Does anyone have any thoughts to share on how PSG has been surviving the fall-off in PE pipelines with their reliance on the buy&build model.
Also if any previous interns/analysts can speak on their experience with the culture & pay in the Boston office.
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What do you mean by "fall-off in PE pipelines"?
Have friends there now. From what I understand, they were incredibly disciplined in their investment thesis and only invested in certain types of companies that they understood well, and because of that, have outperformed the market and are insulated from much of the fall-off in PE pipelines. They'd be an incredible place to work for/with.
Thanks for the input!
You'll definitely be grinded hard there.
Could you expand on that? Is this based on rumors about the culture or experience-based?
Multiple friends work / worked there, not personal exp.
My take with friends there and having worked with them (but caveat this isn’t first hand info)
They performed really well and had some monster exits in 2021 and have been very successful fundraising.
I’m not super sold on their success since the tech market cooled down - know for a fact they’ve had some failed processes trying to sell out of the portfolio. Two years ago a software company that was kind of an ugly mashup but with strong growth sold like hot cakes, but nowadays I think buyers are a bit smarter in that buying an un-integrated mess isn’t always a great idea - 20% historical inorganic growth is not very repeatable going forward.
Again, they’ve had some great exits so I’m not saying they’re toast or anything, but will be interesting to watch how the current portfolio does in the coming years, especially as they start to sell more of the ugly ducklings.
+1 on it being a grind as well. Associates are split between sourcing and execution, so you’re either a sourcing monkey or just working on roll-up M&A all the time, which can be a huge grind.
Great summary. Second the culture point - have heard directly from friends it's pretty grindy.
How is comp?
Bump
bump — can anyone speak to comp / culture / exit opps? thank you!
Based on my experience in the bootstrapped growth equity ecosystem, PSG is objectively one of the less sharp players. Don’t take my word for it. Look at their investments. Constant recaps of other firms’ best investments at absurd valuation premiums.
why are their returns so good then? not trying to argue here, actually curious
They are buy-and-build specialists, which averages down their blended entry valuations. Most of their returns are from multiple arbitrage.
Any recent insight esp regarding London team? WLB / performance / exits / career progression / culture?
Bump, if anyone has an updated view for 2025
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