Solid PE Shops in Low Cost of Living Cities?
NYC rents and are just too damn high and I have the cash and a VA loan so I can buy a house/apartment. I want to improve my QOL after my analyst stint and shoot for a PE shop in a low cost of living city where I can buy a nice place immediately.
Anyone know of any such shops? I know TPG growth is in Miami and apartments are pretty affordable there.
Chicago: GTCR, MDP, BDT, Linden, Cressey, Vistria
Dallas: Trive, Kainos
Miami: HIG (apparently underpay), Sun Capital
MDP GTCR BDT - Chicago
VISTA - Austin
Roark AKKR - Atlanta
Carlyle - DC
Thanks. Chicago is out. I would off myself.
DC would be nice because I'm familiar with the area and have family there. I doubt it's possible to buy in DC though. I could buy in NOVA but I don't know if the commute is possible. Also Carlyle is a total reach.
I don't know much about VISTA but I'm a vet and if their Texans that will be a leg up. What's that fund all about?
I think that being a vet is a leg up anywhere; don’t fixate on Texas + Vet = Good Outcome. The majority of people understand the value and will be philosophically appreciative of your service.
$96bn AUM tech investing platform
https://www.vistaequitypartners.com/about/
HIG and AKKR pay you like you’re a level-and-a-half more junior.
DC is by no means a LCOL city lmao
Partners Group - Denver
Love this answer. Huge snowboarder.
If interested in Colorado also platte river equity, excellere partners, mountaingate, revelstoke, grey mountain partners, crest rock, tower arch (SLC, Utah)
The biggest name I've noticed being left out of this is Thoma Bravo in Miami. Have a close friend who's there. 350k first year salary all in not including signing bonus. No state income tax. Pays 1750 ish for a 1 bedroom in a nice community. Has a car and parking spot. Food isn't Central Florida levels cheap but better compared to NYC. Odd perk which I lowkey envy, jeans and lulu joggers are acceptable for office attire. Dude is straight living.
how are his hours
Any shop in a T3 city
cleveland - riverside company, align capital
minneapolis - norwest equity, shoreview
pittsburgh - incline equity, pnc riverarch
milwaukee - mason wells
Do you know anything about the pay, culture and upward mobility as a first year associate at Align? Thanks!
I personally don’t but can see off a LinkedIn search that they’ve only promoted one to vp internally, and that half of their former associates left around the 1 year mark. Maybe there’s a story there, but just off face value it doesn’t look super promising. I would imagine comp is in the 180-220 range but that’s just me speculating based off interviews with similar sized funds
If you don’t mind living in Pittsburgh, Incline Equity is a fantastic place to work and you’d be shocked at how cheap real estate is. It has been a decade since I lived there, but I had a 2000 sq.ft. penthouse in a brand new building right in the center of the city for $3,200/month. That said, there isn’t a lot of nightlife in Pittsburgh and most people don’t actually live in the city center … so it isn’t truly comparable to a Chicago / NYC / Boston etc. But if you’re looking for a huge home and a good career, it isn’t a bad way to go at all.
Seconded, I went to business school with someone that worked at incline who really enjoyed it.
Thompson Street - STL
Revelstoke - Denver
I Squared Capital - Miami
Valor Equity - Miami
Fifth Wall - Texas
Fifth Wall has a couple partners who moved from the coasts to Austin, but as far as I know they don't have junior personnel there (unless that's changed very recently). Peak Rock is there though and is very solid (if intense)
Not that this means anything, but you were able to put Austin as location preference at Fifth wall when they recruited. Sixth Street Growth also has a presence and recruited for the Austin office
Additional shops in T3 city
Baltimore - JMI, Resolve Growth
I would caution against Miami as a LCOL city. I've lived there my whole life and a 1 bed in brickell (where your office will most likely be) is above 2k. The grove, another common spot for offices, is just as expensive. Miami is not as cheap as this site makes it out to be. The savings you have in state income tax relative to Chicago and NYC you lose in car and insurance payments. My parents were just telling me that a local dealership was advertising a USED 2019 civic for 29k. Shit is expansive. Insurance is also bonkers. You also cannot live in Miami without a car. Miami will only get more expensive as more crypto scammers and burnt out NYC people move down here
Few more:
Philly - Lovell Minnick
Atlanta - Accel-KKR
Boston (if you consider this low COL) - Bain Capital, Audax, TA, Summit
Charlotte - Pamlico
Cleveland - Riverside
Houston - First Reserve, Riverstone
Boston is definitely not low COL. Will save on taxes relative to NYC I guess but rents there are pretty steep.
I agree with this. As someone who owns a property in Boston, the real estate market has been very competitive for the last 5-10 years. Rental rates have skyrocketed this year — I literally was able to increase the rent by 30% and had a handful of applications within days of listing. Even in the suburbs, home prices have risen significantly with lots of homes going above asking during the pandemic. Obviously the world is still figuring out the impact of raising interest rates on home prices, but as a baseline, Boston real estate is not cheap.
That said, outside of real estate, daily stuff is not as expensive as you would see in NYC or London. Just real estate is limited (in part due to a limited supply — lots of new luxury buildings have gone up over the years, particularly in the seaport and downtown crossing, but the city just doesn’t have a lot of room to expand and is limited by zoning / preservation policies).
SGE in PA
Bump
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