Curious who people think are the most overhyped firm (from a returns perspective). Top of my list is Bain and Oaktree.
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TPG has had some pretty bad returns. I don't think Warburg has ever pulled a first quartile fund (although they haven't had a fourth quartile one either so at least they've been consistently average).
Hasn’t Warburg raised like 10+ funds? Does being consistently average mean outperformance from a long-term standpoint? I’m wondering if this is what allows Partners there to print carry dollars given consistency of fundraising / performance vs. Funds that have super volatile performance (i.e., 1st quartile one vintage then 4th quartile the next vintage).
Yes, they have. And it could mean that. I think a lot of LPs really value consistency.
A "guaranteed" ~15% IRR on a MF's commitment is probably more attractive than a commitment to a MM fund that you think might be as likely to land a goose egg as it is to generate a 30% IRR.
What’s wrong with Bain post GFC? Presume you’re talking about fund XII since XI was top quartile?
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