T. Rowe PE
Have been seeing a handful of investments from TROW in venture and growth-type companies. Does anyone have insight on TROW’s private investing arm — team size, typical background, comp, location (assuming just B-more), etc?
Don't know specifics on team but you're right in that they pretty much do mega rounds of pre-IPO companies that need massive checks that most traditional VCs won't write (you'll see similar investments from time to time from the CPPIBs of the world)
TROW has done a lot of work to up its game in private investing. Right now it's just one guy, David DiPietro and a few members who help do the business side. No analysts yet, but looking probably for Baltimore. He has a ton of opportunity in his team to support the company's efforts in equities. Some of TROW's funds are able to write checks that far outsize what a VC firm could do, which is what makes it so interesting. Currently, the efforts have seen these investments be included in existing funds, rather than become their own funds.
TROW has had some major successes and failures with privates too and the team largely focuses on Biotech later stage investments. Some successes include Sweetgreen, with other failures like WeWork hurting the practice's reputation. When these investments were made Private Equity was not its own division, so this work was done by traditional long-only stock pickers. Hopefully, the new team will be smart about its investments.
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