Hi all - any updated views on Kohlberg? Interested in fund performance (looked like they just had a successful fundraise last year), comp, culture, upward mobility, and investment strategy, etc. Especially interested to hear about the mid-level experience. Thanks in advance!
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Based on the most helpful WSO content, here’s what you need to know about Kohlberg & Company:
1. Fund Performance
2. Compensation
3. Culture
4. Upward Mobility
5. Investment Strategy
6. Mid-Level Experience
If you’re considering a role at Kohlberg, it’s worth reaching out to current or former employees for firsthand insights. Additionally, keep an eye on WSO threads for updates on fund performance and culture.
Sources: Indicating an interest in a specific PE fund strategy to HH, Daddy got kids into PE and IB, How to better understand businesses and articulate investment ideas?, Q&A 2.0: 3rd Year BA/A/AC At MBB Going To UMM/MF This Summer, Intel on Hellman & Friedman: Culture, B School, Promotion track
Bump
Their fundraise took ~2 years, so even though they hit their target, it definitely wasn't considered a success internally (but of course every firm is going to spin their PR for a fundraise to be positive). The head of IR was fired after the fundraise..
They're a very standard, undifferentiated middle market fund. Their returns seem to consistently be ~1.7-1.8x net MOIC and high teens net IRR. In the middle market, there are plenty of firms generating 2.0x+ net MOIC.
The reverse commute to Mount Kisco also sounds pretty brutal.
Have a friend there:
It's a brutal commute to Mt.Kisco. People are super nice, but it's PE so hours are still PE hours. Their big thing is top down investing. Practically that means a lot of your time as a junior is spend on researching deeply into industries and basically producing long form research papers. Their approach is research an industry and then find targets in the space. They are willing to pay up for assets in part due to this conviction. Don't think they are super aggressive in levering either. Overall, up to you to evaluate that, but I am sure that is appealing to some.
Unsure how true the differentiation is in practice given how competitive PE bidding is; but from what I've heard of firms across the street, Kohlberg seems differentiated by the level of industry research they do. Not sure how strong that edge is, but not as screwed as some other heavily discussed names on this forum that are seeing fund sizes half. Their fundraising suggests LPs at least believe in some level of differentiation as they were able to raise in this difficult fund environment without elite level returns.
I swear every deal of theirs I see close is the most bland unmemorable transaction in the world. Congrats you won the Harris Williams auction for an unspecial service biz with 12m EBITDA!
God bless the mount kisco warriors for making that commute on the highway to hell to try and (ultimately fail to) squeeze north of 20% IRR out of these overpaid broad auction deals.
they still had some big exits in pharma services tho but very much a JAMMBO. Do junior sthere live in NYC or in Westchester
I don't know that I would call PCI Pharma an unspecial service biz.
This along with Court Square are firms falling under the category "Firms That Haven't Been Good Since 2017."
Common thread across these firms is the great John Kim, who recently bounced from General Catalyst...
Who else is in that category?
the tech funds did well in past decade but which generalist funds you think will be fine in the future? Not too quartile return but will still be around and continue to raise similar sized funds and not deploy capital (not downsize)
He is in investor relations - would be curious how you think that impact the firm's performance?
Kohlberg has had some great exits recently though
Any updated data points on comp?
I work at a top BB and have crossed paths with Kohlberg & Co. a lot, plus I have a close friend there. Overall impression: extremely strong, consistent shop with surprisingly good lifestyle for PE.
Culture & lifestyle:The culture is genuinely great. Almost everyone from the last ~3 years has stayed, which probably reflects both culture and comp. People usually leave around 6–7pm and take the train back to the city. Most associates live in NYC; only partners tend to live in Greenwich / nearby. They also have a NYC office and one WFH day per week, so you’re not stuck in Mt. Kisco every day. Commute can be annoying, but they give a monthly stipend that more than covers it (you actually pocket some). There is also no forced MBA, this is a long-term seat.
Comp & economics:Comp is strong and in line with (or slightly above) peers. Associates get carry on every new deal and co-invest starting at Associate 1, and levels progress relatively quickly.
Investment strategy:They focus on healthcare and services. Very top-down and thematic, and they’re comfortable paying high multiples. They typically do ~3–4 investments per year with average equity checks north of $500mm. In 2026 they already exited Entrust for ~$2.5bn and reinvested in PCI Pharma Services alongside Bain Capital at a ~$10bn valuation. They are also growing their private credit arm (currently fundraising and hiring). Know they are very active there as well, pushing for strong opportunities.
Returns & fundraising:They target solid ~20% returns rather than swinging for 30%+, though some deals are clearly hitting that anyway. Fundraising has been very strong and consistent — roughly every 4–5 years they raise a fund about $1bn larger than the prior one. Current fund is ~$4.5bn with an additional ~$1bn co-invest vehicle.
Bottom line:Very strong, consistent platform with scale, real carry, and what looks like a legitimate lifestyle tilt for PE. Hard to fully judge unless you’re inside, but from the outside (and from people there) it seems like one of the better long-term seats in the market.
What is their comp? Is it slightly higher to make up for the Mount Kisco commute? Around 320k all-in for ASO1?
Yes exactly that + carry on every new deal the firm does (yes, every deal which adds up very nice and is probably why nobody is leaving). Considering they have a nice NYC office I’m sure they will continue to shift more time there (think 2 days max Mt. Kisko). My friend said there’s also weeks where he doesnt even go to Mt. Kisko. The commute is also one hour from GC, so same as any fund in greenwich
Fund VII (2013): $1.6B, 16% IRR, 1.65x TVPI (3rd quartile)
Fund VIII (2016): $2.2B, 17% IRR, 1.85x TVPI (2nd quartile)
Fund IX (2021): $3.4B, 1.65x TVPI (2nd quartile)
Fund X (2024): $4.3B (targeted $5.0B)
pretty strong for a JAMMBO
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