Thoughts on consultant friendly (e.g., Golden Gate, Sycamore, NMC) PE firms?
Thoughts on Bain Capital, Golden Gate, Berkshire, Charlesbank, Advent, Francisco, Sycamore, New Mountain, FFL, and other consultant friendly UMM / MM PE funds? Current BA / A / AC at MBB thinking about PE at these firms and others. Perspectives on culture, associate experience, info on investment style, and interview would be helpful, especially for Sycamore and Bain Capital.
Adding MDP GTCR UMM Permira CVC EQT MF
There have been a few threads across WSO throughout the years, which you should definitely read, but I’ll offer my non-exhaustive perspectives as a BA/A/AC that recruited with a bunch of them and is headed to one of the firms below:
MF/Large Cap Funds Hellman & Friedman: Arguably the best name of any PE fund that hires consultants. 50/50 between consultants and bankers. They are a value-oriented fund. They make big, concentrated investments in high-quality businesses and aren’t afraid to pay high multiples to do so. VERY well respected investors, H&F sends virtually every Associate to HBS/GSB. Downside is they’ll work you like a dog. Big sweatshop culture. They compensate you well for it though $350K+. Generalist model
Bain Capital: Another top name in the consultant-friendly PE world. Skews more heavily consulting due to legacy Bain connection. Maybe a little bit less “prestige” than H&F these days, and some Associates will end up at Wharton, but obviously still a killer name. Culture is pretty good and hours aren’t that bad as far as PE goes. Invest across industries.
Advent: While still a great shop, would put them a step behind the other two. Culture and hours seem average (didn’t hear any horror stories, but also not many people really singing their praise). Anecdotally have heard returns aren’t as good as ~10 years ago, but still a great name to have on the resume that would be an excellent place to start your PE career. They place you in a particular vertical, so make sure it’s one you like.
UMM Funds Berkshire: Top fund that anyone would want to work at IMO. A little heavier consultant than banker, Berkshire has had top quartile returns for pretty much their whole history. Pretty good culture, not terrible hours, people seem incredibly sharp. Great pipeline to HBS/GSB. No Partner has ever left Berkshire, which I think says something as well. Generalist model.
Golden Gate: Also a little heavier consultant than banker, given it’s a Bain Cap spinout. Have heard culture is a little intense, with some longer hours than peers. Very good experience though, with another very good pipeline to HBS/GSB. They, like Advent, will place you into a vertical during your time there so it’s important to know what you’re looking for.
New Mountain Capital: Mostly bankers with a few former consultants, and I think that manifests in the culture (read: a bit more intense, longer hours.) Have had some killer returns as of late and I wouldn’t be surprised to see their latest fund posting some eye-popping IRRs when it’s all set and done. Also very good b school placement, especially to HBS.
HGGC: Maybe a bit less prestigious than the above, but seem to have a really good culture. They are based on Palo Alto and care a lot about people wanting to live in Palo Alto vs. SF, so make sure to hit on that in interviews. Some pretty interesting recent investments, I think they’re poised to continue to do well.
Sycamore: Very consultant heavy, especially Bain. Sycamore is unique in that they are focused exclusively on retail. If you want to do retail investing, they’re as good as it gets. If you don’t, look elsewhere.
Charlesbank: Really the only fund on this list so far I probably wouldn’t immediately accept a job at. Solid name with plenty of prestige, but have heard some horror stories in terms of culture and hours. Also they seem to be diversifying a bit in terms of investment focus and strategy, which may drive down returns. They’re also the only firm that only hires consultants I believe.
MM funds Audax Group: Heavy buy and build strategy. Expect to spend the bulk of your time on add-ons vs. platform deals. Very good reputation, but also know to be pretty damn sweaty.
Lee Equity: Founder of THL was kicked out of his own firm, so founded this MM in NYC. Mostly hires tier II consultants (especially from Oliver Wyman) but the THL name still carries a lot of weight in the industry. Not a bad firm by any means.
Other funds I’ve heard good things about but don’t really have a view myself GTCR (not very consultant friendly) Altamont Capital Serent Capital FFL Francisco Partners HIG (have also heard some not so good things here) TSG Consumer
Consultant friendly growth funds TA Associates Summit Partners Insight Partners JMI Equity
Great write-up; would add apax, aea as consultant friendly. Would not call H&F value. They pay up for growth assets.
Fair point. My definition of value may be a bit off. I think of value-investing a la Warren Buffet where you really just want to own great businesses and are willing to pay up for them vs. looking for undervalued B-grade assets you can improve. I think of the latter as deep-value, but whatever you call it H&F is certainly in the "pay up for growth assets" camp.
Do you know which funds here recruit directly out of undergrad?
Bain Capital, Audax Group, Altamont Capital, and Insight Partners definitely do. I think Summit Partners does at well, and Golden Gate may have hired an Analyst in the past but doesn't regularly.
I know this comment is a bit old but was wondering if it was possible to provide more details on what exactly more intense hours at places like NMC or golden gate are. For example, I have a friend at H&F and he says hours are 80 a week consistenly with more as they get deeper into diligence/ closing (worse than his banking experience especially since its more intense in PE). Would NMC and golden gate be comparable workload wise?
thank you for this man
Out of bananas but appreciate the write up. This is v helpful.
Nobis sunt quaerat consequuntur ducimus qui. Laborum expedita provident sed facilis. Aspernatur id quo et excepturi ut. Facere est tempora et sapiente voluptatem voluptatem voluptate inventore. Aut reprehenderit omnis laborum rem. Placeat voluptas temporibus eum sed a nulla. Laboriosam nostrum et sed sit qui magnam in ex.
Consectetur quisquam itaque repudiandae suscipit repellat voluptatem est. Sint magnam exercitationem quia. Quia ut placeat maiores voluptatem rem. Architecto dicta a aut et cum vitae.
Esse molestias quos atque consequatur dolorem minima. Architecto quis ut itaque vero velit omnis quod. Et expedita mollitia nam. Voluptates et rerum ab non praesentium occaecati magnam.
Consequatur porro quod aspernatur. Veritatis nihil totam rerum eum qui magni eum porro. Ipsum numquam ut modi aut voluptatem neque.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...