Know they’re a bit of a meme on WSO for the Hellish work conditions (pun intended) but hard to argue with the money these guys get (and invest) and how fast they’ve grown recently.
Intrigued if anyone has any thoughts on them.
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Similar working styles as other MFs. As you correctly noted, they work hard, but I believe they have great comp at the junior level (similar to Apollo).
Their investing style is different than your typical private equity firm with a $10bn+ fund. They are highly concentrated investors and back fairly mature businesses. I believe they noted the fund will invest in 12-15 businesses, which result in pretty large equity checks. They probably spend longer time on diligence than your typical MF that churns through banker CIMs on a strict timeline.
That probably means as an associate, you may be much more involved with your portfolio companies and may complete, on average, less deals than your counterparts at other PE firms, but bigger deals. Either way, it’s a great opportunity that’s on par, if not better, than all of the usual suspects in PE. I think their returns have also been top notch, which is refreshing to see given all MF returns have come down since they started raising bigger funds.
Anyone have any idea what their historical returns look like?
Think they still have a 0% loss ratio since foundation, making them the only established fund that can say that.
Post 2000, Fund IV & V (2004/2004 vintage) returned ~3.5x gross MOI, VII (2011) on track for >4x (suspect largely realised), rest is too recent to tell.
Fund VI returned 2-2.5x, which is still outstanding considering it's a 2006 vintage and they deployed most of it at peak valuations just before the GCF hit.
Their economics are absolutely bonkers, recent funds have 0% hurdle and from memory 25% carry, and AuM / Head knocks everyone else in PE out of the park.
No big deal not to close deals while working @ an MF though.
How much money does a first-year PE analyst get there? Like $300k? $500K?
Whatever you're smoking to think that $500k even remotely realistic must be the same shit that had that guy in Miami eating people's faces. They don't even take analysts.
The dude just goes around making dumbass posts like this in any thread.
I’m sensing lots of resentment and anger from you
Honest question Pizz are you crowdsourcing a compensation report? You seem to ask comp and age in every thread I’ve seen you in.
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