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If you’re looking at tech investing, you can’t beat the likes of SLP, Vista, Thoma, etc. and T/R doesn’t even come close. Have a buddy there and he seems to like it (doing small minority deals). Comp is lower than most buy side firms and also IB associates
what’s the best outta Thoma, Vista ?
Obviously the best is SLP, Vista, Thoma, Insight etc but you really think OP has the option to go there?
Small shop considering other players in tech PE. They do smaller deals focusing on SaaS companies in US/UK and seem to be doing decently in that particular market.
Investment team is pretty sourcing-heavy across the board I think. Some of their associates don't come from IB and were promoted from analyst position which is like 100% cold calling/emailing. So I don't think they do a ton of super technical stuff.
Comp is lower than most of their competitors. Office is/was based out of a WeWork location in SF FiDi I believe.
By lower do you mean
It's a fine place to start considering that the Silver Lakes and Thoma's of the world are very difficult to get into. If you come from a non-traditional background or simply just trying to break into tech PE, I think it's a good starting spot. However, sourcing isn't easy and not for everyone.
Nearly all tech-focused firms doing deals sub-$50mm/$100mm of recurring revenues are going to have some degree of cold direct outreach/sourcing. Even Insight and General Atlantic have sourcing folks.
Also, they've had some good exits so they aren't schlocky by any measure
At the analyst level Insight is largely sourcing fwiw.
Ditto for General Atlantic.
Isn't GA a top growth shop?
Agree. Have talk to probably half a dozen other Tech Growth Equity shops and all of them said sourcing is a part of the job
Looking at the title I thought this post was going to be about Poker. Needless to say I am a bit disappointed.
Based on their investment size and investment type, should probably be called. Flop-turn capital.
Maybe Flop - continuation bet - give up, capital depending on how operationaly intensive they are haha.
This is not a place you want to work as a relatively junior person and definitely not a place you want to work straight out of undergrad. I've had undergrads I'm mentoring mention that the titles they give out are incongruent with actual work being done. They want SDRs, not analysts. They want data analysts, not associates.
They are taking a deeply operational approach to micro-cap SaaS. Not sure how their model may differ from a Parker Gale or Riverside Company regional office, but have overall not heard great things.
can you elaborate on the not so great things you’ve heard?
Been getting some upset monkeys shitting on me for this comment (I can only imagine from Turn/River). No one is questioning the quality of the fund. I'm familiar with the portfolio and it is a fund on the rise with some big winners to come. But there are fundamental issues with being a junior person there, namely that the "investment" roles are minimally about investing. I wish I founded this fund, but would never want to be an associate there.
Agree with yiggy. Did a number of interviews with them before dropping out of the process, but basically it's a pure sourcing role. Interviewing with the team confirmed this-- had very little emphasis on investing, much more about why you're interested in sourcing and why you'd be good at cold calling. Probably little to no valuable deal experience until associate level.
How is turn/river viewed in growth equity vs shops like Spectrum, SGE/Stripes? Is it on the same tier?
Nowhere near. T/R does well for itself but it's a tier (or two) below due to the smaller size of deals on average as well as the more limited nature of the scope/mandate. It's a decent gig to stay at or use to lateral into shops in the same tier, but I can't really see it opening doors to bigger, more respected shops unless you do a top MBA.
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