Can anyone comment on the below for TA Associates and CVC: - Lifestyle / Culture - Type of fund (TA more like a VC fund?) - Sourcing Model - is TA really mostly cold calling CEOs? - Comp - Brand name / prestige (not so much important but would still like to hear your thoughts)
Couldn't find much on either of them online.
Thanks a lot!
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There's a bit of information on here but its for the Boston office. Maybe CompBanker can add something to this?
https://www.wallstreetoasis.com/forums/ta-associates
Unfortunately I don't have a ton of information on TA (Boston) and most of it is all dated. It is primarily a sourcing role with opportunities to execute transactions should you successfully source. I believe it is a three year program and I do believe that their outplacement has historically been successful into top b-schools and other funds. Sourcing builds a different skillset than does traditional due diligence, but the skillset can prove incredibly valuable inside and outside of PE. If you enjoy the sourcing aspect of the job it can be a pretty fantastic way to enhance your career.
In random order:
TA is a growth fund. Unless you are talking CVC growth - these are very different animals. TA is cold calling centric, similar to Summit. Great learning but I personally think they have outgrown the market a bit and would try to invest in smaller tickets, but that's just me.
CVC is one of the (if not the) best large cap PE funds to be in Europe.. Just look at their size and fundraising timeframe...
TA comp will be lower. Their base is market but their bonus lower although I gather there are sourcing bonuses paid (shared amongst the assoc class, if I am not mistaken) which could make up for some of the lost comp. On a senior assoc / vp level (or whatever the pre-carry level is), CVC will pay more for sure. CVC is paying at the top of the Large Cap PEs
Lifestyle is tough at both. TA because of sourcing, CVC because of ...well your typical large cap PE stuff.
Brand: Different fields hence difficult to compare. I think in the LBO world - CVC is the very top. TA is a solid name in the growth space but that is a market where much more smaller players are allowed to play and compete (just look at all the local funds in Europe) so it might not be an apples to apples comparison. I can give you the names of 5 funds in TAs space that you will not know but do amazing growth deals. I however cannot give you the name of a CVC competitor you won't know. Not sure whether that's what you mean by prestige? Both funds are legit and have a good reputation.
Are you from continental Europe? I think language skills play a big role in making that decision...
Great post, to hijack thread slightly - how would you say CVC compares to the American MFs? I hear less about Carlyle and TPG in London where as BX, Apollo, KKR seem strong for example. What about if you want to move to a hedge fund?
Info on CVC growth?
Take a look at their fundraising amounts, vintage performance and timelines which should help you get to your answer - all disclosed. CVC raised 15bn with a demand of more than 25-30bn (if we can believe the FT) in a very short period of time. Take a look at the US funds and compare. I do not work in large cap PE so I am the wrong one to comment on this. I am sure you can move to HF from all of these places if you happen to be the right candidate.
Thanks guys - I don't have the option to choose (yet) but wanted to gather some information as I am in the process of lining up interviews and not 100% sure if TA is the type of fund I prefer.
What about the "exit opps" from places like TA? Would you have the chance to move to a buy-out shop later on or is there a lack of exposure to LBO modelling and the different investment types they focus on?
What languages do you speak? Don't underestimate this.. would be one of my key decision points.
Yes in theory you can move from TA (with a bit of struggle) but its not the most obvious move. I have seen people from TA move to buy out (and also to places like SAC....) but its obviously not the norm and you decrease odds ...
If you want to do buy-out, go to a buy out shop. I would not cold call for two years if you know you want to be at a mega or mid cap buy out shop. The first two years in growth can be painful...
Could you expand on languages? If you only are native English is it harder to break into some funds?
yh languages are key. Was told by a head hunter i cold called in Uni - he told me pick language modules if possible as thats the best shot at pe recruitment
LDNBNKR will send you a PM if ok.
sure - most funds have local coverage. if you at a growth place required to source - language helps immensely
Bump - does anybody else have further info on comp + interview process for TA London?
Lifestyle at TA London?
Bump
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