MF Tech/HC Groups - NYC vs. SF?
1st year analyst at a BB healthcare coverage group that's already had the 2nd years talk to us about on-cycle and recruiting. As someone that wants to be in MF Tech or HC (haven't decided just yet), I'd love any color that people have on where each MF's Tech or HC groups sit.
For instance, I know that KKR runs Tech out of Menlo, but they also have a NYC office as well. Would anyone be able to help me narrow down what MF is located where (i.e. WP, TPG, Carlyle, etc.). Currently leaning more NYC than SF but open to relocating if the right opportunity/team/culture comes along. Thanks for all the help guys!
Different firms have different setups, but from what I've observed, most MF tech teams are 50/50 run out of Menlo / SF vs. NYC in terms of raw investor head count, but usually the head of the group is based out of Bay Area. Think the logic here is that they know there are a lot of great candidates who would like to live in NYC, but there really is no substitute to being in Silicon Valley from a networking / dealmaking perspective, so the top guys have to be there.
I know this is the case for KKR, Carlyle (but the other half is DC instead of NYC), TPG, Silverlake, H&F. BX not sure about, think head of tech PE is NYC and head of tech growth is Menlo.
I would forget Warburg Pincus if you are interested in tech, their focus is industrials and they really only write growth checks for tech and HC.
I know less about the healthcare side of things, I know KKR healthcare is HQ in Menlo (H&F is generalist and HQ in SF) but Carlyle and BX HC are in NYC
It would be prudent for you to make up your mind about where you want to focus recruiting (NYC vs Bay Area) but at the same time realize that on-cycle will be a shit show and you need to be prepared to interview with and accept an offer from the first place you get contacted by if your main goal is just getting a MF tech offer, you're competing against thousands of IB analysts for ~40 spots across the top 6 MF tech groups. I know folks who were interested in staying in SF but were offered NYC mega fund and had to take it immediately and also the reverse.
What are the top MF tech groups / funds?
Would be a little odd to say there was a "top" group like in banking...but when I think of most prestigious tech PE I lump all the SLP, Thoma, Vista types with the TMT groups at true MF like KKR, Carlyle, BX, TPG, H&F. All very intelligent investors that can write multibillion dollar equity checks. Each has their own flavor and will be a different experience.
How does Warburg Tech compare to Insight and GA? And how does Warburg SIG (their large-cap tech buyouts group) compare to the firms you mentioned (SLP, TB, Vista, KKR, TPG, H&F)?
Warburg to insight and GA is apples to oranges, tech just isn’t Warburg’s focus.
warburg has smaller fund size than Carlyle kkr BX h&f etc but obviously well regarded within their space, and can argue private partnership is better then being a public company
Very clear you have little understanding of what Warburg actually does…half of their portfolio is in tech
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