The riverside company, anyone got any insights on the firm?
I’d be happy to chat with someone regarding the riverside company, the recruitment process, comps, culture, deals, etc.
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The micro cap fund is their flagship and has excellent returns, not sure about the other funds. They work extremely hard due to the volume of deals they look at but as a result expect great reps. The comp structure is weird but for RMCF at least it isn’t a traditional base/bonus construct but is tied to capital deployment so in a busy year you can earn way above market and it’s directly correlated with how hard you work. Cleveland HQ is obviously kinda weird but probably a good thing if you’re from the Midwest. They have a ton of titles (e.g., at the mid level they have senior associate, AVP, and VP titles whereas at many firms that’s all the same job) so I would imagine progression is slower / more bureaucratic than other firms but that’s just speculation.
Thanks so much for this. Any insights of their European offices?
Based on the most helpful WSO content, The Riverside Company seems to be highly regarded in terms of overall employee satisfaction and professional growth opportunities. As of September 2023, it ranks at the top with a 99.5% satisfaction rate. This suggests that the company has a positive work environment and culture, and offers ample opportunities for professional development.
However, for specific insights into the recruitment process, compensation, deal flow, and more, I would recommend reaching out to current or former employees of The Riverside Company. They could provide firsthand experience and more detailed information. You could also consider looking at other threads on WSO or similar forums where these topics might have been discussed.
Remember, networking is key in the finance industry. So don't hesitate to reach out to people and ask questions. It's all part of the learning process. And who knows, you might just land yourself a monkey coffee chat!
Sources: Riverside company internship, CCMP Capital - Any Insights?, Any insight into Turn/River?, Welsh Carson Anderson & Stowe Info?
Agreed that they have excellent returns and have seen some huge billion dollar exits of portcos that they grew from <$400mm at entry. A few of their homerun deals I could think of off the top of my head are Energy Exemplar, N2Y, Lexipol, Arcos, and Transporeon. Seems to be active in tech, services and industrials. Very well-respected investors with multiple decades of track record.
Would correct the above as RCAF (Riverside Capital Appreciation Fund) is their flagship buyout fund, which they started in 1988, not RMCF. RMCF is a younger fund started in 2005 that focuses on LMM, whereas RCAF targets larger and more complex deals in the MM/UMM and has moved up-market in recent years. They also started doing value-oriented buyouts last year and brought in a few guys from Apollo / Oaktree / HIG so would imagine it's a good place to learn and get reps if you're a junior person. Heard that their SF office has a great culture and the partners care a lot about mentoring and developing the associates.
Another thing to note is that they have dedicated sourcing, operating, and industry research teams in place so that the PE associates can focus exclusively on due diligence, deal execution, and formulating investment thesis. This is unlike many other MM/UMM PE firms where associates often get stuck in a ton of sourcing and operating work, to the extent that investing becomes only a small portion of what they do. Instead, Riverside gives their IPs the choice, but not the obligation to get more operationally involved with portfolio companies.
This is very accurate. My firm (MF PE) worked across RCAF on a few deals and they have some of the smartest investors in the sectors they invest in. They have a very rigorous recruiting process and often prefer to take associates from other buyout firms that already have substantial PE experience.
RCAF's associate program might be 2-and-out if you join from IB, but regardless it should be one of the best experiences one could get in PE, and you will have plenty of options coming out of their program. Culture seems to be office-dependent (SF best, then NY and Cleveland), and they will grind you to the bone since they dive extremely deep into every single diligence process and take a more technical / modeling-heavy approach than your vanilla LBO shop. Expect a very poor WLB if you're a junior, but definitely an incredible learning experience if you want to become a career PE investor.
Recruited with them a while back out of banking. The interview process off-cycle was VERY long and rigorous. Full case study/presentation/model/etc. then a walkthrough and numerous in-depth screens. Everyone there seemed like truly great people to work for but they were not shy about the long hours they work. They made sure to flag that up front without being prompted. Kept in touch with them even though I didn’t get the offer. Seemed like they want folks who already have PE experience.
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