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I would choose Veritas if I want to do PE in the long-term
Is this for 2023 summer start? Thought CVC is not going yet
All very solid funds and will set you up for a great PE career. Given team sizes / maturity, I’d imagine all are default 2/3 and out unless you are exceptional or go to bschool. Pick wherever you liked the location / people most and enjoyed the industry focus (Veritas in particular plays in a fairly niche space). Ideally that is what will catalyze the most professional development and learning opportunities for you. You’re in a great spot!
I think CVC is not default two year and out, they do a lot of internal promotes and don't require B-school. Agree with the other 2.
Have you considered Arrowroot in LA. Great pay, comp!!!!
Great firms. Can't speak to CVC as I've had no interaction both in recruitment or in my day job. Location would probably be my first biggest factor of consideration. Hours at TPG capital and Veritas are comparable. Only can speak to TPG comp as I didn't get a Veritas offer but Vertias has been doing really well with some of their recent investments (thinking AthenaHealth and Cotiviti) so I'm sure they pay in line with MF or close. Given their recent performance I would bet they'll be able to raise a massive fund next time around so there will be sufficient capital when you start. From what I understand both funds are 2 years and out so not sure if the claim that Veritas is for career PE holds up. One small benefit of TPG I've noticed is they place ridiculously well at HBS and GSB. Every year those schools come to their office directly to recruit. Something to consider if MBA is a move you want to make.
One broader consideration is to not over consider "returns"; in a two-year program, you really only probably will be able to be a part of one investment and really the only people who stay at a fund long enough to "see" returns from start to finish are Partner / MD / some principals. Now, if one fund has absolute horrid returns than of course that's a consideration, but that 100% isn't the case for these 3 names.
- Veritas sweaty sweaty and old fashioned culture; direct promote extremely difficult; great returns
- TPG: iconic but location....Great if you like SF, horrid if you aren't. Personally, I couldn't imagine working PE hours and hating the city you live in / not having friends.
- CVC: another iconic fund. Would honestly 100% go with CVC unless the offer is in an industry group you hate.
^ ALL 3 have a lot of clout, would really really not judge your decision purely based off that..
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As someone who has worked extensively on multiple sell-sides with most these names, here are my thoughts:
1) TPG: super broad given there are so many industry groups / strategies within TPG. Almost too broad to give any thoughts beyond the fact that it's in SF. If you're from SF, I'd go with TPG. If you're not, then I personally 100% would not choose TPG.
2) Veritas: solid returns but this doesn't really mean much at the junior level. All 3 funds will provide equally strong learning experiences. Veritas was very sweaty from our interacts, associates seemed miserable but that's just my experience.
3) CVC: solid HC, don't know about other groups but all around an iconic name...
NOT taking into account location, I'd go TPG > CVC > Veritas.
TAKING into account location, pretty strongly feel CVC > Veritas > TPG
Agreed but honestly (even without location) would at least say CVC = TPG. TPG has been struggling recently while CVC is on a huge rise / uptick.
Also think CVC has better culture / not strict 2 year and out
Disagree with this. CVC is still predominantly based in Europe with a growing presence in US. TPG has a good brand name and reputation in the space hence why they were able to go public and continue raising bigger funds.
Look at CVCs latest fund - it's is 24bn usd. Tpg is 14bn usd.
CVC is also going public later this year....
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Currently work at one of these firms / have close friends at the other two. Would order as TPG >= Veritas >> CVC.
The main issue with CVC is that it is largely based in Europe, both from a headcount and capital deployment perspective. This means that the US offices will often serve as satellite offices that play second-fiddle to European HQ. Additionally, CVC is notorious for having MASSIVE memos; have good knowledge that all outputs are shown in both USD and EUR. They’re a great fund in Europe, but simply not as strong in the US as the other European funds like Permira or Apax.
On TPG vs. Veritas, would say TPG if you are location agnostic given brand name if you were to go to B School / recruit for hedge fund. Don’t think there will be meaningful difference if looking to stay in PE. Also, like other posters have mentioned, need to think about industry interests given vertical within TPG vs. Veritas’ mix of Healthcare, Education, and Gov services.
On comp: unsure on CVC, but TPG: ~$325k, Veritas: ~$350k (both firsthand accounts)
…..
The way a CFB recruit should consider Wisconsin among Alabama, Clemson and USC or something.
You sure about Veritas $350k comp?
Buddy just signed an offer on-cycle - base $130/ bonus $150.
Certain. Offer letter has historically been materially lower than actual comp.
There are so many factual errors in this post that it’s hilarious. Blind leading the blind. “All outputs in euro and dollar” would be one of the most retarded rules ever. Several other conceptual errors too
How would you compare GTCR healthcare/TMT with those names?
At a MF and friend is at Veritas and seems to be getting crushed for the past year
CVC
Oof I remember the good old days not so long ago when TPG paid $250k for 1st year associates
…
How would Permira compare to these?
Solid fund but well below all three of these.
Thx prospect
1) CVC or TPG (depending on group) but can’t go wrong
2) Veritas
3) Permira
For me personally based on many reasons would pick 1) CVC 2) Permira 3) TPG 4) Veritas
That’s the only accurate ranking lol. Everyone else works at Veritas clearly
Prob biased because I worked at TPG, but TPG is the last on this list. CVC=Permira=>Veritas > TPG. You just wont get any dollars of carry as a VP if the you dont hit your hurdle rate (which is the case with TPG...so all we did was raise climate and ESG funds). Consumer team falling apart right now (you can literally see the attrition on Linkedin lol)
Am currently at a comp to Veritas right now. Definitely jealous of how much my friends who are principals made in carry, but also dont envy their WLB at all.... Permira was falling apart like 15 years ago but now does front page WSJ deals (Zendesk, McAfee) and now performs extremely well, insane turnaround. One of the few MFs right now that has successful fundraising in this environment. But are known to be sweaty. CVC well known brand in Europe and building out presence in NYC, sweaty too. Good performance. Good culture at all except Veritas, and some teams at TPG.
Can confirm this is accurate. TPG has seen so many departures in consumer, internet \ media etc
they are more focused on alternate platforms like climate
What about healthcare / tech?
What caused the attrition?
I hear a lot of contradictory info on Veritas. Do they pay above or below street?
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