Francisco Partners 2022 Reputation

Can't fully speak to in-industry reputation much as I'm still in banking, but have worked across from them and thought they were really sharp and casual/down-to-earth, for what it's worth. I'm in a tech group / pretty focused on tech PE so have done quite a bit of research on most of these names, below might be helpful: 

– #2 best-performing PE fund globally for net returns over the past 10 years according to independent HEC Paris-Dow Jones ranking: https://www.businesswire.com/news/home/20220124005394/en/Accel-KKR-Tops…

Makes sense considering funds III and IV were both ~4x: https://sers.pa.gov/pdf/Investments/Investment%20Materials/2022-03-04-F…;

– Ranked #20 for most capital raised in the last five years by PEI 300 at $32Bn, just behind CD&R ($34Bn) and TPG ($33Bn) and ahead of Apollo, Ares, Permira, Advent, TA, Cinven, Veritas... clearly LPs think they're a top firm, at least: https://www.privateequityinternational.com/pei-300-2022-ranking/

Interested to see how they'll do with all this new capital because they have most frequently gone after UMM assets historically, so they'll probably have to write bigger checks and adapt their playbook (which doesn't always go well). Also when comparing to the (obviously) top firms ahead and behind them in the PEI ranking, keep in mind they are more or less pure tech, while TPG/CD&R type characters have a much broader mandate 

– Just raised a huge $13.5Bn flagship fund ($17Bn total) and have $23Bn of dry powder according to the press release... considering their prior flagship was $7.5Bn, that says to me they were smart and underdeployed capital during the peak of software valuations and now can scoop up high-quality down-rated assets on the cheap. Strikes me as a really smart/disciplined investment approach that will prob boost this vintage— seems like they're thoughtful and not just blasting cash out the door to raise again and play the asset aggregation game: https://www.franciscopartners.com/news/francisco-partners-announces-com…

Also pretty interesting what they're doing with their newish credit fund (though a strategy they're not as experienced in) after hiring a ton of former GSO folks  

– Just browsing LinkedIn, it seems like every god damn associate that didn't take a direct promote to VP or go to Viking/another top hedge fund goes to Stanford... probably helps that the CEO was Chair of the GSB Management Board / on Board of Trustees and is still on the GSB Advisory Board: https://www.franciscopartners.com/team/dipanjan-dj-deb

To get back to your question, everything I've seen points to FP being the same caliber of investors as the names you listed, but a bit more disciplined/value-oriented than Thoma for example (who must be down-marking the shit out of assets they bought the past few years right about now...) and more open to plays that are tech-enabled rather than just software/SaaS, with a mandate now broadening to more structured equity and credit. Obviously a bit smaller in absolute size and less widely known outside of PE/IB, but still a highly successful, well-respected fund whose associates go on to top jobs/MBA programs if they don't want to stay. Been around for 20ish years, and think that because some of their first funds in the early 2000s did just okay relative to TB/SL/Vista they didn't explode AUM as rapidly, but after figuring their playbook out and posting killer returns for 10+ years are catching up

In short, I'd sign the shit out of an offer from Francisco (or any of the other firms you listed...), and its name on your resume will carry you anywhere you want to go in the investing world if you put in the work