What are the best MM Private Equity shops in New York? Would be helpful if anyone could comment on the below names in terms of prestige/culture/comp and also offer some new names.
Some firm I've heard of: Lindsey Goldberg, American Securities, Vestar, Towerbrook, Tinicum, Crestview, Kelso.
All of the firms you listed are solid. I believe Lindsay Goldberg and Kelso pay more than standard MF comp. LG is more buttoned-up while Kelso is more collegial. Both are pretty lean shops and I think the hours are probably worse than average. I've heard great things about the culture at American Securities and Towerbrook. Crestview is legit but seems somewhat exclusive - they seem to take mainly Harvard/GS analysts.
In terms of comp, Centerbridge probably leads the way (except for Apollo but they are anything but MM). Centerbridge is a non-traditional PE firm though (hybrid with distressed emphasis). Not sure about their culture but seems like a relatively stressful environment based on the one data point that I have. I was very impressed by the people I met there.
A few other NY-based MM PE firms that I think are pretty solid include: AEA Investors, Harvest Partners, Metalmark, New Mountain Capital, Oak Hill, Sycamore Partners, and Welsh Carson. From the limited information I have, AEA and New Mountain appear to have pretty good cultures.
Just wondering - what general AUM typically makes up MM?
MM is sometimes a bit of a nebulous term. I think fund size (typically most recent fund) is more commonly used than AUM to determine how a firm is classified (e.g., MM, Upper MM, MF, etc.). CPI and HSP (two of the more prominent recruiting firms) seemed to agree that traditional MM was $1bn - $5bn (for latest fund size). Anything in the $5bn - $10bn range was considered Upper MM and $10+ MF. Note that this isn't a golden rule and there are plenty of people who may disagree with this classification system but there are many professionals who appear to use these ranges as a general rule of thumb.
In addition to names above, I’d sort thru the client names on CPI’s website. They have the largest good MM client base and it’s all public on the website.
Amongst the firms you listed, Kelso and Lindsay Goldberg have the highest comp. Lindsay Goldberg is a sweatshop and like said above, buttoned up culture. Performance wise, AmSec and Lindsay Goldberg have historically performed very very well. Vestar performed the worst. Towerbrook is traditional PE + debt. Prestige wise Crestview on top because they are exclusive (as mentioned above). But all are really good names with Lindsay Goldberg and Kelso having the most history and with AmSec being the fasted growing
Very helpful. Thank! As a follow up, what would you say average comp for LG and Kelso are? And do any of the name you listed have internal promotion tracks?
I know AmSec and LG are two years and out. Idk the specific number but what I know is their comp is near MF or slightly higher (MF comp is ~300k). But nothing like Apollo (400k). So 300-400k is the range, which is a pretty wide range I suppose...but in my mind comp rly shouldn’t be a decision factor between say, MFs Apollo or LG/Kelso of MM that pay top dollar....these are very different firms with very different cultures and investment tendencies...
Pretty sure most of the above firms have finished recruiting, FYI
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