PE Funds w/ >$10B Funds
Here's a list of the funds with >$10B funds. Curious which ones you guys think are the best to join as a junior vs. the worst. Mostly considering path upwards vs. exits. Which ones to avoid like the plague, too lol. I'm at one of these funds and want to lateral to a similar caliber firm. Also, would really, really appreciate any names that are $1B-10B that you think have a really high likelihood of getting to >$10B.
- CVC Capital Partners
- Clayton, Dubilier & Rice
- Blackstone
- EQT
- Advent International
- Apollo Global Management
- Hellman & Friedman
- Thoma Bravo
- Silver Lake
- Vista Equity Partners
- Permira
- KKR
- The Carlyle Group
- HillHouse Investment Group
- Warburg Pincus
- TPG
- Partners Group
- New Mountain Capital
- Leonard Green & Partners
- Cinven
- Veritas Capital
- Clearlake Capital Group
- Bain Capital
- BDT & MSD Partners
- Francisco Partners
- Genstar Capital
- Platinum Equity
- Apax Partners
- Brookfield Capital
- GTCR
- Stone Point Capital
- Hg
- General Atlantic
- TA Associates
- Insight Partners
Also, this is in no particular order. Legit just pulled it from Pitchbook. Also, yes, I know that the last three names are growth buyout/equity and not traditional buyouts.
Based on the most helpful WSO content, here's a breakdown of some of the funds you mentioned, focusing on their reputation, junior experience, and potential for upward mobility or exits:
Top Funds to Join as a Junior
Blackstone:
Hellman & Friedman:
Vista Equity Partners:
Clayton, Dubilier & Rice:
EQT:
Thoma Bravo:
Funds to Approach with Caution
Apollo Global Management:
Carlyle Group:
Permira:
Funds with High Growth Potential ($1B-$10B)
Waterland Private Equity Investments:
Astorg:
Platinum Equity:
Genstar Capital:
Francisco Partners:
Key Considerations
If you're looking to lateral, consider funds with a strong reputation but slightly less intense culture to ensure a better work-life balance while maintaining career growth.
Sources: Non US/Europe IB/PE Overview, Best Up-and-coming/MM PE funds, PE Funds that Win - and IB that Tries, Is Private Equity a Low-IQ Approach to Finance?, Q&A: European PE professional at a Large-cap Megafund
So I've done this exercise for my own career / am a lateral from one of these places and the short answer is "probably none." The consensus career-earnings maximizing path is to seek out leanly staffed midlevels at rocket-ship MM funds: you get into the carry pool faster, you have a better chance of seeing carry given (a) how much more viable outperformance is at a somewhat lower target size level in a mature market and (b) how much less pressure there is to become a 2x gross MOIC mega-deployer like the megafunds are stressed to morph into by their LPs' large checks.
Now, if I am going to accept this exercise, here's how I'd classify. For all of these, I'm going to assume you're an ASO-3/SASO-level candidate (btw, probably the most competitive seniority to be at in the whole industry at the moment and for the past few years) given your comments about wanting to lateral. Some of these funds I'd much more gladly take an ASO 1 spot because the reputation / other effects outshine the career-track viability (Carlyle is an obvious one).
Sign me up: CVC (Euro-focused overall but Americas presence isn't just a satellite / it's still "early" enough that you're not too crowded), BX (returns not eye-popping anymore and comp just ok but midlevel staffing is fine and you'll have mandate flexibility to move to another strategy if you start burning out, "master of the universe"-style upside if you play the political game and you can lateral anywwhere), KKR (see BX), EQT (see CVC, scale hasn't led to too much "maturity" yet especially since their foothold in America seems to have been infra-forward), LGP (not going to happen since they're all homegrown but yeah, doing sick deals in LA with sharp cool people sounds sick), BainCap (vastly overblown returns slowown in maturation, they're really not much different than BX; if you're going to live the MF life, might as well do it with emotionally intelligent people while sending your kids to prep school in New England), FP (know they're tech-exposed but seem to have really built out other industries and are still lean, NY/SF optionality is pretty interesting), Genstar (rocket ship with not that much midlevel staffing, I don't love their location but I think 90% of the industry would take a career-long seat here), Apax (at risk of getting a bit commodified and I'm somewhat skeptical of Digital but you'll be paid well and decent outlook), Hg (heard good things about the culture here and they have the capital to make a big push in North America; their planet-named strategy classification seems too cute by half, though, and I'd diligence their software exposure)
No: CD&R (above-market comp not enough to outweigh the now-very overstaffed midlevel, faces all the "2x MOIC deployer" megafund pressure, weirdly putting up a lot of 0's and dud IPOs alongside their hits), Permira (despite great fundraising, have never really figured out their tech exposure even before the AI reckoning, idk just kinda scared of their future even if you're in NYC), Apollo (Apollo), TB (software-focused funds just too uncertain to hitch a formative career to in 2026), Vista (see TB plus I don't want to be in Austin), HillHouse (Chinese, not likely viable anyway), Carlyle NY (see comments on DC below), Partners Group (with some Euros playing close to market, not really sure what the appeal of a secondaries-first organization that pays well below market is), Cinven (probably harsh but idk just seems more speculative than the CVC et al. enterprises), Clearlake (Clearlake), Brookfield (unlike EQT, just can't convince me PE is ever going to compete internally with infra enough here for attention from the seniors, despite them playing on some major deals given their size), Stone Point (hate FIG), GA (growth people make my brain hurt, sometimes in good ways but often not), Insight (they didn't die, contrary to popular belief, but they are wounded enough for this not to be the best gig in finance like people thought in 2021)
I'll take it but I won't retire here: H&F (nicer CD&R I guess), Advent (yes the culture is nice esp. in Boston but this place is staffed to the frickin gills and you're not all making partner), SLP (not as software-exposed as the other tech players but everyone I know here is a hardo), Carlyle DC (controversial given fund performance but seem to be loading up a nice DPI/fundraising wave and DC COLA is a bit more manageable than NY if you play it right; absolutely clogged midlevel but MF cash comp at a place with the cachet to lateral anywhere is not a bad seat), WP (rough culture, more midlevels than God, could be too growth-y for some, amazing comp), Veritas (rough culture, amazing comp, headline / large deals if that matters, but only leanly staffed because they're not really trying to promote enough people to take away from the head boss for a while), NMC (fantastic fundraise, very heavily staffed in the midlevel, pretty sweaty, idk how durable they'll be at the next fundraise; seems like the perfect place to climb up the ranks for a promotion or two before dipping), BDT & MSD (I just never "got" this place, and haven't for the last 10 years; people seem to like it just fine as a midlevel stop and Chicago is cool, though; I have doubts over the delineation between advisory and deployment and idk what to make of the MSD side of things if relevant), Platinum (I don't sweat their "value" approach to investing / mind the bankruptcies it leads to, but after getting the requisite deal reps and experience I just can't imagine staying here long-term and dealing with Gores selection politics), GTCR (great returns / have "won" Chicago and expanded to NYC, but, as noted countelss times, overstuffed at the midlevel), TA (not as annoying about growth as GA and even Warburg, but there's just a lot of midlevels here at three very fully staffed offices across like 10 verticals)
This is one of the most helpful comments I've seen on this site, thank you. Any chance you can opine on the smaller firms below? All for NYC area
Any other $5bn+ firms with promotion potential (i.e. not 2-and-out) that come to mind that might recruit off cycle?
Hill Path isn't really trad PE, no?
Look I’m happy to give thoughts but there is a base level of effort I’d expect you to put in first. These funds aren’t really “smaller,” are located all over the place, and have wildly different strategies. BDT is also covered above (attention to detail!).
HIG is open to promoting internally to VP+ without MBA, not sure where you got the above comment
This is super helpful. Really, really appreciate it. Without doxxing myself too much, I would actually be looking at an ASO1/2 role. I recently-ish got promoted from my analyst stint.
Culture aside, why is Apollo a no?
Did Mrs. Lincoln enjoy the play after all?
i keep seeing Apollo has horrible culture but no explanation - anyone care to opine?
What about value oriented / flexible capital firms? Searchlight Capital? Sixth Street? Top quartile returns?
Further thoughts on why you seem to generally favor large alts (KKR / BX) over the pure plays (H&F / CD&R)? Seems surprising for a career track move given the carry economics
Good question although I’m not sure the delineation holds up. BX and KKR just staff more lean in the buyout midlevel, so I’d be more confident moving up at those platforms than the other two. Also think that, as mentioned, there’s upside in the best best-case scenario at one of the “empire” firms, but that’s so remote that it’s not worth factoring in. But idk Apollo is big alts and I’d stay away and Genstar is pure play and I’d sign right up.
This absolutely amazing! Thanks for your time to write this post! We need your X account or smth where you just give your opinion on various funds & monetise it!
This is such a helpful comment. +1 SB and thanks for taking the time.
If you had to rank the top 3-5 ones you think are the “best” at this level what would it be
Any thoughts on TPG at mid level?
Well done this is a strong analysis. Your breadth of market knowledge stands out and sets a standard others should aim for.
Clearlake (Clearlake)
Actually really helpful for creating my list of funds and optimize my prestige whoring come on cycle — thx
Well that would be a bad idea considering I explicitly said this list would change significantly if it were geared toward ASO 1’s. It’s not much of a prestige rank-order at all.
I was jokingly referring to OP’s list here, but since you’re active on the thread and knowledgeable…Broadly speaking, what would change as asso1? I know you said just take the one that calls you back but any more specific things to look out for/calculus that changes vs sr asso?
Just like with dating, you go on a date with the girl that calls you back to begin with
Yup, especially for on-cycle. Before I landed at my MF I fucked up the model test for a MM/UMM that’s now widely considered a “fallen angel” of sorts. Would absolutely have taken the offer at the smaller fund if my balance sheet had balanced. This shit isn’t all that serious when you’re young and there’s an element of absurdity to it all.
How would it be different for on-cycle for ASO1 roles? Understand that the consensus is to prioritize MFs to keep doors open but how would you differentiate amongst firms? and join MF or growing UMM?
Helpful if you can shed some light on BX, KKR, Bain Cap, Carlyle, CD&R, Thoma for the MFs and GTCR, NMC, FP, LGP, Berkshire for the UMMs
Anybody knows the HH for Hillhouse
Eileen Gu
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I know this post is meant primarily for midlevel but how would you evaluate these funds for analyst programs straight out of school? From my understanding, these are the ones that take:
BX, Silver Lake, Vista, KKR, WP, BainCap, BDT & MSD, GTCR, Insight Partners
How would you evaluate each of them from an analyst program standpoint and compare them to EB/BB analyst programs?
I wouldn’t. Analyst programs in PE are stupid. Get drinks with 13-25 of your same-age compatriots at Brass Monkey or something after a long week / month in an analyst program at a bank instead.
Don't top PE analysts end up getting the best jobs though? Like the most coveted HF seats and such?
Great initial response for the sake of “playing along”, but going back to OP, for 99% of people in PE it’s pretty stupid / pointless / absurd / ridiculous / waste of time to ask about the “attractiveness” of lateraling to a BX / KKR / H&F type place.
Some of these are strict 2 and out. MBA heavy. Not lateral friendly. And stable/shrinking AUM. Not enligh spots for the extremely qualified people already there being forced out. These are the places you lateral from, not too. As the first response said.
And the lateral market has been catastrophic for a while now. In 2021 if you were already at one of these places, then sure there was a musical chairs opportunity for well qualified folks given everything rocket ship and also no AI yet. But in today’s market, it’s needle haystack type stuff.
Couldn't agree more. I also think college kids and banking analysts don't understand that a MF just isn't the career-maximizing play post-Associate, sometimes even if you can guarantee promotion.
Interesting - what alternative would you say is “career maximizing” post associate?
Some additional comments on the post above. I agree with most of what they said:
Helpful comments. What are some of those NMC spin-outs?
I'm not sure. My fund is not in NMC, above is what I've heard through the grapevine. I guess the recent failed Thoreau endeavor is an example
lol at how wrong some of the take here is
Please feel free to correct me then? Just saying I'm correct with absolutely no elaboration is not helpful?
Why has Vista had so few spin-outs given how it suffers from the same problems you outlined for NMC? Don't think I have heard of any other Vista spin-out outside the one by the co-founder you mentioned despite the one-man show dynamics.
I'm not sure. Maybe the higher-ups at Vista are content to keep making $ off their management fee? If you look at recent WSO threads, seems like a lot of mid-level departures
https://www.wallstreetoasis.com/forum/private-equity/why-are-so-many-se…
Where does a fund like KPS sit in this discussion?
Discussion is explictly about funds >10bn, which KPS isn't. It's obviously a great firm with phenomenal performance.
You could argue KPS is literally the best fund in this entire thread to be at.
marky marky
x
N/A
Anyone have any thoughts on the trajectory of Strattam Capital, Banneker Partners, Summit Partners, or Align Capital Partners? I know they’re pretty small tech focused funds but any info would be great on comp, culture, performance, etc and if u think they have potential to be 10B+
In what world is Summit Partners small? They have a 9.5bn fund...
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