Lots of other threads on firms like THL and STG. Is GI Partners in the same spot as a JAMMBO or are they well-positioned?
They focus on software and healthcare which is similar to WCAS. Which one is better positioned?
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WCAS is doing great: they were cited as one of the well-performing firms in that THL update post from a FoF, they are specalists in HC and Tech. GI is generalist, not the same style at all. They haven't raised since 2021, but also haven't been raising for a new fund seemingly publically so unsure if that's just them taking it slow or struggling. I think the issue with STG, if I read the thread correctly, is that they have had 2 stinkers of funds in a row (only 1 for THL), but they only invest in software so the opposite of a JAMMBO. The issue with THL seems to be a perceiving of a JAMMBO and being "dumb money" with a terrible last flagship fund + automation fund.
WCAS not doing that great with their latest fund mark (~3-4 years now)
https://www.calpers.ca.gov/investments/about-investment-office/investme…
GI is the very definitiona of a JAMMBO, they invest in a lot of different sectors if you take a look into their portfolio (they have vertical software to life scienes to HVAC to HC services, and all in their PE fund for example). WCAS is pure play HC and Tech, they are really well-known for HC, and seemingly have specalization in the space.
Being a JAMMBO doesn’t imply weak returns, but GI is clearly diversified across sectors in a way WCAS isn’t. Neither platform is known primarily as a software investor, though both have do software deals. Outside of that, I’m not familiar enough with the other names to give the same level of detail I provided for STG. On STG, the point was simply that AI exposure + recent performance keeps them out of the great MM/UMM software investors tier in my view, not that the experience or team quality is lacking (check out the STG thread and prioritzing on-cycle threads for my full view on this).
How is performance for GI and their future outlook?
Haven't really kept up with them and don't really interact with them Not sure how they diffrentiate themsleves, but there are also JAMMBO's who have good returns. I personally wanted to do specalized investing, so struck them out once I learned they were a JAMMBO when I was recruiting. Will let others opine here.
GI's HC and SW teams both did deals recently, but not sure what's going on with their Services. Heard WCAS HC is a sweatshop but they're active. Probably both fall under JAMMBO still, but GI is building out their life sciences practice so could mean good momentum if that's an area of interest. Not as familiar with THL recently
Anyone who had first rounds there that heard back? It seems to be an off-cycle process so not sure how long the expected response timing is.
Has anyone recently entered a process with GI?
are they done? believe they have been interviewing
Interviewed with them before, but dropped out of the process. My impression was that it's the ultimate middle of the road MM/UMM fund. Don't think they are particularly sharp or are at least not super technical, but people seem nice. They haven't raised a flagship fund in 5 years now and a lot of their tech investments are terrible even relative to other heavily-indexed to tech funds. Not sure that's going to help them raising their next fund after 5 years of not raising one.
Friend worked there 2-3 years ago and said the senior folks / overall investment strategy was pretty mediocre. Someone correct me if I'm wrong but its been 5 years since their last fund (2021 VI) and don't think theres much news for fund VII but if I was a betting man fund VII size will be flat or down unless of course the PE environmentmiraculous improves greatly in the next 18 months
Fund has some exposure to software which has not done well but believe this has been the case for all tech-exposed funds. Will be challenging for them to raise again in this environment
I think bigger issue is that their software investments were already bad / performing badly before the whole Claudecode and private credit implosion, it's even worse now and the fund was already struggling fundraising; think they are amongst biggest losers in this software sell-off at least in the short-term.
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