Culture at UMM / MM PE shops
Trying to get a better understanding of the culture across different PE shops in the UMM / MM space. I've heard some shops are "frattier" more than others - curious to know who fits that stereotype versus the more traditional "buttoned-up" stereotype.
Kelso is apparently fratty af
What makes a firm fratty?
pro-forma chill / pull ratio
Also Thoma Bravo has been known to patronize strip clubs
Who can blame them? Can’t beat the lunch buffet at Gold Club
Curious to hear about Thoma Bravo's culture more broadly if anyone could chime in or be willing to let me PM them.
Know some people who work / have worked at Lindsay Goldberg. Have heard it's very stuffy / old school. Anecdotally have heard similar things about CD&R (not sure if they can be really even be classified as UMM anymore). Both very good firms though.
Kelso and Jordan come across as frattier. Really liked the Kelso guys I met - I'm sure they work pretty hard given the rather low headcount. Jordan is known for taking a lot of college athletes.
CD&R is certainly not UMM and your experience will depend upon you vertical but it's very buttoned up and corporate. They wear ties to work ffs??? Still amazing learning, you speak in committee and people give a shit about what you say.
I think rule of thumb, and people can ms for this, but it's true I think, is look at the team page. If it's more demographically diverse, the firm is less likely to be fratty. Although I would not say that the other end of that spectrum is "stuffy," just a tad more professional/corporate (i.e. professional, but can still be nice people who care about your development).
Since carry is vested throughout the life of the fund / investment period, most seniors stay with the firm for quite a few years I guess. Is the turnover at PE/VC funds generally lower?
What if VPs/Principals are unable to make the jump to Partner because of political issues within the firm or culture mismatch. How likely would you be to jump ship and give up some of your carry (especially if it is back-loaded) to move to a direct competitor or just another fund?
Turnover at the senior level is minimal, as you would expect. It's quite common for VP / principals to be pushed out, usually it's a simple question of not having a seat to grow into (a fund can only support so many partners). You obviously lose unvested carry in any situation when you leave before it has vested, whether you leave on you own or not.
I thought there were usually clauses dealing with recompense for unvested carry for involuntary departures? Can someone correct me? At my old VC fund that was the case given the long fund life.
What are some firms that are not stuffy but not overly fratty?
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