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I unfortunately don't know much in terms of culture for Advent and Berkshire. New Mountain seems like it has a great group of people, and I'm sure Advent is very dependent on the office and group due to its size.

In terms of reputation, I think the clear hierarchy is Berkshire, New Mountain, and Advent.

In terms of business school pipeline, I'm sure HBS, GSB, and Wharton are all accessible options from these firms.

 
Best Response

In terms of business school, 5 of 6 Berkshire associates in last year's class ended up at HBS. 6th is at GSB. Everyone I've met from there has been quite personable. They definitely pay high prices for good assets. Just closing a fund that's in the ~$5.5B range IIRC. Berkshire is known for being very democratic and collegial (everyone goes to Investment Committee, and it's consensus-driven). No historical turnover of senior people.

Advent has a much more international focus than the above firms. No idea on culture but the fact it's much more spread out than New Mountain, Berkshire, or Charlesbank probably impact cohesion, red tape, and culture. I honestly don't know much about them.

New Mountain feels like they have a little bit more of a narrow focus in terms of deal dynamics, and have had a little more turnover of senior people I think, so glean from that what you will. I've met a few of their associates at HBS.

Charlesbank is smaller than all the above, and more focused on value assets, most recent fund was under $2B. Pipeline to HBS is good but not as good as Berkshire. At least one of HSW is quite reasonable, based on recent track record. Down to earth people, and also no historical turnover of senior people.

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