Anyone have insight into these two funds that used to comprise PNC Equity Partners? I know the old PNC Equity used to be a big player in the MM manufacturing and distribution space, but how are these two doing?
Also, thoughts on B-School placement and living in Pittsburgh as a young person would be appreciated. I'll be coming from the analyst program at a Southern MM Bank (RayJay, Stephens, McColl).
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Incline Equity just raised a new fund and are growing their team (just added a new VP and Senior Associate). They also already have three investments in the new fund. Seems like a stable environment to be in for the next 4-5 years as they deploy the new fund.
I can't speak to PNC RiverArch. The story goes that they remained at PNC to invest off PNC's balance sheet while Incline Equity spun out and took the PNC Equity portfolio with them back in Summer 2011. I imagine the associate experience would be quite similar at both though. At the senior level, the fund structure implications would be far more meaningful.
Incline is more active from my perspective, but both are solid and respected in the MM space. Comp gave a good summary. PNC spun one mezz and one equity fund out and kept one of each. The good news is, financing the deals isn't a problem for either.
@"NestoGrande" - knew one of the Incline guys from a former life (college), was generally a nice guy. Any updates? You interview with them? How'd it go?
I should also say, I don't know about many folks there, but I do know that at least two of their recent associates placed into M7 programs
I spoke to Jack Glover a few times about a deal at one point and found him to be more impressive, at least over the phone, than most MDs and founders of larger PE firms that I am familiar with.
Digging this up because I am curious... What is comp like at these funds? I am assuming well below the normal range for MM PE in a larger city?
Yes, you would be shooting for $150K, with potential to get up to $200K. Not sure about other levels.
Recruiting is done via a search firm.
Is this salary or all in?
Wanted to reopen this thread. Does anyone have an opinion as to which firm is better? And does anyone know if those comp numbers are accurate ($150 - 200K as an Associate) or if there are any updates to them? Saw some comments about Glover and Rost, but am curious how these two firms stand against each other and against other PE firms in Pittsburgh (not that there are too many).
Circling back on this. Anyone have any good recent intel?
Bump on this - anyone have intel on Incline Equity Partners?
Saw they raised $1.2bn flagship fund V - seem to be doing pretty well
They’re legit. Work hard but get deals done and have a strong team. People who stay love the culture people who leave obviously didnt. I think maybe raising another fund soon. Pretty awesome reputation from everything I can gather. LMM. Buy 8-9x stuff and do the playbook and sell to bigger funds like HIG.
Also have the NYC platform Elevate now. Good opportunity there to join the platform at early stage. Pittsburgh is a big operation now but good experience for sure
Bump
Under the radar, seems Incline is building something special. Just raised $1.2B fund plus recently got Goldman Petershill investment. Associate class also from bigger, prestigious banks (i.e., seems they are choosing Incline over bigger shops). Imagine the new fundraising provides substantial platform / add-on experience for associates that is better than most MM / UMM shops. Keep an eye out for these guys...
How significant do you think it is that they received the investment from Petershill? Trying to figure out why they would take it...I understand they receive capital but do they really need it? Just raised a fund last year. I guess they now can tap into Goldman's network?
Because with this they obviously give up ownership.
In a way this obviously validates their platform if Petershill is making an investment
Any update on comp for associates? The previous comments are a little dated
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