They're managing anywhere from $15-19B and they have 57 investment professionals/75 total employees.
You're telling me they're generating upwards of $300MM annually on fees alone and dividing it among less than 100 people? Doesn't that work out to millions for each employee annually? Those partners must be rolling in it.
Dominik has to be a multi-billionaire.
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Out of all the firms you choose Golden Gate to be shocked by their AUM to employee ratio? Its pretty good, but there are much leaner PE shops on an AuM / IP basis out there. Look at H&F or Advent.
Rule of thumb is like $600m - $1bn+ / IP is top of food chain on comp for HFs. Golden Gate runs kind of like one with their fund structure but thats like $333m / IP and larger cap PE should run leaner than HFs.
How many investment professionals do Advent or H&F have? I can't really tell.
Doesn't look like they are that much better than Golden Gate, though I don't know the best place to look for current AUM and IPs.
Pretty insane that at the top end firms can pull in essentially $20MM in mgmt fees per investment professional...
You can look at their form ADVs.
Looking at golden gate they run 12bn with 51 listed investment professionals while Advent runs 91bn with 98 IPs and H&F runs 75bn with 65 IPs.
I have read compensation isn't great there at senior levels because the founder keeps most of the carry for himself. I am not sure how accurate that is but it would explain why I keep seeing new Golden Gate spinouts. If they don't pay seniors that well, then junior comp is at best probably market for UMM/MF.
Dude must be a multi-billionaire.
Surprised people stay at the firm with a greedy head - he should take a note from Buffett and reward those who drive his profits.
I heard they have this interesting perpetuity fund or something as well?
This true which, to your point, is why there have been so many spin outs of GGC - arcline, percheron, etc. Think most of their top investors there see better economics leaving
Kinda agree with above after reading this https://www.buyoutsinsider.com/ex-golden-gate-tech-chief-sets-ambitious…
Genstar manages ~$50bn and has ~25 IP. Leonard Green also high AUM to headcount.
$50Bn for 25 people.
That is insane.
Agree. Latest fund is $12.4B amongst 25 IPs with total AUM of $50B. Just checked the website.
What is an MD making there? $5-10mm of cash and then $5-10 of annualized DAW?
What are you smoking man
Literally a fraction of that TC number. Absolutely no shot anyone outside of founder is making $20M every year. $5-10 total (incl. carry, bonus) per year would be a damn good year for just about any PE MDs
Even at a MF?
If you are the founder you make a lot of money. Don't think he's spreading the wealth too far beyond himself especially when they have so many people who leave to start their own thing. Expect market pay across the levels
As others have mentioned, there's a reason why Golden Gate spinouts surface every 1-2 years. There's been multiple and it's primarily because the top guy isn't splitting the economics 'fairly'. Same with HIG, GA, the list goes on. What this usually leads to is constant dilution of the talent, brand and capabilities of the firm as all the MDs who stayed behind are the ones who can't start their own firms nor join better ones. They're content to make the money they're given and won't aspire for anything higher/further.
Could you elaborate on the funds that were spun out of GA?
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