GTCR vs BDT MSD vs MDP
I’m curious to understand a little bit more about the Chicago private equity scene. What are thoughts on GTCR / BDT MSD / MDP? Heard mixed things about MDP and not much about BDT MSD.
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GTCR are genuinely great investors and prob one of the only large cap PE firms with actual upward mobility and fund growth. BDT I know less abt but heard can be sharp elbowed. MDP maybe similar prestige level but honestly don’t regard them as highly, they’re putting a lot in CVs rn and don’t think fundraising is going great (I haven’t been in sponsors for a year though so this may have changed)
GTCR super sweaty but great returns. BDT culture is ass. MDP zombi fund. Do what you will with that.
Have a friend at MDP, avoid it like the plague. The firm has great marketing, but is absolutely a horrible place to work. Zombie fund, culture is terrible, people are terrible, hours are terrible, there is political drama between partners, the fund is increasingly struggling to raise any money, etc. It is nowhere near BDT or MSD or GTCR in fund size or prestige. Just because it was prestigious 5 years ago does not mean the experience is still good or that the firm is prestigious today. Would even pick a lot of small growing MMs over MDP. The fund is just waiting to die.
Have multiple friends at both MDP and GTCR and networked with both last year. MDP is on the downtrend, while GTCR has been doing incredibly well (see raise they just announced). However, little-to-no upward mobility at either.
That being said, considering its $350k your first year at both places, while luxury Chicago apartments cost $3k/mo, I’d honestly take either in a heartbeat just to save a ton for a few years before B-school
Ignore the title. I’m much older. I know a lot about all of them.
GTCR has been crushing it from a performance perspective and has been on a strong upward trajectory. They also have a reputation for being extremely sweaty. Historically, they were viewed behind MDP (really splitting hairs) but they have now overtaken them. This is for their buyout fund. I think the returns of their growth fund hasn’t been as successful.
The political drama at MDP is largely behind them. They went through a leadership transition and succession issues, but the leadership team is now in place. They also had a few underperforming investments that were concentrated within one team, but that team is no longer there. I think they are having some fundraising challenges but that’s been pretty typical in the current fundraising environment.
BDT & MSD is a bit different since a half the business is advisory, so it’s not a perfect comparison. The investing experience may not be as transferable and you’ll sometimes work on niche family situations that don’t necessarily translate well to other investing careers. I’d imagine the actually investing reps would be lower than the above.
From a comp standpoint, they’re all fairly similar, with total compensation generally in the mid-$300Ks for associates. At the end of the day, they are the big 3 in Chicago so if you get an offer you’ll probably take it if you want Chicago.
Curious about BDT and whether or not you know much about the analyst role? Sounds like a ton more advisory than investing, but as a seat out of college, that seems ideal to get reps on both, and with the long tenure of many employees, I'd assume there is a good culture of upward mobility, no?
Really splitting hairs across the 3, but GTCR is highest performing / highest work load while MDP is more of a turnaround story as they right size the ship after some disappointing vintages with a lot of departures. BDT is a mixed bag as your experience as an Associate varies dramatically depending on your project. There is a lot of bloat at the mid level for all these firms so I wouldn’t necessarily bank on upward mobility unless something dramatically changes.
Sorry, as someone who has seen all of their returns, I would strongly recommend GTCR.
GTCR- no issues fundraising
MDP- having issues fundraising
BDT- somehow raised a monster fund IV in Jan-24, but I would be stunnned if Fund V isn't more of a challenge for them given the underperformance in III.
GTCR by a mile
Multiple people have left BDT to go to GTCR. The opposite hasn’t happened. Take that as you will
The sample size here is so small, but there is like 1 person going each direction (true investment team for both) in recent years. In the past, I think it’s actually more in favor of BDT.
but they're getting pushed out it's not voluntary
if you can get the GTCR gig take it. highest comp in the cit, smartest people, best returns.
but good luck staying there. no direct to VP path at their flagship fund (there is for growth and cap solutions) and even at VP level they have a senior VP title (director) that is another step in the pyramid. they will push you out after assoc 3 and after vp3 (which i personally think is the right move for investment firms to keep the talent pool as sharp as possible)
They sponsor and do returns from MBA for top associates though right?
ya
Is there a next tier of funds in Chicago? Soon to be on this level?
Bumping - curious as well
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