Silver Lake Groups outside of its buyout / flagship fund
Hi guys - I'm been trying to look all over the web and WSO to learn more about Silver Lake's strategies and how well regarded they are, their pay and the opportunity for a junior investment professional.
The five strategies are -
- Partners (Large Buyout fund) - this is their flagship fund and traditional LBO buyout
- Alpine - don't know as much here but it seems to be a large debt and preferred equity fund
- Waterman - growth investing. From past posts, it looks like they do a mix of debt and equity and act more as a flexible growth investor
- Kraftwerk - looks like it's being sunset but this seems like their infra group (?)
- Sumeru - their MM fund
It's clear from previous post that SLC's large buyout fund is one of the most well regarded groups and funds out there. However, I was curious how well regarded the other groups are. Would they be good groups to do your associate years given the Silver Lake name or is it more of a "Flagship or bust" mentality.
Thanks!
Apparently Alpine’s investments are done by the SLP team (not a separate team).
That’s interesting - wonder why it’s the same group. The other groups are separate I’m fairly sure. Do you know if those recruit on the same PE on cycle process / timeline?
Anybody have insights on the associate program at Kraftwerk,sumeru or waterman?
Bump! Info on sumeru would be cool
Don’t quote me on this but I think they’re winding down kraftwerk (energy tech fund)
Why
That's what I understand as well
Bumping once more!
Just to give you a little more clarity, Waterman is Venture Debt started by ex-Lighthouse guys. Sumeru has spun out as Sumeru Equity Partners. SLP may be an LP in the new fund (haven't talk to them in a few years), but I don't think they're actively investing out of the SL - Sumeru anymore. These are going to be different types of assets from what the flagship fund is looking at, so you need to look at the asset class and decide if you like it or not. I think that will tell you all you need to know.
Super helpful - thank you! So the MM PE arm of Sumeru is now separate from SL. Do they still carry the same gravitas as the flagship fund?
For the venture debt side, would that experience be similar to a VC experience at places such as A2Z, Kleiner, etc? Or would the experience / career path be fundamentally be different given it’s a debt vehicle and there would likely not be cross-hiring?
I don't think any of them are going to have the same level of preftige to anyone who really knows the firm, but who really cares? By the time you make it buyside you should be a lot more curated in your career approach. Yes, go for the brand name, but more importantly a brand name in what you want to do . Sumeru has a strong name in the middle market for people that know tech and still does, but that's more due to the founders than the name of the mothership.
Venture debt is pretty niche and not many people leave it. Could you if you start trying to move that way early? Probably, but I can't really provide you any insight there.
This. Also the bulk of venture debt is done by Silicon Valley Bank/similar institutions. Anecdotally a lot easier to move venture equity to venture debt than the other way around.
This is helpful advice - thank you for sharing. I've been trying to learn more about a career in venture debt but does not seem to be super well covered but I guess most folks stay within the space if they enter. Would you have a sense, anecdotally, if people stayed in venture debt because it's a cushy and interesting gig or because the skillset is so niche (e.g., like S&T)
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