Charlesbank Capital
What's everyone's view on these guys? Have heard lifestyle is good for PE but don't know much else. Any reports on comp, reputation, business school opportunities, etc.?
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Everything is strong here, if you want to be in Boston this would be at the top of my list:
I don’t know much about their recruiting process / know a few people who have joined them off cycle, but everyone has good things to say. Senior people are extremely smart and well rounded investors.
Didn't think culture was all that great.
Frankly heard it has a terrible culture and hours. Juniors are expected to grind and they hate to lose money so you will spend ALOT of time doing very tedious analysis to help eek out .00000001x more returns
Anyone know what their tech team does? Looking at their website, they have the team broken down by PE, Credit, and tech. Is tech GE? Is it just a subset of PE?
Charlesbank Tech Opps is primarily a minority-stake growth equity fund for very fast growing companies. Charlesbank's Tech Opps team is new and almost entirely hired from Pamplona TMT, to coincide with their $700mm fundraise.
Part of a growing trend of buyout funds raising separate growth vehicles. This is because PE firms are consistently seeing opportunities that their buyout funds are not appropriate for, but there is a lot of upside/opportunity so they have raised dedicated separate vehicles. Most megafunds have raised $1-$2bn growth funds so $700mm is quite impressive for a MM fund, whose main buyout fund is $2.75bn.
From what WSO has, pay looks below market.
Can anyone confirm whether WSO’s figures are accurate?
Think of them as the middle market Bain Capital. They were originally Harvard Private Capital, and then spun off to create their own fund (likely driven by desire to capture more upside/higher comp for themselves). Ninth fund so have been around for a while.
Only hire consultants so expect work to be more focused on investment thesis and market research rather than financial engineering. Pretty growth-oriented focus. Has the Boston consulting pedigree, which leads to common HBS exits.
Have done some deals that are materially bigger than what you'd expect from a middle market firm: Hearthside ~$2.4bn (with Partners Group), MyEyeDr $2.7bn (with GS Merchant Banking). This usually means they are gearing up for larger fund raises. Could grow to the ~$5bn+ fund club zone soon.
Their three strategies - buyout, credit and growth - are also a sign of a mature firm that has LP confidence to be able to manage all those separate strategies and raise large separate funds.
For what it’s worth, they were looking for associates from a banking background for their Tech Opps team (at least when they first started recruiting for it). Not sure if they’ve opened up to banking analysts for their main fund.
Yes, that's right. Their Tech Ops Fund is banking guys -> they're not Charlesbank guys, but rather from a different fund who chose to house their tech fund within Charlesbank. So different working group and probably different style of working.
They're a top fund in Boston. Consistent strong returns across funds. Historically only hire consultants for their main fund, so strong focus on business diligence. Focus on value style investing. Think about their Wayfair investment -> opportunistic value investment making 2-3x their money in just a couple months.
Very strong reputation in Boston. They do work hard though. Don't expect a 50-hr work week, probably closer to 70hr weeks with a lot of flex when things are busy. Really strong fundraising and will continue to do well for quite a while.
Are hours close to 70/week even at the VP/Principal level (or just at the Associate level)?
Anyone know much about their credit opps team? Just raised a $700 million fund
Anyone know culture in their distressed group in ny?
Pretty well-respected true middle-market fund, but would say they are notoriously sweaty - like, insanely sweaty. Not known for being super friendly externally either, and there were lots of rumors of a significant amount of culture clash or internal politicking that came about when the Pamplona team came over. They do a decent job of placing folks at good b-schools, but not quite like you can go in there and only expect to go to GSB/HBS (which is the case for some of the other Boston funds that also really prioritize b-school). All-in-all, certainly not a "bad" place, but closer to a Cove Hill / THL from a reputational standpoint than some of the other Boston names.
Any updated views on CB? Haven’t found as much as I expected on here. Lots of conflicting views “the culture is good and people are nice” to “the hours are miserable and the culture is awful.” I was on a deal with them and they were kind of shitty to be fair. Very pushy and demanding as though they weren’t competing against 3 other buyers who were all very pleasant (for being Waburg I&BS, etc.)
Insight on comp or NY office culture would be awesome. Does $325-350 for associate sound crazy?
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