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I don't have direct experience with them, but I would expect it is a fast-moving, intense culture because the founders are ex-Ripplewood guys. Presumably they have had good results given how quickly their fund size has been growing.
Siris is a newer platform but has made a name for itself in tech PE. They focus on a few larger deals per year, rather than doing a bunch of smaller stuff, so they really invest a lot of time into developing their investment thesis / diligence process. Additionally, they leverage operating partners to help run their portfolio companies. The strategy they use for forming their investment theses is referred to as "bond and call" - essentially they look at businesses with one segment / business line that they see as stable / reliable that may provide decent returns and another that they see as high growth or high potential. They like to look at take-privates (as seen by web.com and synchronoss/intralinks). Culture-wise, I don't have direct, first-hand knowledge but overall it seemed like a nice place to work / collegial
Thanks everyone for the perspective
love their bond with call option strategy or however it was called. Make money on legacy product offering with upside form "next gen" shit
Their AUM grows quickly because (a) Frank is a tank and (b) there's a surplus of supply of Limited Partner dollars dedicated by mandate to MWBE firms (minority/women) relative to capable managers.
They perform well, so they're able to announce successively larger vehicles without anyone raising any eyebrows. They close those vehicles pretty quickly, thanks to cozy relationships with the top-tier consultants (Grosvenor, etc.) and gold-plated resumes for the three GPs that make all the public pension guys go "Thank God, someone we can finally write $100 into out of our MWBE pool."
It looks like fast AUM growth because they're able to run their fundraise processes at lightspeed. Save a year on a raise twice (get it done in 6 months instead of 18) and all of a sudden you're into Fund III while most people are in the first year or two of Fund II.
I haven't interacted with them on a deal, but my immediate impression was that they are sharp and polished. No idea what the juniors are like, only interacted with seniors.
Do you mind sharing the HH that covers them?
Bellcast
I have had a chance to a higher up in the firm and they seem to be very busy and constantly working. From the contact, I learned that they continue to fundraise because they have a robust pipeline and the associates / VPs work grueling hours (basically banking). Anectdotal evidence so take it with a grain of salt...
Highly concentrated strategy will work until it doesn’t. So far it’s worked. Link to Cliffwater write-up below.
http://data.treasury.ri.gov/dataset/b32b253f-b749-48f8-ac3d-6d3b66782b9…
wow that was very informative. noob question but are these writeups mandatory for LPs to write when investing in a fund? Are they a mandatory filing? Is there BAMSec equivalent where you can read these for other funds?
Anyone else have any insight? Less concerned with its mid-level work-life balance and more interested in senior leadership style, both pros or cons, and its long-term vision.
Interacted with a couple juniors there and they are all extremely bright - love what Siris is doing
would you share a bit more info on the conversation please
Spoke with an associate who left after one year because they were so miserable. Said the people were awful and a ton of turnover. Just one data point so take it how you will, but thought I'd offer it.
Bump
their returns are absymal, like single digit irr in the first two funds, and 3rd fund not much better. 4th fund too early i think if i remember correctly.
EDIT: Fund I was pre-Siris and was highly concentrated, so a bit of a different setup. Siris II was the first institutional fund. Fund IV is doing fine so far, nothing to write home about, but much better so far, and respectable enough. Of course, it's a 2019 vintage, so who knows how it'll actually end up.
How have they scaled their fund sizes so much if returns have been so bad?
Probably a combination of:
1) They raised 3 institutional funds within a 7 year period (2012, 2015, 2019), before it was obvious that they made mistakes
2) bull market for past 10 years, especially for PE fundraising
3) I've never met or spoken with them (and have no specific insight), but they probably are at a minimum good sales people given what they were able to raise with their results
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