Generalist MFPE tech (KKR / BX) vs >$10B pure play tech (FP / HG)
If you know you want to focus on tech/software PE long term, how would you think about tech arms of generalist MFPE (BX / KKR) vs. $10-$15B pure play UMM (FP / HG)?
FP/HG are obviously much more specialized and well regarded specifically within software/tech. They also have pretty significant scale today (~$10–15B+ flagship funds) while seemingly still offering reasonable long-term promotion visibility.
KKR/BX obviously have significantly stronger overall brand recognition and broader exit optionality. But unlike a generalist MF like H&F or Advent, where software/tech is still a major part of the franchise, I don’t necessarily think of KKR/BX as places you’d specifically target because you want to do tech and specialize in tech.
So if you’re fairly certain you want to remain in tech PE, does it make more sense to optimize for the specialist platform, or would you still take KKR/BX for the broader franchise/brand? How would you think about this for long-term promotion vs. exits, especially given that current fund size/growth at any individual platform can obviously change over a career?
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