Curious if anyone has any updated perspectives on Percheron Capital. The last thread on this has gotten stale and is mostly bumps.
They had a strong Fund III fundraising outcome earlier this year but have also seemingly experienced a decent amount of turnover.
Anyone work / interview here and have any insights? Curious how the market (IBs, advisors, industry execs, etc.) feel about these guys as well.
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Their strategy seems legit though extremely labor intensive. They basically go after the same essential services businesses every other PE firm is chasing but differentiate themselves by going after the ultra small end and deploying a ton of capital through high velocity M&A (like multiple add ons per month). They have a very robust portco operating team to support this. They’re also going hard on the AI angle though don’t fully understand what they are trying to accomplish here.
Their office in SF is in the Presidio and is very nice. I’ve heard their NYC office is quite nice as well and they’re trying to grow their presence there.
Culture seems nice on the surface but there’s clearly something very very wrong. They’ve more or less turned over every single VP and Principal they’ve hired in 2 years. Idk the specifics behind any of the people leaving but, while you can explain away a handful of departure, turnover at this level has to mean something. Doubly so when the firm has ostensibly done extremely well and these are the people you’d expect to have millions of dollars if carry at stake.
Signs of founders that do not care about building an enduring firm or the well being of their juniors.
There are more MM firms like that than people care to admit, wish there was a way for firms like that to have to own their reputations.
Have heard some portcos not doing well...as other commenter has mentioned, extremely labor intensive work of building out platform companies that have no infrastructure...and doing tons of M&A likely means little integration
Will see how the returns / realizations play out over next few years
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