Update on AEA?
Any updated views on AEA? Know they typically recruit on-cycle and have anecdotally heard solid things about the training experience and hours.
Comp / WLB / recent developments would be helpful.
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Was covered pretty extensively in the THL 2025 update post by someone in the FoF space;see below
AEA – series of unfortunate events for these guys. 3rd quartile 2016 fund ($3.1bn), bottom quartile 2019 $4.8bn fund (this is the “second chance” from LPs) and then a bottom quartile 2023 $3.4bn fund (this is the down fund “punish” from the market) although to be fair this new fund is relatively new so hard to say. Team has been quite stable here though which is a pro vs. the other two
My notes on AEA from friend that I know working there is that it's definitely a JAMMBO. Team is pretty intense, but not a terrible culture outside of that. They’re in a tough spot right now: the most recent fund was smaller than prior vintages, and performance across the last few funds hasn’t been great. That’s not fatal on its own, but over time fund size and reputation tend to converge. While it’s a ~$3bn fund today, I’d be cautious about where that is in another cycle or two, especially for someone entering now and thinking about senior associate timing in ~4 years.
What is comp like for associates?
Bump on comp
"The returns are terrible, but at least the team who made those bad investments is still there"
I heard 150k base ~150k+ bonus
~150k+?
Curious about WLB / overall associate experience
Bump
Curious as well, anecdotally heard good things about culture there
Fund is in very clear free-fall and that has effected culture / associate experience. Extremely political organization, everyone else in PE knows they are struggling so not the greatest for lateralling. Not a lot of deal experience as they simply do not have much cash to deploy left compared to peers in that 2-4bn fund size. Their 2022 fund has deployed a decent amount already, and given their last fundraising cycle there is a small chance they get any bigger for their next fund (it took them 4 years to raise 3.4bn, 1.4bn smaller than their previous fund). Pay is ~300k for first-years, which is in-line with fund size. Overall would avoid, way better lower UMM funds out there or even smaller MM funds.
How would you compare the platform with other JAMMBOs like Am Sec, Providence, TowerBrook, THL, Court Square for B school exits and senior associate roles at other shops?
Do not work here, much better shops in MM PE esp given how the fund has trended. They push culture a lot but they are a bit fake
How much does elevate pay
Bump
top talent
?
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