What would you classify as the top MM shops?
I’ve heard great things about Court Square, Oak Hill, Genstar, Sycamore and several other shops that specialize in MM. Any info on the above and others regarding reputation, comp, work/life balance etc?
Hi Machine123, check out these threads:
Fingers crossed that one of those helps you.
I wouldn’t call Sycamore a MM shop..
Same questions especially for Oak hill
Depends on your definition of MM. IMO when you're raising funds at $3b+ you're no longer in the MM. That's just what you call yourself to sound different than Carlyle/Blackstone/TPG etc.
Trivest (MM/LMM), AE Industrial (MM), Pamlico (MM), Owner Resource Group (LMM), Hidden Harbor (LMM) are a few that come to mind. Base comp won't be as competitive as at the mega shops, but carry is more widely distributed. Better work/life balance too for sure.
What do you call yourself at that size...? When you’re above the $3b cutoff you provided but you’re not doing Apax-like $10+b funds
Well you call yourself MM so LPs can sell you to their ICs as "alpha generators" and "complementary exposure" to the Apax-types.
I would call them large buyout vs mega buyout. Doesn't really matter. Call yourself whatever you want, the strategy is largely the same. Participate in auctions, pay way too much, do some add-on acquisitions to increase scale and average down your entry multiple, and then sell to one of your competitors so they can do the same thing. Clearly I'm generalizing here but directionally it's accurate.
Contrast with a true MM approach, where proprietary deals still exist (albeit not nearly as many as in the past). Main value-add is professionalizing an under managed and under-capitalized business. This typically means building out/replacing management team, implementing a metrics-driven approach and accountability, investing in organic growth (new products, increased sales and marketing, geographic expansion, etc) and typically add-ons as well. You come out with a far better business that will get you some nice multiple expansion on the exit.
When you have $3 or $4 or $5+ billion to deploy, you can't focus on these types of businesses. You need to deploy hundreds of millions per platform or the math just doesn't work.
So what would you say the rep of Oakhill and court square, and TH Lee are? Just curious
Leerink partners in healthcare/pharma side
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