How would you evaluate joining onto middle-market vehicles that are significantly smaller than flagship funds with good reputations compared to higher AUM, but more "mid" performance-wise, "pure" MM funds? For example, would you rather take a $1bn Genstar Mid-Cap offer (this doesn't exist, but take the hypothetical) or an AEA (non-Growth) offer?
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higher aum mm imo
I would take Genstar in your hypothetical but I'm also biased because of the Genstar brand, I know AEA is also a top name so I don't think it'd make a huge difference. Thoma's MM fund has been doing decent enough from what I hear vs Vista's has been more lackluster in recent vintages. Tough to gauge them though vs their pure MM competition, but I would say the large cap branding is generally a nice perk when comparing which shouldn't be taken lightly. Would just take a good look through their companies as that's generally pretty telling of the types of assets they're buying if you follow the spaces they play in.
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