Is Advent newly "discovered" or newly successful?
Back in my day, Advent was seen as basically a successful PE firm but somewhat (despite its Boston ties) indistinguishable from the other "international" firms that had a US presence like CVC, Cinven, etc. But its latest fund is blockbuster and it's now being talked about as an MF alongside BX, KKR, etc. in a way that I don't remember being the case ~5 years ago.
Is there a broader story here about why the firm has become so popular? Truly not a leading question in either direction, I'm just curious
Lol recently for whom associates and prospective analysts? Advent has been a storied and well known fund for a long time
bump
Advent has always been a top fund alongside the likes of BX, KKR IMO
Advent is not a Megafund. Nor is H&F or CD&R for that matter.
they're raising 20+ Billion funds, that's larger than KKR's most recent NA PE fund - how come they're not?
this guy is just one of those people on WSO that posts provocative and/or bad takes all the time, don't overthink it
I bet you also think DB is still a BB
They’re good but not BX/KKR type. In the single fund category you still have H&F etc who are better. In the multi strat category you still have CVC etc who are better. They have done well recently though (with prior funds being less good)
Congrats on the Advent offer
nothing is bx/kkr level except bx/kkr.
however, advent is fine with a strong retail team. above the likes of cvc. never heard of good recent cinven deals.
H&F is far better than bx or kkr I’m surprised you who has actual industry experience is saying this. From what perspective are they better? If you can last, there’s a higher earnings potential, bc better returns at HF.
okay banker. lmfao
Cinven bought ThyssenKrupp Elevator in 2021 ~17bn (part of a consortium)
advent led that one, with 2x the ownership
I really don’t understand the love this forum has for Bx/KKR. Sure if you’re a pension fund with $5bn to deploy they’re great but as investors I think there are many other better places
A lot of people on here can’t think for themselves. They just regurgitate WSO hearsay.
I think it has more to do with recency bias. Unfortunately in the finance world, "recency" means 7-25 years.
To reply to both yourself and @midmarketmclovin having reflected on it for a day I think it’s actually extreme risk aversion. You can be a principal or even newly minted MD at Bx and never have done a deal I.E. actually laid on any risk. Not so much with the leaner shops like H&F, Apollo, TB etc. Also I guess little pressure to generate alpha when your corporate PE strategy has only returned 17% since inception and you’re not even that involved with PortCos. Anyway just my two cents!
bump
Bump what? Advent still fucks
Advent is a great firm, and other than for their tech fund, accepting an offer there is a no brainer.
what's the deal with their tech fund?
I’m not super familiar but seems to be bad performance from what I’ve heard (invested almost exclusively in overvalued high growth tech during pandemic years)
It's a sidecar investment vehicle that allows the tech team to invest downmarket (i.e. they can invest in anything from a $25mm Series A to a $1B+ buyout out of the main fund). As has been pointed out, since the earliest investments were all made in 21/22 you probably have some names in there that they overpaid for but IMO the narrative that it's a sinking ship is just WSO hysteria, not to mention in absolute terms those investments make up a small percentage of the overall capital the tech team deploys. Would still call it a no brainer given the caliber of people on the team (lots of ex-TPG folks who were incredibly successful in tech from 2010-20) and the trajectory of the fund
How does Advent compare to H&F? Seems to have a similar strategy: focuses on high quality / growthier businesses, operationally intensive (hires consultants), etc.
Closer to Apollo than H&F in style. A lot of turnaround-esque stuff
Would have said literally the exact opposite - typically looking to underwrite growth in most deals
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