Considering making a move to LA for personal reasons and beginning to get a sense of the fund landscape. I have had a few different investing roles before so I could theoretically consider a variety of fund structures / asset classes, ranging from distressed (where I am now) to vanilla PE or anything credit related. I know at least someone at most of the big names out there (Oaktree, Ares, LGP, Clearlake, Platinum, Canyon etc) but curious what the current landscape looks like and what consensus is on where the different shops are trending before I start working my network and looking for jobs in earnest. Thanks all!
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Bump - following and also interested in seeing whether post associate opps are available at these funds.
Pm me
Truelink and Pacific Avenue are the up and comers to have an eye on if you want to get in somewhere at relatively the ground floor.
Two funds with ties to Gores (Platinum and Gores Group). What makes you say they’re an up and comer?
Don’t know much about Truelink but have met the Pacific Avenue founders and they are sharp, particularly the head guy. Have heard pre fund returns were very strong as well. Obviously, TBD on future growth but a lot of LPs were high on this team, as evidenced by the strength of their first fundraise. I can’t speak to the culture but they are classic value buyers, which makes sense given the heritage. If that’s your cup of tea, would agree that it’s the type of firm you’d want to join but you’ll likely work hard.
“Up and comer” means expanding AUM/team size and making/exiting interesting investments. Fund strategy (growth versus value) is totally unrelated and either strategy can clearly be successful in its own right.
Both had good initial fundraisers and are building strong teams. Pacific Avenue’s pre-fund track record is excellent. Both groups’ first funds are off to excellent starts with portfolios performing well. They are both institutionalizing very quickly and clearly aim to be players in the long term.
It’s of course possible that either or both scale too quickly from the LP perspective but that can be a good thing if you’re looking for option value in your career at a GP.
Let’s just say that they all came from Platinum and Gores, so they bring a part of that culture with them.
Chris S, founder of Pacific Ave, super sharp guy. Generally calm guy but has dick moments of his own.
Jason Leach came from Platinum and he had a terrible reputation there for being tough to work with. He didn’t make it at Platinum so he moved to Pacific.
James Oh is a porky Korean chode that came from Gores and Transom. He had a reputation for having a nasty temper. Got called to HR at Transom several times for screaming at people. He got kicked out for that reason.
Can you PM me? Would love the opportunity to talk more about Pacific Ave and hear your perspectives.
lmfao
Burner name obs. Can confirm. Apparent by the high level of turnover.
On the flipside, great returns and great fundraising... so they're doing something right...
If you have completed 67 carveouts prior to starting and can deal with tough personalities like mentioned above, you'll thrive.
Levine Leichtman
Have heard rumors that they are struggling to fundraise - not sure about LT career there
No they aren't. Their returns are phenomenal for structured buyout. Their latest LMM fund is top decile and just did a GP-led that was massively oversubscribed that they required a staple.
The word about this firm is that pay is crap (MD comp starts at 250 and caps at 400 base and very few get carry). The firm is ruled by two old geezers that everyone hates.
I believe they likely over diligence like Ares but LightBay seems to have some positive momentum
There’s a bunch - Freeman Spogli, Gemspring, Monogram, Caltius, Seidler, Gallant, Redbird, Endeavour, HIG, Windjammer, K1, Lightbay, Aurora, Brentwood, Solace, Marlin, Compass, LLCP, Ocean Avenue, Kayne Anderson, Transom, Vance Street, Riverside. Probably a few others I’m missing
Good list with some under appreciated names in LA. Surprised you mentioned HIG, didn’t know they had an LA presence.
HIG is just Whitehorse and RE AFAIK. Some PE MDs
raine, kingswood, shamrock, clearlight, and the apollo la office.
Think Apollo moved to Athenes el segundo office
I would add some new up-and-comers to this list: AIM equity, lone view, emerald lake, vance street, curewell cap, breakwall equity and fusion capital
The Marlin spinouts are multiplying for sure
I'm interviewing for one of those above firms. Could you elaborate on why there's so many spin-offs? I'm not familiar with the dynamic behind Marlin
I would add Interlock Equity to the list. $400M first-time fund + rapidly expanding
Lovell Minnick has an LA office where the current managing partner is based.
One Rock has a small (5-10 people maybe?) office there. Don’t know a ton about them but similar mandate to a lot of the other names in here. Carve-outs, hairy deals etc.
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