UMM Off Cycle Help
First year at a BB/EB interested in healthcare investing— working through off cycle recruiting right now. Have found that most MFs are done or have 1-2 spots left (correct me if wrong). Would like the avoid the west coast if possible, so have narrowed a list of the following:
Veritas, NMC, WCAS, Berkshire, THL, Nordic,
Any color on these funds’ performance, culture, comp, etc? I feel like Veritas and NMC or more well-discussed, so specifically would love info on Nordic, WCAS, and Berkshire. How do they fall in the UMM landscape?
Don't come to Veritas. Everyone thinks that they are special and can survive the culture only to find out they are not. Unless you want to have literally no life, even compared to others in PE, and are ready to give up your live for toxic people at all ranks; Veritas is not a good firm to be at. Even the partners are always in constant fears and work IB like hours.
Average Veritas associate. Every Veritas employee or ex-Veritas employee just tells me to avoid the firm when I ask about it, which is completely different than the WSO reputation of it being a top shop to join.
Have heard similar things about One Rock
Did you hear this from a first-hand source (current / ex employee) or just from this forum? I know there's some negative stuff said about culture on WSO but they seem to be doing very well fund growth wise
For healthcare investing as a whole: WCAS and Nordic, although Nordic skews HCIT
NMC healthcare partner just left I believe. Veritas is generalist with pockets of healthcare blended in. THL is meh. Don’t know anything about Berkshire as a healthcare investor.
Veritas is primarily tech and most "healthcare" investments are really HCIT / health tech. Fund has a few verticals but is heavily over indexed to tech with defensible end markets (i.e. healthcare, financial instiutions, education, etc.).
Avoid THL at all cost. Associate morale is as low as you’ll find anywhere
Would throw in Harvest in the mix
Take your pick of how healthcare-oriented you want a fund to be from this list...think GTCR is an interesting name to add
Tier 1 UMM Pushing MF: Lot of rocket ships here
Francisco Partners, GTCR, LGP, Veritas, New Mountain, Genstar, Hg
Tier 2 Respectable / Differentiated UMM Shops: Found their niche / recognition
Berkshire, Nordic, BDT MSD, L Catterton, Soint Point, Roark, WCAS, Audax, HIG, Centerbridge
Tier 3 Struggling / Big JAMMBO: Have issues
Clearlake, Platinum, THL, Providence, Harvest, Lindsay Goldberg, Towerbrook, AEA
Tier 4 Sleeper / Up-and-Coming UMM Shops: No one talks about these
TJC, Patient Square, Linden
Tier 5 Zombie Funds: Avoid
Golden Gate, MDP, BC Partners, American Securities, Onex
This is maybe the single worst list I have ever seen on WSO. Hg is software explictly not Healthcare, Roark is consumer not healthcare. This is simply not a HC list; just a list of random firms put together by AI.
this was meant to be a full UMM list
You have missed every single UMM Tech name, every UMM Industrials name, and a wide variety of other names. There are a lot of UMM funds out there, number is probably close to ~50, which is logical given they range a wide variety of industries, sectors, and mandates. You are also including a lot of older names that really shouldn't be; no firm that hasn't raised since 2020 should be on a list of UMM's because their actual capital left to deploy is $0 or very close to it. I don't consider Onex/AmSec/MDP/etc. a UMM because they don't actually have enough capital left to deploy to be able to do UMM-sized deals.
Lmfao TJC as up/coming and LG as JAAMBO. We gotta do something about these AI sh*tposts.
Am Sec has potential to come back up. Port cos doing well
Hg filled up their class for their large cap fund ($11B) and MM fund ($8B) from what I’ve heard
Think they have open spots at their small cap fund ($2B)
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