Private Equity/ Private Investment Divisions - Minneapolis-St.Paul?

I'm coming up on graduation May of 2019 and I'm trying to prepare for the fall recruiting season. Specifically trying to move to the Minneapolis - St. Paul area. Does anyone have any info on the private equity scene in the Twin Cities area? I'm aware of some firms like Norwest and Stone Arch Capital, but would be very interested in hearing if anyone else had some experience in this field in the Twin Cities metro.

I am looking into the smaller private equity shops that would be open to accepting undergrads straight out of graduation. I know most firms look for 1-2 yr iBanking analysts (popular places to lateral from in MN are Piper, BMO, RBC), but I do have about 3 years internship experience in private equity/investments.

I would also be curious to know about the private investment arm of larger corporations. A few I have come across are Allianz Global Investors, Prudential Capital Group, and Ameriprise Asset Management.

Any input, experience, or advice would be appreciated!

Comments (23)

 
Jun 22, 2018 - 10:22am

NuclearPenguins:

Norwest Equity Partners
Norwest Mezzanine Partners
Varde Partners
Castlelake
Stone Arch Capital
Yukon Partners
Pohlad Companies
Carlson Private Capital Partners
Proterra Partners

To add to this list:

Merced Capital (formerly EBF)
Tonka Bay Equity Partners
Shoreview Industries
Goldner Hawn Johnson & Morrison
Northern Pacific Group
GMB Mezzanine
Northstar Capital
Spell Capital (buyout and mezz)
Marquette Capital
Medallion Capital

OP, virtually none of those is going to hire straight from undergrad from what I've seen. Every person I've met at any of these had prior IB, consulting or some other relevant experience.

 
  • Incoming Analyst in IB-M&A
Sep 29, 2020 - 5:23pm

Not sure if you've ever interacted with any of these funds, but do you have any insight on the culture at any of these places. Interested in mpls pe down the line.

 
Most Helpful
Jun 22, 2018 - 10:26am

ctrl-z:
I am looking into the smaller private equity shops that would be open to accepting undergrads straight out of graduation. I know most firms look for 1-2 yr iBanking analysts (popular places to lateral from in MN are Piper, BMO, RBC), but I do have about 3 years internship experience in private equity/investments.

I would also be curious to know about the private investment arm of larger corporations. A few I have come across are Allianz Global Investors, Prudential Capital Group, and Ameriprise Asset Management.

Couple of additional points:

  • RBC does NOT have an IB presence in Minneapolis; the legacy RBC Dain Raucher went to Harris Williams, Piper and other shops

  • HL, HW, Piper, Lazard MM place the best when it comes to PE recruiting (BMO lost much of its momentum post acquisition of GHF)

  • Allianz and Ameriprise aren't doing PE, at least not direct, in Minnesota

  • Pru might be the only place that would consider taking people from undergrad. The office here covers the upper MW from MT to western WI. They do mezz and floating rate senior. Good group of people.

 
Jun 22, 2018 - 12:14pm

NuclearPenguins:

All this is right - good adds with the smaller shops btw.

New up and coming IB firm worth mentioning is Hennepin Partners. Took basically the entire Craig Hallum IB team in a merger with Quetico Partners, which was a boutique shop formed by a bunch of ex-LMM guys.

Wells has a corporate and syndicated finance team.

Time will tell on Hennepin. Both shops were doing well in 2014-early 2017, but slowed from what I've heard. The Craig Hallum team was definitely stronger IMO, despite them all being former LMM, Goldsmith guys.

 
Oct 9, 2018 - 10:30am

Little late, but here's my $.02 (I live in MPLS)

Bread and butter is Castlelake. Majority of guys there are from Piper and smaller shops. I think they also like the structured finance group as USB. Castelake is extremely competitive though and you NEED to know someone to even hear of openings.

The rest are all solid firms:
Piper
Advanced Capital
Marquette
Norwest
Craig-hallum (pays low)
Lazard
HL

A few less sought-after, yet respectable, firms that come to mind are USB structured finance group, Wells corporate group, and Ameriprise Financial(AEIS or Columbia)

 
Aug 20, 2019 - 9:09pm

Phizzurp:

Little late, but here's my $.02 (I live in MPLS)

Bread and butter is Castlelake. Majority of guys there are from Piper and smaller shops. I think they also like the structured finance group as USB. Castelake is extremely competitive though and you NEED to know someone to even hear of openings.

The rest are all solid firms:
Piper
Advanced Capital
Marquette

Norwest
Craig-hallum (pays low)
Lazard
HL

A few less sought-after, yet respectable, firms that come to mind are USB structured finance group, Wells corporate group, and Ameriprise Financial(AEIS or Columbia)

Some of these are not like the rest

 
  • Analyst 1 in IB - Ind
Sep 29, 2020 - 5:04pm

Does anyone have any insight to what comp would be like for associates at some of the pe shops like shoreview, stone arch, goldner hawn, proterra, etc.  I know NEP probably pays significantly more, just interested in the others

 
  • Associate 2 in PE - Other
Sep 29, 2020 - 8:32pm

Whitebox has a major presence in Minneapolis and is a top distressed fund. Honestly minneapolis on a per capita basis has one of the highest per capita distressed debt scenes. 

Pine river is also here as well though they have significantly de-emphasized their HF business.  

 

Probably one of the best places to break into respected buyside without the standard 2 year IBD background. 

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