How do UMM Associate programs compare to MF Associate programs. Particularly CD&R/Apax/Francisco vs traditional MF. Seems like UMM are raising MF like funds ex Francisco Partners 13B. Any difference in types of deals done?
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CD&R has raised a $20B fund… they are bigger than TPG, Bain, Vista, WP, etc.
Very little difference
Personally I'd rather go to a growing UMM/MM shop than an MF given that I might actually be able to climb the ranks at an UMM instead of legacy KKR which I'd imagine would be impossible to make it up to partner.
This is actually not true. KKR actually promotes most of its Associates to Principal vs. many MM / UMM pushing Associates out to b-school or only a few making it to the next level. Places like KKR surprisingly run very very lean despite being a huge firm. I think their Industrials PE team is like a few Associates total.
This is correct, and conversely a lot of UMM firms are actually quite bloated and political. Not a hard and fast rule but would diligence a particular opportunity vs. just going for either MF or UMM.
I wouldn’t say “most associates”, but it is correct that KKR allows for direct promo (and generally prefers this to MBA hires). It’s definitely a very political environment that you need to navigate to work your way up the latter (arguably more than UMM funds given bigger size / more people to win favor with)
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