Clearlake / Genstar are blowing the lights out on the west coast. Baypine is the hot new fund in Boston.
What are analogous funds in NYC? Looking for a place to land that is younger, nimble, and hungry to invest with a strong growth trajectory.
Candidates:
1. Veritas (?)
2. Sycamore - although have heard of fund performance issues lately
3. New Mountain - was popular a few years ago... have heard mixed lately
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Veritas and NMC are not up and coming... they are big established funds...
Seconded. Both have $25+ bn in AUM, so not exactly up and coming. That being said, I do see strong growth trajectories for both firms
Case in point Veritas just announced new fundraise for $10 - https://www.bloomberg.com/news/articles/2021-06-30/veritas-targets-larg…
Siris
Yeah their increase in fund sizes is pretty incredible (150, 650, 1810, 3450). Also heard Frank Baker speak once and seems like a great guy to work for. According to him, constantly competing with MFs in the tech space
Sycamore isn't exactly up and coming either. Really well-known consumer buyout fund.
Look into Gamut? Started by ex-Apollo guys who raised an incredible first time fund with a lot of capital deployed since fundraising.
Thanks. Yeah - up and coming is the wrong word. I just meant funds that were largely seen as solid middle-market shops that have vaulted quickly into the UMM territory (e.g., Genstar, Clearlake). Most of the funds in NY specifically have that "old world / class PE" vibe to it - i.e., big mother ships that don't really change their investment strategy or grow that quickly, and largely relying on the same formula that've sustained them in decades past.
Gamut is a good one. Searchlight is another that was founded by an ex-Apollo partner and is doing well.
Searchlight is a fantastic example actually probably better than Gamut albeit has been around longer. Very good fund where associates have anecdotally had good experiences during the tenure of their stay.
Siris - investing like crazy, smart investors and good set of guys and growing AUM.
Wouldn’t call them too young at this point, but one of the most impressive MM funds I’ve encountered but rarely hear mentioned is The Jordan Company in NYC. Guys at that shop, at least the senior ones, are very impressive.
Know some ppl there it’s xtremly Solid — jw why you think that though / what you’ve seen personally about it that makes it so
Can’t speak to the associates/other juniors there but in my last role, had the chance to interact with some of the partners and VPs on a few occasions and they just came across as very sharp and commercial people compared to others I’ve met in PE. I have no clue about their returns or anything like that, but heard they’re doing well and have had very little turnover in general.
The Jordan Company spun-out of Carl Marks... they own Harvey Gulf, which I think Black Diamond is trying to take control of. BDCM has a bad rep in terms of counterparty risk. TJC has a good rep.
Brightstar is one that comes to mind. First fund crushed, doubled the size for the second fund, and has been growing quickly. Gamut which has been mentioned is another good one, lots of ex-Apollo using a similar strategy and doing well.
Are they value oriented? do you know what the culture is like? I heard Apollo kills their associates and i dont think id like that. comp expectation at a fund like this?
If nyc area / CT counts for this discussion I think a guy named Bob Berlin started a fund called long range capital maybe. I think he was a senior person / head of privates at Baupost. Left to join Alex Navab’s (former head of KKR PE or America’s PE) new PE firm before Navab’s untimely passing. Now I think he raised like a billion from a major California public pension and is looking to do deals with a slightly longer hold like 7 years as compared to 3-5 years for some of the other PE firms. Sounds like a nice place. Think he may have brought in some people from Carlyle, Cerberus, Wharton, L Catterton maybe too. I think it seems like a strong growing platform albeit in Stamford maybe so it could be commutable from manhattan/nyc
also funds like Avista, odyssey and staple street come to mind which may have offices in nyc / manhattan proper
Oceansound?
Does anyone have insight into culture at Veritas? Saw they were raising a new $10bn fund but team still looks very small relative to other funds of that size (6 partners, wow). How is it there?
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