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Would agree with your take that for tech its prob SLP > Warburg > Advent > CD&R... would say Warburg and Advent are awfully close though.
bump
Why are you bumping this? assuming this is for associate gigs, take the first of the four that give you an offer lol
Wdym advent and Cd&r are ripping recently? Within tech how so?
Wiz to the moon
SLP >>>> Warburg >>>>> Advent >>>> CD&R
Clear delineation between the caliber of tech investing seats within this "MF" category, but all are phenominal shops to start investment career. CD&R is probably "odd" firm out where it is both (1) a newer practice and (2) more risk-adverse IC that will struggle to pay high multiples on great tech names (therefore either making it an uphill battle to pitch high quality tech or restricts scope of their investible universe)
SLP returns have been lackluster. With that caveat, from my POV, this by far this should be most compelling seat if for no other reason besides they look at "atypical" TMT assets (Dell, Endeavor, Altera etc.) relative to traditional tech PE giving associate far better exposure to various business models vs. vanilla ARR / NDR / GDR modeling for basic saas buyout
Agree with this but I think OP needs to define tech because if you're actually interested in software none of these are really players in large-cap software buyouts. TB, Vista, TA, EQT, Permira are the actual large-cap software shops. In fact, I'm pretty sure CD&R's 'tech' team used to be their services team. (Think they've made some hires but just look at their past deals)
Eh disagree: SLP acquired Qualtrics for $13B and did this transaction on their own without another GP partner (although heavily reliant on LP co-invest). Advent acquired McAfee for $14B alongside Permira. This doesn't include the myriad of $1-3B TEV SW companies acquired by both firms. Unfair to characterize them as not "really players" in large-cap software buyout.
TB, Vista, Permira, EQT, Advent, SLP etc. will all be involved in the same sell-side processes and the latter two aren't just utilized as a stalking horse to bid up transaction value.
TB respectively is in its own league and unequioval #1 firm within Tech PE Buyout
Not in this space but curious at no mention of Vista
SLP / TB / Vista are definitely top 3 when it comes to pure tech buyout shops
Would bucket Advent with H&F - both “vanilla” buyout shops that are perennial contenders for the typical mega fund buyouts that you see the tech-only shops competing for
Difference for Advent and H&F is that they have to “pick their lanes” - they don’t have the bandwidth to compete against tech focused shops across all verticals, so they pick specific focus areas (ie Advent does cyber w Wiz/McAfee, H&F with Zendesk, etc)
Think WP definitely sits more on the growth side of things when it comes to tech deals - from what I’ve read seems like they write smaller checks (/are less often in the bigger MF auctions)
CD&R Case Study here multiplesmatter_gumroad_com - adding a bunch more case studies in the coming days
Is there a consensus on ranking tech PE among the traditional MFs (KKR, Warburg, H&F, Advent, Permira, others)
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