If anyone has familiarity with the above shops past what is listed on websites, already on WSO, or in public pension documents, would be great. If anyone has had these guys in a sell-side process would be good to know what your impression was. Primarily concerned about b-school pipeline, deal experience and how the associate roles are structured (i.e. generalist or vertical-specific).
Additionally, if there are other upper middle market carve-out focused shops that I should be looking at please let me know which I'm missing.
Hi Kazimierz, don't worry, the WSO Monkey Bot is here.... I'm hoping one of these links will help find your answer:
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Lotta great value add in this thread
Bump again - incoming 1st year and would be super helpful if anyone has some insights on these firms, clearly im not the only one interested either lol
B-School Exits: CD&R/GG > Rest (Though not sure how many Centerbridge associates try for B-School)
General Prestige: CD&R/Centerbridge > GG > Cerberus/Onex
Centerbridge hires very smart people / is cool because of the distressed/PE model but from what I understand, returns have not been anything special. Both them and CD&R tend to focus their PE efforts on lower multiple, old economy businesses, though both have put resources recently toward more niche/legacy areas of Tech.
Golden Gate has a big fund/does big deals, but they have pretty high headcount and I’m not sure what the average associate’s experience is like. You get industry siloed but get to switch after a year.
Cerberus and Onex I know less about, obviously Cerberus is more distressed focused and I don’t think Onex does deals of comparable scale to CD&R/Golden Gate.
thanks, appreciate it
just adding a bit to this. cerberus is definitely not what it used to be a decade ago. returns haven’t been stellar and in processes I’ve been in with them they always low ball hoping to pick up an asset for cheap. CD&R usually bids the book on processes and doesn’t usually win but heard their associate program is great. from what I can gather from people in the industry, Onex is well regarded and so Centerbridge/CD&R/Onex > Cerberus/GGC. all of these funds would be great obviously (they’re all very different). I’m sure others might have different opinions but this is just what I’ve seen from my interactions with those in the space
What makes the associate program great at CD&R?
does CD&R have a mandatory 2 and out program or is there an opportunity to stay on rather than get an MBA?
I think CD&R > the rest from a a general prestige, experience perspective. CB’s returns have been poor in the recent fund also
bump, would be interested in some more color around centerbridge, structure of associate program, comp, (relative) WLB, etc
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