likely to keep peeling off equity dollars for them to squander in the new world. I'd also be focused on deal flow and culture/work environment. European culture in the workplace is quite a bit more formal and stuffy.
Many thanks. Marcus, was the associate who left early in the NY office or working in Europe? It sounds like even though the NY office is fairly small and growing, associates are still expected to do their two years at the firm and then move on.
It was in NY... rumor has it at least. Could mean anything though. Alot of people get into PE not realizing what it is. They get to a fund and realize its not all that different from the banking lifestyle, work and yes, even comp.
Top shop, with very good carried interest. A director (35y old) made 9m in Amsterdam....
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