Best Up-and-coming/MM PE funds
Name some funds outside the KKR/BX/Apollo megafunds that you would love to work at. Shops with impressive management teams and foreseeable future growth
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Also curious!
Asenqua Ventures
too broad... what region? growth, buyout, distressed?
Incredibly dumb question. Way too broad. Give us some more specifics or else this is impossible to answer.
I think Audax Group has a bright future ahead of themselves.
I would agree that Audax is a decent shop. Haven't heard the best things about work life balance though
Just a few: Code Hennessey (CHS Capital), Corporate Partners, Brockway Moran, JH Whitney, Patriarch Partners, Hicks Muse, Sterling Partners
Have heard phenomenal things about the team at Patriarch. Really just a special talent. I'd also add First Reserve and EMG to that list.
...
That is a terrible list:
Woosh
Please acknowledge that the aforementioned list is lacking in depth and quality, and sarcastic tone is meant to reflect the general, excuse my french, **bullshit ** that this topic reflects.
In all seriousness, I think this topic has recently been discussed extensively. This new generation of interns come in and post ambiguous, generic topics that have been extensively discussed, without any regard for the search function. The value-added members of this forum, who actively want to help, are slowly becoming turned off because these new members do not want to contribute, but just make generic topics, and debate in a factless environment to no end. As a result, this messaging forum is degrading in quality and will eventually lose what made it so great.
I honestly thought you were serious and had to do a double take to make sure your post wasn't from 2006.
But if you're going to complain about turning people off to a forum, I don't think posting sarcastic responses is helpful. If you're putting yourself in the "value-add" member, I think your post is (much) more harmful to the community than the OP.
Yeah, and get off my lawn! Cant you see Im trying to be posh here?
There are a lot of funds out there that do well, but aren't frequently mentioned on WSO. Examples: Clayton, Dubilier & Rice Platinum Equity Onex Corporation Advent Hellman & Friedman EQT etc etc
Good yearly study: http://peracs.com/2016/12/2016-hec-dowjones-private-equity-performance-…
PEI300: https://www.privateequityinternational.com/pei/pei300/
That is a great list. I'd also add:
You would add Berkshire hathaway as unknown
Waterland is definitely a bit of a pearl in continental EU I'd say.
I would add HAL Investments as well then (though it is a listed family office). Around 20 investment professionals with circa €14bn AUM. As far as I know they only hire straight out of grad school though.
But, as far as I have heard, the work life balance could be better at Waterland and the power tends to sit in the Benelux offices
I also think that the profiles of the people working there isn't that strong
I just don't see them up there with funds like EQT
they do have now an office in Munich
Gilde Buyout Partners used to be high up on that list, too, with most of their investments being in BeNeLux
Vista, Spectrum, Riverwood.
PAI Partners, Apex, Cinven
+1 for both PAI and Apex
The fund is called Apax, but glad you like guys like them ;) performance has been shit though (esp. 5 years back), and senior turnover extremely high as a result of that. There are some good public articles on this.
I work in the LMM space (fund size between 100M-600M) so I will share some that I consider solid
Encore Consumer Capital The Beekman Group BHMS Investments Insight Equity Iron Bridge Equity Partners Monomoy Capital Partners
What are your thoughts on Insight? Heard they've lost a step since a couple partners spun out their own funds
I've seen their returns and they are insane. However, upper management has had several conflicts throughout the years due to egos clashing. Nevertheless, i'd definitely consider them for an associate stint.
Always was impressed with anything Lindsay Goldberg would put across our desk. Love the longer fund timeline and track record of helping family-owned businesses.
Prestige Worldwide
ABRY, Trilantic Capital Partners, GTCR, CD&R, JLL Partners, Rhone Capital, Littlejohn & Co., Towerbrook..... there are several
How are Apax and Leonard Green considered "up and coming" or "middle market"? They've raised funds nearing $10bn and participate in buyouts at the highest level.
I had the same thought - people keep mentioning H&F, Thoma Bravo, and Vista Equity but each of those have raised ~$10bn funds
TB's last fund was $4B, but would have to agree they're far from "up and coming"
Or CD&R or Onex for that matter. They're both over thirty years old, hardly "up and coming"
Two funds I'd put forth are Gamut (former Apollo guys) and Peak Rock (former Aurora Rersurgence and HIG guys). Both have raised blowout debut funds and were founded by very smart / respected guys with solid track records. Since they're so new I'd think they have room for advancement if you joined as an associate as well. IMO both would be great places to start a PE career.
Well taking CD&R as an example: They will go from $6.4bn fund size to ~$9-10bn with the current fundraising, a close to 50% jump in fund size in ~3 years with very lean team structures. Performance has been great, and they have impressive guys among their partners and avisors (Don Gogel, Jack Welch, Terry Leahy, James McNerney, John Dineen, Helge Lund, ...).
IMO they tick both boxes regarding OP's "impressive management teams and foreseeable future growth" question, and I think the same is true for some of the older / large cap funds that were mentioned.
There's a fund that some ex-Bear Stearns guys have started that's pretty exciting. Think it's a family shop, couple of cousins. RKK? KRK? KKR? One of those, the letter ordering is confusing. But yeah heard they're up and coming.
Searchlight Capital Partners is worth mentioning
One Rock KPS Bregal Sagemount Gamut Clearlake
Any info on Clearlake?
My list on rising MM managers: One Rock TSG Gamut Z Capital American Securities Waterland ONCAP - Onex's MM platform Boston Venture - buyout strategy now
Can't call American Securities an up and Comer haha they are pretty large. Unless you just mean that they fly a bit under the radar like New Mountain
True Wind and Genstar are two in the tech world that come to mind
Abraaj is a very interesting one, heavy on emerging markets (esp. in MENA region and sub-Saharan Africa), definitely up and coming in the region.
The funds that will have the best outlook going forward aren't even around today. Capital is so plentiful that if you have solid GPs that target a specific enough industry you can raise a fund historically speaking relatively easily. This is going to force to return curve for the big shops down as new comers begin to take away deals.
Both CALSTRs and CALPERs (two massive pension funds in the States) publish all the funds they are an LP in and they show the funds performance (both multiple and IRR) through the latest quarter (there is usually about 2-3 quarter lag but it doesn't really matter as P/E funds are all LT investments anyways).
It's a cool list to see both some of the big name funds and see how they are doing and also listing out a plethora of funds you have never heard of but have absolutely killed it.
http://www.calstrs.com/private-equity-portfolio-performance, click on PDF link "Private Equity Portfolio Performance as of March 31, 2016"
https://www.calpers.ca.gov/page/investments/asset-classes/private-equit…
From there you can do start your research on potential funds to your hearts content!
Roark Capital out of ATL is slowly becoming a leader in the retail/franchise space
They just acquired Jimmy Johns, which was their largest deal to date, and fund sizes are increasing exponentially
I worked on a Roark deal while in banking that had pretty outrageous returns
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