MF PE group by Sector Expertise
Which MFs are best at / known for: industrials, TMT, FIG, energy / infra, consumer etc?
Let’s make a list
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Industrials: KKR
TMT: KKR, Warburg (mostly tech but would argue they are among the best in growth), Thoma, Vista, Silver Lake (super interesting stuff they do in Tech-enabled Media)
FIG: BX?, Apollo
Infra: BX, GIP
Consumer: Bain Cap, Advent
Happy to hear the thoughts of others!
Bain cap very overrated imo. Lackluster returns and rocky culture
Agree Bain consumer overrated as that’s legacy rep from decade ago. HC and Industrials quite strong though.
My first hand experience is that culture at Bain Cap is great, definitely not rocky
Can anyone comment on KKR industrials? What's so good about this group? Seems like the invest in "boring" businesses (like random equiptment and garage doors lol). These businesses definitely print fcf, but can anyone share any interesting deals the group did?
Also, how is KKR infra?
Lol that random garage door investment was one of the best investments KKR has made in the past 30 years across all verticals
Can u name other firms strong in infra? APO, KKR?
BX (BIP) is probably the best MF in the space
stonepeak
Infra is a large space and can be subdivided into its own verticals. But overall one of the biggest infra players is Brookfield. Probably the most overlooked shop I know. They own railroads, windmills, dams, and so much more. They have a new $15B transition fund led too which will be big on renewable power infra.
APO infra is tiny and does not compete within the same opportunity set as BX / GIP.
KKR is a good shop with some big boy investments while retaining a flexible mandate. Would be interested to hear returns + fee structure if anyone knows (expect slightly higher than BX on both).
World : GIP, Stonepeak, I Squared Capital, IFM, AMP, Arclight, MS Infra
Europe: Ardian, DIF, Antin, EQT, Copenhagen Infra, Infrared, Infra capital, Infravia, iCON, Dalmore, Equitix
Would add Warburg to the Industrials vertical. They also have one of the best Business Services teams, despite being newly separated.
Why did they separate the groups?
What about healthcare?
TPG its basically a HC shop at this point
Stone Point is a FIG shop, LGP has traditionally been strong in consumer
What about HC?
Apollo is strong in services / providers. BX and Bain clear frontrunners in life sciences.
Apollo also looks at a lot of pharma and own a huge hospital platform
TPG far and away the strongest HC MF in my opinion
I knew the team was strong but didn’t know it was above the other MFs. What do you think sets them apart from KKR / Blackstone / Carlyle?
I've been pretty impressed with Warburg as of late. Feel like they've been buying higher quality healthcare businesses the last few years. We run into them quite a bit in processes.
Did they have any recent exits that were strong? Seems like a small portfolio on their website.
Anyone have color on KKR TMT (NY)? My understanding is that it's mainly growthy stuff in media (ie Epic Games). Do they do any movie / production stuff like Apollo? Or is it just growth equity media stuff?I think SaaS is primarily KKR's menlo office, but is NY just growth media? Also, do they even do telecom? How is America's TMT PE (telecom) different from infra telecom? Completely ignores the last T in TMT, no?Thanks
Wondering the same
Any color on BX NYC strengths?
basically everything lol
Can anyone breakout MF groups by culture:
-KKR
-Carlyle
-TPG
bump for KKR Menlo
Would be great to know for KKR Menlo HC specifically too
Would include business services as a sector (sometimes is straddled across Industrials or Tech)
Good firms for the above sector: KKR, BX, Astorg, Cinven, Apax, H&F, WP, Advent
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