D1, Altimeter, Dragoneer, Addition (privates)
Current MF PE analyst looking to move to venture/growth and want to understand how people in the industry would rank the quality of these seats (all on the privates side). Considering mostly comp, career progression/investor turnover, level of responsibility, and culture. SF vs. NYC doesn't matter much to me.
I understand that all of these are incredible places and ranking is probably not the best way to think about it, but I want to know anyways. Thanks so much in advance.
Bump
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Doing tricks on it over here
by no means am I doubting the comp figures you provided, but are you sure of this? Analysts being paid $1 million before hitting 30 and Dragoneer guys making over $10 million PER year in their thirties seems outrageously high, no? Again, not doubting, but what sources do you have to confirm this?
You hit the nail on the head, there's not much of a point in ranking these because in terms of PrEsTiGe and comp/dealflow quality they're all pretty similar. For personal preferences that are in no way objective (don't consider this a ranking of competency/one being better than the other) I'd say:
Does Altimeter split the team between publics and privates? I see profiles on LinkedIn that have Vc backgrounds so are they working on publics too?
Altimer and D1 split by publics and privates. Dragoneer has 3 teams: private only, public only, and hybrid (mainly covers consumer + internet). Addition is all privates, though I could be wrong. Basically every fund is silod unless you are on Dragoneer’s hybrid team alongside Greenoaks, though working there publics exposure is minimal since privates is their bread and butter.
Would rank opposite of the above
Addition - Lee fixei is a legend
D1/Dragoneer are great firms and D1 most institutional of them for better or worse
Can you expand on Addition? I see they’ve followed Tiger’s strategy of quick deployment and little concentration. Wondering how well they’re doing and whether that’s the best place to learn.
A word of caution... might want to read up on how Tiger Privates have been performing. Their strategy was great during ZIRP but it blew back on them with a vengeance. The counterpoint is of course Lee had a number of big winners and had left before Tiger's truly insane speed of deployment strategy took hold in the early 2020s, but not even most pies Addition stuck their fingers into during that same period came out smelling very fresh either.
Addition has quick deployment? Dog, if you only knew.
If D1 is on this list, and is arguably a Tiger Grand Cub, we're missing a ton of names... Viking, all the spinouts of Blue Ridge, Lone Pine... we're just hitting on the techy growth ones LinkedIn posting at this point
D1 is slightly different than Lone Pine in that Lone Pine, to my knowledge, only does publics whereas D1 has built up a significant privates arm (80% of AUM is in privates per Dan’s podcast). Also Blue Ridge shut down a bit ago so probably why it’s not in the discussion
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Addition has had extremely bad returns (think SD IRRs) across most of their funds. They have tough precedent by raising and overdeploying across 2020-2021... I think there are firm fundraising and longetivity concerns.
Thoughts on whether they’ll recover or whether it’s no longer a top seat in venture?
What about XN?
Don't know those returns. Going to Addition carries much higher career risk than any of the other options listed. I wouldn't be suprised if LPs put them in penalty box until earlier funds show more sign of life.
XN is a graveyard..
How so? Just on privates or overall?
ICONIQ is more venture than growth or crossover
How about Tiger? Obviously took a big hit but still one of the biggest names out there
I’ll pull out my dragoneer and show you a D1
Will you get looks from all these shops at a MF PE?
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