PE firms that people actually like, and why
I'm at my MBA now and I'm amazed the number of people who liked their time in PE. For example, everyone I talk to at TA had a great time. Everyone. Whereas everyone at my fund pretty much hated it.
What the heck? Where are all these funds where people want to go back? Literally how does that work, I simply have failure of imagination to comprehend how you could have a PE fund where people look back on their associate years and think, that was good, I'd like to go back.
What attributes come to mind if you are at a firm like this that would describe the elements of your experience that you liked or would make you want to return? What funds are like this?
c'mon folks some of you have to have had experiences like this
I'm currently at a European fund, but the culture is definitely very good compared to my peers/friend's funds. Firstly, the most identifiable thing would be having supportive seniors especially when you are a junior that's still trying to find their footing. Having seniors that actually care about your work progress and career make a world of difference, makes you feel more confident in your analysis and work versus having unsupportive MDs who take any opportunity to blame you for anything. Another key thing is definitely a culture where your team/coworkers are friendly and helpful. Sure, you occasionally run into an asshole or someone who does nothing but for the most part, everyone is somewhat friendly and kind (or at least pretends to be) to one another. Probably the best one would be having a work-life balance where your seniors will tell you to go home after a certain time, even if they're still in the office because they understand that you've been in the office since 8 AM working on a memo.
is it partners group?
No, but I've heard their culture is good.
Was literally going to guess this also.
Name and praise plz
Bain Capital. Culture is awesome and Boston (in my opinion) is pretty underrated. My superiors respect that sometimes there are curveballs in life and that other things take time outside of work. I don’t feel like I’m making a mistake if I need to go run an errand, as long as we’re not sprinting on a deal. Office is pretty great too with a good view.
+1 This was the name that I was expecting to see in this thread. Of my friends at MFs, they're the only ones that seem excited about/intent on staying on for the long haul. Seems like they've got their culture really figured out although hours can still be bad. Definitely focus on hiring the more intellectual/academic types which works in their favor, high horsepower but less sharp elbows
what's the comp on different levels?
This is generally true… though certainly variation by vertical (e.g., HC grinds)
I’ve only worked at one PE firm (MM) but can say MM might offer a better worklife balance/experience. Of course the comp will be considerably lower than MF (myself I’m earning $300k total as a senior associate) but I guess it depends what you want in life. A few years back if I’d got offered a MF job suddenly I would have jumped at it - nowadays I don’t think so if it meant working super-late every night + weekends (not that a MF would likely want to hire me anyhow).
Of course the job can be stressful and has numerous drawbacks, but at the same time I can’t think of another career where I get paid anywhere near my current comp with relatively low risk (I don’t have to be an entrepreneur etc). The only exception might be tech - except I can’t code, and also a big chunk of SWE comp over the past decade has been via rapidly appreciating stock/RSUs (that’s not so much the case these days).
Aside from the money, my job is intellectually stimulating and sufficiently varied where I never really get bored (frustrated yes, bored no). I still work 55-60hrs a week on average, but also on the buy-side you have so much more flexibility compared to my IB days. Of course there are still frequent firedrills, but outside of those you can generally structure your work around your life (whether that’s family stuff, gym, social life etc). Whereas in IB you always had to drop everything instantly for the client.
Like I said, MM PE is far from perfect and I frequently get stressed/anxious about my job. But I think many posters on WSO over the years have made the very valid point that the dream job earning $500k+ doing 40hrs a week in a relaxed environment - just doesn’t exist… or at least is extremely rare. So for me I think I’ll likely be in PE for the foreseeable future, as frankly there isn’t a better job I can think of on an overall basis weighing up all the different factors (comp, worklife balance, risk etc).
Will caveat that there definitely are MM PE firms where you are grinded harder than you'd be at MF
I think you can get marginally better hours for around the same pay in private credit, but as other posters have said it is entirely firm dependent, and perhaps somewhat less intellectually stimulating than on the equity side
Yes I’ve heard that’s true - have friends/ex-colleagues in private credit and it generally sounds like a pretty good gig in terms of comp/worklife balance.
Totally firm-dependent (and market dependent). Comvest gets wrecked.
This is good, but just keep in mind that the MM/LMM is a crapshoot. I went from UMM pre-MBA to MM post-MBA and got crushed much worse than I did at my previous firm while getting paid substantially less. Managed to lateral back to UMM but the experience was brutal.
Yeah admittedly my knowledge is anecdotal (based on my own personal experience + a few IB ex-colleagues, but a small sample and also in comparison to super sweaty MFs which maybe isn’t the ideal benchmark). I guess you could end up in a non-optimal situation of working for a MM with lower comp but MF hours (not good).
Anything you could have done differently to diligence the MM firm in retrospect?
Pretty much my exact feelings right now after being at my LMM for 1.5 years now. Got lucky and do appreciate the fact that it could be absolutely horrible at other LMMs.
KSL Capital is almost universally loved by people that work there
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What fund do you work for? Would you be open to a coffee chat?
I’m at the European office of a U.S. UMM, despite it having an extremely sweaty reputation on here I haven’t found that at all. Everyone is super nice and the hours are relatively chill (0930 - 2100 during the week, earlier finish on Friday). Work is interesting too, have really enjoyed my six months here. Maybe this is just because the market is shit and I guess I will see what happens if things recover.
name please
Bump for name
Here’s an anecdotal list of reputable firms that seem pretty good to work for. This completely based off folks I knew at these places who seemed to not hate their lives and stuck around or returned post MBA. It’s a couple years old at this point and nowhere near exhaustive but hopefully still relevant:
- Bain
- KKR
- Warburg
- Berkshire
- Advent
- BDT
- Genstar
- TPG
- HIG (this one’s surprising but I’ve met several people who seemed to have loved their time there)
- American Securities
Great list. Genstar is a great shout.
Warburg is group dependent, IBS was notoriously bad and in recent years they've had some trouble holding onto associates but things might've gotten better with the split and the exit of the BS head (who I heard was tough to work for to say it lightly).
Think she left Warburg. They do more growth anyway right? So they would be compd to a TA / Summit and not a KKR / Bx
Interesting - have never heard of someone liking HIG. Must be polarizing (love it or hate it) based on the feedback you've heard...
I know 4 individuals that worked at HIG in the past 2-3 years at the junior levels (Asso./VPs) or are currently working there and they all dislike the culture so very surprised to hear this
Do people like working at KKR? Agree with the rest but know some associates from KKR who hate it. Everyone older seems happy but heard pretty sweaty for ASO
Very group-dependent, to my understanding
Would disagree with the inclusion here. Comp / deal experience is good and people are in general polite enough, but very intense / painful associate experience and uptight culture. People that stay on typically doing so because comp / brand outweigh the negatives of culture / WLB. As someone mentioned this does vary a bit based on industry team, but think my description is applicable to all of KKR PE
KKR?? Mate..
.
Five Elms…sweatshop + low comp
Percheron also v sweaty
+1 on great hill, heard awesome things about them
Any anecdotes or anything you could elaborate on here? Seems to be general consensus on this site but no hard data points
I really dig my firm (Hg Capital) and I do evangelize about it. Good, nice people to hang out with. Nothing is ever perfect but I can see myself retiring here (assuming they want me to!).
Heard Atairos is great
AKKR lot of lifers.
Sweatshop though...
can you elaborate? relative to what IB or chill PE spots
fr? have heard some Dallas shops (Trive, Align, Gauge) are pretty grindy. Would love to make it back home to Dallas someday though.
Also heard this
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