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Not fully exhaustive and very much subject to interpretation (e.g., some say MFs are those with $10B+ fund size, others classify based more on deal size, variety of asset classes, etc.)

MF: Apollo, Blackstone, Carlyle, KKR, Warburg Pincus Large Cap Euro Funds with NYC Offices: Apax, BC Partners, Cinven, CVC, EQT, Permira Large Cap American Funds (could go as MF based on who you ask / how you classify): Advent (Boston HQ), CD&R, H&F (SF HQ) UMM: AEA, American Securities, Centerbridge, Cerberus, Harvest, KPS, Lindsay Goldberg, New Mountain, Sycamore, TowerBrook, Veritas, Welsh Carson

Some of the UMMs I listed have sub-$5B funds but will sometimes compete in processes for assets that go for $1B+. Some people use $3B fund size as a cutoff. UMM is a rather subjective term.

 

Good list and agree it's subjective. But you are defining MF seemingly as global multi-strat investing (which is ok). But in that case CVC cannot be in category 2 given their flagship fund is 20bn+ (ex Asia), and have credit, tac opps, growth etc. with 100bn+ aum. Unless HQ in US is a requirement for MF status

 

I just included American funds in the MF category given that OP was asking about NYC (I focused on listing funds in which NYC is the primary office). CVC would definitely be classified as a MF (by far the largest of the funds listed in that category) - I used "Large Cap Euro" somewhat arbitrarily to distinguish this (so somewhat in line with your last point combined with focus on NYC). Maybe not technically correct on my end.

 

Do you know what firms out of these are known for good culture and work/life balance? I'm hoping to exit to PE after 2 years in IB, but I hear the UMM/MF are known to be sweatshops and an extension of the banking life. Is this true?

 

PE is a quite competitive and deal driven industry its hard to find a place that both (i) has a moderate workload and (ii) that will pay you market salary.

The huge upside is that you control your own schedule as you are higher up the shit chain, I might know that I will have to work a banking like week, but I know ahead of time and I have more control. There are some Fridays where you will be in the office extremely late, but it largely is well known a few days in advance.

Downside is that you are almost always working on something when at work, there isn't really just a downtime where you don't do anything, there are always back burner portfolio type items that need to be addressed.

 

Other funds that can do largish deals not included with a NY presence: - Silverlake - Goldmans PE arm - Ares - Elliot's PE arm - MSD Partners (they have discretionary capital now) - American Industrial Partners -Nordic Capital -Partners Group -I know TPG has a NY office, not sure if they have a buyouts team in NY.

Additionally if just considering for a 2 year stint, a bunch of the SWF/Canadian Pensions have offices in New York that do massive LBOs.

Lastly most of the large infra PE funds have a presence in NYC (Stonepeak, GIP, Brookfield, Energy Capital Partners etc.). They have been getting into more PE style deals as well.

 

Yeah, can confirm Ares buyouts team all sits in LA, but they have a credit and RE presence in NYC.

 

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