My search function is not bringing up much when it comes to the current landscape of Tech PE firms. What does the current market look like in terms of firms with best comp, hours, prestige etc? Which are best for fintech, software, or tech hardware? Which are set up best for the next decade in your opinions? Thanks for the help!
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All around (incl media and hardware) silver lake
tb and vista still kings of enterprise SaaS
francisco is great UMM PE
insight does growthy stuff and some buyouts
GA and TA still good for growth buyouts but the latter has particularly diversified
lots of UMMs have software/tech teams like Berkshire or MDP
siris is good MM tech in NYC
TPG growth is growth buyouts, KKR NGT is more insight-like, Bain has their growth arm, I’m sure there are a few more of these
Permira is a savvy software investor
I think Genstar does a lot of software too
This is a great list. Agreed that Thoma Bravo and Vista are still kings of enterprise SaaS buyouts.
If you’re more into growth equity in the enterprise SaaS space, I’d actually consider JMI Equity to be top tier and a place to learn a lot. Raising a $2bn+ Fund X and they exclusively do enterprise SaaS growth deals. Hard to find another place that exclusively focuses on software at that scale.
There are some new funds that are bound to make it big in software PE as well. Crosspoint Capital, Golden Gate’s software team spinning out, etc
JMI is a good add and Crosspoint is a good add... will say that.
That reminds me of Vector doing more distressed tech. Then there's ICONIQ for late stage venture capital type tech. But that opens up a whole shoebox of the Dragoneer, Altimeters of the world then you start bleeding into venture so won't start there.
Then in the smaller size often still buyouts you have the Level Equity and Silversmiths of the world. Rubicon TP in Boulder. You have Spectrum although that's more growth than growth buyouts I think. Mainsail is growth buyouts, they're more Level-y or Silversmith-y.
Any more insight on TPG Growth? How well do they do against other growth firms?
Thoughts on Advent, TPG Capital, H&F?
Advent tech team has strong performance and small team with a bunch of smart people. Shown an ability to do a combination of buyouts and a few successful early growth checks. H&F I would put a tier below Advent -- they do big tech deals, but wouldn't put them in a top 5 list -- feels more like PE guys trying to do tech IMO. TPG no opinions.
Advent has a tech growth team vs. main buyout fund, separate website and all last time I checked a year or two ago
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Thoughts on searchlight and symphony?
Any thoughts on Hg?
How has performance at TPG Growth been? And what's the role like?
Heard performance has been solid, and good friend there has nice WLB - seems like normally logging off at a reasonable time and likes their team (but ofc cranks during live deal - same as anywhere). Heard they will promote through to VP w/o b-school which is a big plus for me too (but also have benefit of TPG->HBS pipeline if u wanna go). Have been thinking about trying to lateral there bc seems pretty great. My hunch based on comments during IPO is that it's a priority to further build out growth platform now that they're public.
They're public, you can literally look it up very easily
Insight Partners are very underrated here. Most event fund raise $20 billion.
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What about KKR Tech PE team?
I know I’m going to get shit for this, but I would caution Vista, at least in the short term. I’m sure the junior experience will not change materially but feels like pretty significant risks outstanding
Less disciplined on value these days
Why? Vista has never lost money on an investment
I’m talking specifically about the Robert Smith situation continuing to new details come to light
I wonder if they have their first loss this year as multiple compression in public markets trickles down
Which tech PE firm has best comp and/or best WLB?
Any insight on Warburg Pincus?
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