Utah PE firms?
Hi all,
Does anyone have any insight on Utah PE/VC firms? For context, I’m a Latter-day Saint, and I decided to leave Utah to attend an Ivey instead of go to BYU for college. I’m currently an analyst at a MF and am enjoying it, but I miss Utah quite a lot and feel pretty strongly pulled back there.
I feel very grateful to have the job I do now, but I can’t help but think about working back in Salt Lake. Does anyone have any info about the biggest Utah-based firms, like Sorenson Capital, Peterson Partners, Pelion, Mercato, and any others I’m missing? Specifically, how is WLB and comp? I expect culture at any of these places would be great, but it’s harder for me to think about leaving the pay trajectory I’m on right now. What might associate/VP comp look like at some of these places?
Also LDS, also very familiar with the space. Feel free to PM me and we can chat.
Top tier: Sorenson, Tower Arch Capital, Peterson Partners. All good places with good B school placement and lots of learning.
Everyone else falls below them, and there's a bunch of early VC/seed sort of funds, and a lot of independent sponsors. The ones you mentioned are in this group. Pelion, Mercato (know some people there, avoid for sure) Cimarron, Leavitt, EPIC, Kickstart (great people, placw to work) Peak, Signal Peak, etc.
As far as comp goes, it's under market everywhere else. Had a friend at one of the funds tell me they came at like $170 all in last time I checked (6 mo ths ago) ans that was after 2 years of banking. Others will be more, but don't expect to break that far above 200 all in, including "phantom equity".
Lifestyle is better at the smaller, lower tier firms. Sorenson, TAC, and PP will work more/grind a lot more, but their caliber is higher (e.g., coming from top banks and MBB instead of just hiring BYU MBAs). I've heard of a couple 90+ hour weeks for the top, but it's usually more like 50-60. Lower tier, usually like 40-50.
Don't expect upward mobility, even if you go to a top MBA, there's just not enough spots and the politics can be weird.
Do you have any insight in Wasatch advisors? Based on SLC and online says they have $24 BN in AUM and 93 employees, which is a really solid ratio especially for Utah. Any insight into WLB/comp there?
Wasatch Global Advisors? Not much, they're more asset management than actual PE/Growth. No idea on WLB/Comp there because I see Asset Management and PE as fundamentally different industries.
Adding to this: my understanding is that Sorenson doesn’t do buyout anymore. You would want to go to Peterson or Tower Arch for that. I also understand that Tower Arch is a bit more old school, and I think all three of these firms kick you out after 2 years to get your MBA.
You're correct on Sorenson. Tower Arch is more old school, yes, and for me, Peterson has the best vibes of them all. May be because Joel Peterson is involved (guy is an absolute legend, humble, amazing man).
Is it hard to get in if you’re not LDS?
Definitely not, haha. There are plenty of people in the Utah finance scene that aren’t LDS. However, I think non-LDS people in general feel a bit of a cultural barrier living in Utah. For instance, you probably won’t be going to any happy hours with your colleagues (we don’t drink alcohol).
That being said, Utah is a very fast growing state with a lot of natural attractions as well. If you want to work in finance, but also enjoy being outdoors and want a good place to raise a family, Utah is a great place to be.
Not even slightly.
Ensign peak is where it's at 170bn assets under management, and they.invest in everything(equities, real estate, cattle ranches etc).
Not even joking.
Do they compensate well?
If you know anything abt the lds church you’ll know that they probably pay literal peanuts there. People don’t go there to make fortunes.
Anything on cynosure?
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