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.
Do you have any insight into mid to senior level comp at Peterson/Tower Arch? VP+
I’m exiting the military, currently in special operations. Waiting to hear back from MBA interviews- but will be matriculating to an M7. Also happen to be LDS.
With a non finance background, is it possible to break into some of these firms in Utah? Specifically Sorensen, PP, or TAC?
With no finance background, probably not. You’re better off doing banking for a couple years out of your MBA and then trying to transfer over to PE.
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?
Bump
Bump
Utah PE/buyside scene is weird.
Firms are dominated by a circle of elite utah mormons with the right elite mormon last names (Sorenson/Peterson/Leavitt etc). For those not LDS, yes there are "old money" mormon last names. Somewhat need to be in the right circle to get a spot (or at least recruit well), but moving up into management is VERY hard as there just arent that many spots there. Weirdly poltiical like the person above noted. A firm needs to literally want to bring you into management /ownership to promote you up (which means you need to be "vetted"/highly connected). Its like marrying into a rich old society NYC family (easier said than done).
Then you have Ensign Peak which is the LDS church investment arm, and one of the low key largest investment firms in the world lol. Their affiliates PropertyReserves and AgReserves do land/farmland investing as well (and are essentially the largest player in the US I think). If you want to work on deals buying 15% of arable land in Florida, this is the place to be (seriously). Pay is low and most of the senior members of the firm have made their millions and are doing this as a service to the church for basically free (and they have super interesting elite backgrounds).
Lots of smaller lmm stuff centered around "sillicon slopes" in the lehi area which is interesting.
Probably need to hang a shingle with a partner to really succeed in Utah. As someone born and raised in the LDS church, its really just a culture where everyone wants to do their own thing/business/be an entreprenuer. I can't tell you how many peers I have in the church who end up starting something on their own (however weird or small it may be such as selling sprinkler systems or something). Its sort of in the mormon dna to do this (pioneer culture of utah and moving out west etc).
happy to answer any questions!
I think some of the people saying you don't need to be mormon to join some of these firms are a little delulu. Look at their team pages. I am not some DEI moron, but uhh...
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