Latest on Gemspring
Anyone have the latest? Seems like they were roaring out the gates but momentum has slowed down. Any color on performance, culture, comp, etc. would be very helpful
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Most sellers I’ve worked with hate them
culture is horrible, every associate I worked with I genuinely hated.
Dumb money tends to overpay
https://hartfordbusiness.com/article/private-equity-firm-buys-westport-hq-for-16-5m/
https://www.wallstreetoasis.com/forum/private-equity/gemspring-capital-0#:~:text=Carry%20is%20not,backstabbing%20each%20other.
Bump
Working with them has shown me how terrible PE can be. It is very obviously a toxic culture, where it seems all the associates are always on edge. I am not even sure they pay particularly well. There are so many better firms out there, not sure I'd want to join Gemspring.
Their strategy is putting in a lot of very low bids on LLM's businesses, similar to HIG but in LMM companies. I have no doubts they do well for themselves, just that the people and hours seem terrible even for PE standards.
Met a partner at a conference and he was so obnoxious and disingenuous. Felt like I needed a shower afterwards.
Bump. Seems like they have a dozen different searches going with different recruiters
I think broadly the goal should be to avoid sponsors that want to pay the least for mediocre assets. I interviewed there and was literally told “we focus on okay, so-so assets and try to get them as cheaply as possible”.
To me, this translates to a ton of submitted bids that go nowhere (useless work) and a ton of reps. The have been growing AUM quickly but seems like kind of a revolving door.
Helpful insight. Are there any PE firm who's strategy is value-oriented (like you described) but isn't a sweatshop? I guess if the mandate is you are only able to bid low, you just have to bid on a bunch of stuff and hope one sticks (meaning lots of work at the junior / mid-level).
I guess there is no such thing as a value-oriented PE firm with a relatively decent WLB
All value / operationally-focused shops are going to be rough. It’s a volume game to find gems (pun intended?) among piles of shit. But the groups that can do it well make a lot of money.
Everyone who works there is the biggest herb
What are the best verticals at Gemspring?
Culture seems sweaty but fund returns are top notch and growing super fast. Incredibly smart people as there well, but not sure if they’re “culturally great”
Like every value / operationally focused fund, you spend a lot of time looking at a lot of deals, hanging around processes, trying to find that needle in the haystack. And when it works, it works well.
Horrible place to be. Run. Constantly hiring.
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