Trive Capital and other Dallas funds
How should I think about recruiting for Dallas? I’m an analyst in NYC but have ties to Texas so want to end up there, but not sure if it’s better to do an associate stint in NYC first or recruit for Texas directly. Trive seems to be the biggest non energy fund in Dallas - anyone have any thoughts on them (strategy, culture, reputation, WLB, comp, exits, etc.)?
Also interested
The top 3 non-energy non-RE funds from my search are:
All of them focuses on industrials and other “old economy” sectors
Not sure why the MS - Trive and Lone Star are legit Dallas funds. Trive loves a hairy deal and they work pretty hard. There's a few other smaller LMM types, but it's not a huge landscape. Also, can't forget about TPG out in Fort Worth.
Sterling however is Houston, not Dallas.
OP - IMO unless you have an immediate need to go to Dallas, I'd do a few years in NYC first. Better resume branding for down the line if you ever want to go back to NYC, esp to a larger fund. And won't be a hard switch to move to Dallas at that point if you have Texas ties.
TPG doesn’t have any PE people out of Fort Worth (at least at the Associate level) to my knowledge
Does LS even have a presence in Dallas through Hudson? I thought the investing team is in NYC/London?
Sterling just opened a new Dallas office. Credit team is based in DFW and just raised a new LMM fund that is based in DFW. Building a team and no PortCos, so would be solid deal flow out of the gates.
Dallas has a load of pretty strong hedge funds. Canyon, HBK, Q Investments, Maverick, etc. Probably a few other shops I’m missing, some legacy Highland or Lone Star spin outs I’d think.
Edit: Per below Maverick has no investment professionals in Dallas.
Citadel was also building a presence here at one point. They let a few of those teams go, so I’m not sure how many (if any) are left. There are a number of small spinouts from places like Highland and Q, but I don’t think many have gotten too big.
Maverick doesn’t have any investment team members in Dallas, or didn’t as of a year or so ago. All back office
??? you put Q investments in the same line as Maverick and HBK? Nobody with half a brain interviews or takes a role at Q - weird spot and not PE
Q has a PE portfolio; they’re actually hiring now for a VP. At one point they had something like $4B AUM, but as I understand it it’s basically a family office now with more like $1-2B. I hear the culture has calmed down a bit in recent years, but it’s definitely a unique shop in Fort Worth. Takes a certain kind of person…
I'm unfamiliar with Q Investments, why do you say that nobody in their right mind would accept an offer there?
Only one I think you missed that's relevant is Gauge Cap. Solid LMM shop from what I've heard and I know they're well-connected with an active BD team that helps them bid on a number of processes for private sellers run by a variety of banks.
Edit: just read that you meant hedge funds so my bad, Gauge doesn't fall in that but should be mentioned here.
Trive is a disciplined fund, which draws comparisons to funds like HIG. Good investors, but a pain to deal with as a banker
https://www.wallstreetoasis.com/forum/private-equity/dallas-pe-funds-op…
Bump
Any updated thoughts on places like LKCM Headwater / Align / Paceline / etc. would like to move back to Dallas at some point and these places look like their check sizes fit my experience better
Previously interviewed with Align but was dinged in their process. From what I could tell, really great people that all came across as sharp and they’re very active doing M&A so you get a lot of experience. Dual office structure in Cleveland and Dallas with the team essentially split between locations. If you check LinkedIn they’ve had a few VP promotes but essentially a two/three and out program.
FWIW was supposed to go through an interview process a while back with LKCM, but the interviewer postponed it 3 different times (like hey can we do this in 2 weeks type delays), was so annoying so I just ghosted them.
does anyone have any color on comp and hours here?
details would be greatly appreciated. currently interviewing with the fund
Have super day invites gone out? Received the case study before labor day and haven't heard back
No I have not heard back yet on superday
Trive redefines the term sweatshop. I was on an info session with them recently for their upcoming recruiting cycle. The one associate on the call was cherry picked to talk because they were the only minority associate at the firm. They had bags under their eyes that made them look like a raccoon and they were struggling to stay awake the entire time. The single MD on the call didn't even bother to turn on his camera and had a shitty attitude the entire call. Loved talking about "flat" management structure and lean deal teams. They just raised a massive fund and will probably be sprinting like hell to place the capital.I would stay far away unless you are a complete masochist. Seems like I'm in the minority on this site when it comes to prioritizing work life balance though, so maybe that's your thing. I am in Texas and there are lots of shops that have partners and others lower down who enjoy their free time and want to spend time with their families. Obviously that is difficult to get a sense of from an interview but I think when people use terms like "flat structure" it is always a thinly veiled way of saying you will get worked to the bone.
Ok so you don’t actually work there and are basing your opinion on a coffee chat with one associate. The VP I spoke to specifically said he moved to the shop particularly because of the lifestyle and had a phenomenal attitude. Can someone who actually works there or know someone who does firsthand please comment?
Can't comment on Trive but I don't think that's out of the norm for most buyout focused shops growing rapidly, especially others in Texas. Know someone that worked at Align and heard that it's very sweaty. Very few shops anywhere of a similar size where the associate experience isn't a grind.
Lol ok dude, I was only trying to help. Don’t ask for reviews on funds then get mad when people actually reply, are you expecting several professionals from a small middle market fund in a T2 financial center to comment on your obscure wso post with job reviews?
You didn’t even read my post, it was an overview of the firm with an associate, vp and md. I wouldn’t have said anything if it was a “coffee chat” and any observant person would be able to take note of the firm’s culture looking for indicators like the ones I mentioned. Anyone who looks at their numbers can tell its gonna be sweaty if their newest fund is double their previous and they are keeping assoc. head count at similar or slightly increased levels. If the person you talked to legitimately thinks that their WLB is good, maybe that’s cause they have an army of associates at their disposal and for them a good WLB is 70-80 hrs a week because they came from an EB or something. Not saying its the situation but you should try and look at it from their viewpoint and see if it aligns with yours.
I have multiple friends who have worked at this shop or gotten very deep in the interview process and their experience was similar to the above.
For better or worse those coffee chats can tell you a lot. Yeah recruiting isn't everyone's priority and people can have a bad day, but having an attitude with prospective candidates is a huge red flag. Imagine how they'll treat you when you're actually there.
WLB is a focus for most people at this fund size and location, Trive is a known standout for rough culture and super hairy deals... if you want to work at a MF you might not care about hours but at $2B AUM most guys are looking to have their weekends back
Basing it off of one interview doesn’t seem like a good strategy. There are busy periods in PE no matter where you go. Good luck finding a decent shop where you’re not working pretty hard at times.
Any update on super day?
Never heard back after completing the case study nearly a week and a half ago, so I assume they’re process is likely wrapped up at this point.
Yeah they had super days last Friday. Happy to exchange cases if helpful (what to do vs not do)
Anybody know anything about Crossplane Capital?
I've seen Crossplane but haven't heard much about them or Havencrest (healthcare focused fund).
Bumping, interested in further discussion on Dallas PE firms and family offices.
Trive
Hunt family
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