Marlin Equity: rep, performance and interview process
Does anyone know anything about Marlin Equity Partners? They're a PE in LA and I'd like to know what their rep is like, performance and what the interview process is like?
Thanks!
Group interviews mostly. The guy who interviewed all of us, Jim Young, was definitely a hardass. They literally kicked me out of the room because I already passed the Series 7. What kind of bullshit is that?
Reference:
^ ha I was waiting for a JT Marlin reference.
Who the hell even names their firm that after that movie? It's like naming your kid Adolf.
It’s named after the founders kids (mash of their names). Am a friend of the family
Marlin?
He's my father.
He's my mother.
In all seriousness, they are a rising star amongst PE. $1.6B for its latest fund, bring them now to $2.6B.
They invest mostly in software/tech but also in services, industrials, consumer. Think of cross between Vista and Gores (several ex heads of Gores are at Marlin now). Understand Marlin has tier 1 returns and is growing very fast which is a major positive (look at AUM trajectory of last 5 funds). They also have a flexible mandate so they compete against top growth equity funds, midmarket funds, turnaround funds depending on the type of deal, but they are also competing against the big names e.g. Advent, KKR in the upper mid market. Will be interesting to see what happens - the next fund could be $3bn-$5bn if they continue to perform as historically. Based on their website, they're also attracting ex bankers from top firms/schools e.g. wharton, yale, / GS, MS, HL, etc. If you're making a decision between a large $8bn+ p/e shop and marlin, it depends on what you want. There is probably a lot more long term upside at marlin (which could grow into a $8bn fund in a few years) but there is also more risk. some of that risk is mitigated by a conservative investment approach and given marlin's high degree of operational expertise (especially in TMT).
Mr Marlin...is dat u?
This dude literally just typed out an advertisement for his fund on WSO. I'm dead.
This didn't age too poorly all things considered... still on the same trajectory of AUM increases (close to $3B most recent fund), launched a growth fund, launched a Europe strategy. Wonder about business school placement?
While this is TRANSPARENTLY an ad for the fund. Frankly my guy did exactly what he said. Whoever joined Marlin in '14 is likely in a sweet spot today. Probably year 3 VP, vested some nic carry etc
I would presume they have wrapped up summer 2016 associate recruiting, seeing as they were interviewing in late feb.
Anyone know what to expect past first round?
Marlin Equity (Originally Posted: 04/11/2013)
Anyone have any insights into this shop?
http://finance.fortune.cnn.com/2013/04/10/private-equitys-next-big-play…
So... JT Marlin is real?
Boiler Room, son!
Great firm in my opinion. Would honestly be either at the top or close to it if PE jobs were a sign up sheet.
They are growing strong, while others are finished: RIP ThinkEquity.
They invest mostly in software/tech but also in services, industrials, consumer. Think of cross between Vista and Gores (several ex heads of Gores are at Marlin now). Understand Marlin has tier 1 returns and is growing very fast which is a major positive (look at AUM trajectory of last 5 funds). They also have a flexible mandate so they compete against top growth equity funds, midmarket funds, turnaround funds depending on the type of deal, but they are also competing against the big names e.g. Advent, KKR in the upper mid market. Will be interesting to see what happens - the next fund could be $3bn-$5bn if they continue to perform as historically. Based on their website, they're also attracting ex bankers from top firms/schools e.g. wharton, yale, / GS, MS, HL, etc. If you're making a decision between a large $8bn+ p/e shop and marlin, it depends on what you want. There is probably a lot more long term upside at marlin (which could grow into a $8bn fund in a few years) but there is also more risk. some of that risk is mitigated by a conservative investment approach and given marlin's high degree of operational expertise (especially in TMT).
Bumping for a more updated view! Also curious about Freeman & Spogli and Brentwood if people have a view.
Have their traditional control fund and a newer growth fund. Invest in both software and services. I’d say they lean towards value buyers. Very solid, just they don’t chase, or buy the super high-flyers someone like Vista does. Prefer to have EBITDA, and lower growth ~5-10% is fine. Also go international a decent amount to find opportunities. They’ve obviously done well with raising larger funds.
Bumping this as well. Curious as to what people have to say, have heard so many mixed / contradicting things. Heard great rep but struggled a lot recently. Anyone have actual insight into culture / WLB?
Interested as well.
Wondering as well - any thoughts?
Does Marlin still take analysts from undergrad?
Anyone has experience with the case study? What kind of business / industry would that be?
SaaS growth because they do almost exclusively SaaS growth deals?
Any recent news? Seems like they’re not doing as well nowadays...
Why do you say that?
Friend of a friend who worked there mentioned they were struggling but was curious what others thought.
prior posts also mentioned something similar
Firm is a well-respected software shop that formerly focused more on carve-outs/value but has expanded to growthier investments lately. If you track the team page, they've continued to expand hiring (likely with AUM) (e.g., increasingly larger associate classes, adding to internal ops team).
Have heard that associates across both funds grind hard and firm overall is very sweaty
Have heard this as well. Flagship fund grinds more than the LMM fund though
such a shame, years ago I remember reading that Marlin was an 8-8 job
Can anybody comment on this one? 8-8 or sweatshop?
Have heard it’s a serious sweatshop
Can confirm - know an associate in core (main) fund. Lifestyle not any better than banking
Does this relate to the LA or London office?
LA - not sure about London.
Damn, so per other threads, last few funds haven’t been performing well and they have a longer timeline to promotion, and now the culture and wlb is also sweaty?
They sold it to me as 'growing pains' when I last interviewed but at least they were honest
Sharing my notes if helpful because I tried to look into them a lot a few months ago given they were looking for associates.
In summary -
1) Yes - last few funds haven't performed as well. I mean - their first fund was crazy (I forget but like 200%+ or something). Fund 2 was amazing at ~35%. Fund 3 hit ~15%. Fund 4 is ~8% last I checked. TBD on fund 5. As for the Heritage (I could be wrong) - I think fund I was insane but fund II was insanely bad or something.
2) Heard from multiple sources that it's a sweaty shop. I'm not sure where the 8 - 8pm came from - maybe that represents chiller days? Unsure outside-in
3) Promotion is long. ~3 years associate. ~3 years senior associate. ~5 years VP. Seems like some past associates left for some good spots. One at Thoma. One at Oaktree. But otherwise not the greatest exits after associate programs. By 'not great' - I mean new LMM shops or small debt lenders. Could easily be great spots but I'm just not in the know
4) The recent associate classes aren't super impressive imo. Many non-BB/MM banks from mediocre schools. Not an indicator of quality of associates but might reflect recent decrease in demand for top bankers / consultants to go there. For example, they had a Mck / harvard guy before. But recent class is an LEK guy. Again - not bashing but seems like most PE firms are MBB or bust for consultants so I'm guessing they couldn't get an MBB guy i.e. decreased demand to go there
5) Culture seems fine. Nice guys. No red flags or anything
Unsure if that's helpful. Also a lot of bias in it.
Interviewed with them, didn't get it and thought I had flunked it. Turned out they haven't hired anyone. Not sure if that says anything but it's a data point.
Nice guys though - seemed quite laid back and collegial
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Up
Very strong name in tech/software PE. I wouldn't say Thoma Bravo or Vista but on par with Summit, etc. and they can pretty much command their lenders to do what they want similar to Apax or TCV. One cool thing about Marlin is they have two fund strategies, the main flagship fund that's going to be down the fairway tech buyouts and the Heritage fund that basically any principal has discretion over for smaller more unique investments. I don't know what it looks like from a junior perspective getting to work on both types of transactions, but I would hope they let junior folks do that. I know nothing of the interview process, hopefully this was at least somewhat helpful.
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