TwinBrook Capital Partners - Any Details?

anonymooose33's picture
anonymooose33 - Certified Professional
Rank: Baboon | banana points 145

Any details on TwinBrook Capital Partners? There website is obviously helpful. Not sure if anyone on here works for them and can provide details on; (i) work/life balance, (ii) compensation, and (iii) overall thoughts on the firm? Seems to be a very active player in the leverage lending space and, as of recently, has dominated the lower to middle market lending scene in Chicago with its deal activity posted on its website.

Thanks,
Monkey.

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Comments (19)

Jan 4, 2019

bump

Jan 4, 2019

Senior people Left Madison to start this firm. Very active and aggressive in the market. If you want to do non bank lending, this is a great place.

Jan 4, 2019

They are becoming a very successful MM lender given the strength of some of their relationships and ability to work quickly (quicker than others). I have no idea on comp, but it would probably be in line with the Monroe/Madison comp.

Not sure how much modeling and analysis is actual done since we've had sponsors close deals without requiring on-site visits and any concern over approval, but they are def. taking market share.

My guess is 9-9 would be common during the week for younger staff given the volume of deal flow they see, but I would guess less weekend work and fewer really late nights.

It's a bit of a mystery how it will perform and act in a downturn, particularly given the level of DD it does outside of the sponsor's DD.

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Jan 4, 2019

What is comp for monroe / madison these days?

Direct lending is difficult to find comp #s for in 2019.

Jan 11, 2019

Good to know, thanks for the info. Would be interested in comp at these firms. I know first year associates at TwinBrook were $85k and 25% bonus target from what I've heard. That's before negotiations I assume.

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Jan 11, 2019

Understood it's Chicago, but $85k and 25% bonus target seems extremely light for a 1st year associate in direct lending.

Jan 11, 2019

Yea for sure, I was surprised when I heard it was that low. Assuming it ramps up nicely thereafter. A buddy mentioned that was the initial offer so he turned it down. I assume most associates in direct lending are $85-90k with at least 50% bonus.

Jan 11, 2019

That's honestly crazy considering, a lot of the other funds like THL Credit, Ares DL, GSO, Crescent are on par with LMM/MM PE with Ares and GSO being almost MF comp level. Some of those analyst programs with the mentioned funds pay more than associate level at TwinBrook. Huge discrepancy in the market looks like within DL. Bigger names within DL will pay $200k-250k all in as a first year associate. Biggest thing it looks like is that if the fund recruits post-IB investment professionals you'd expect comp to look similar to associate at IB/PE levels

Jan 11, 2019

That is abysmally low. Unless you have no other option I would never take a gig there. Unless the "associate" title is just a misnomer and you are functionally an analyst. 85/25% is slightly off in that the base is higher and the bonus is lower, but all in that sounds like analyst comp to me, not associate.

Jan 11, 2019

Couldn't agree more how low the offer was. However, my buddy was coming in with commercial banking experience so maybe they low-balled him on the offer. Not sure but for a leader in the Chicagoland leveraged loan market should be able to pay more.

Jan 11, 2019

Well hopefully they rightsize him after a year or less of demonstrating his ability. If not, I would get the hell out asap. Life is too short to let some employer screw you just because they think you don't have options.

Jan 11, 2019

FWIW, I know multiple people at a twin brook competitor and first year associate (tier two COL city) pay is 95k base with ~40% target bonus. I feel like 250 all in is more the exception than the norm that this site thinks

Jan 11, 2019

I'm not speaking anectdotally here. I know the space extremely well. First year associate 100k base with 50-75% bonus is pretty typical for these types of funds. If you're a rockstar at a firm that has had a good year, 250k all-in is definitely well within range, although perhaps on the hire end for a first year. I'm speaking about funds in both Chicago and Dallas. First year analyst alone will be ~65k base with 35-50% bonus.

Jan 11, 2019

It's just not as uniform as PE/IB, all I'm trying to say

Jan 11, 2019

Interesting, I first-hand know shops in Chicago, Boston, and NY that pay first years analysts $120-$140 and BDC's and other shops that pay $180k-$190k after a year or two of banking pre-associate. These shops all recruit former IB professionals however or the ones that recruit from undergrad all try to pay IB street.

Jan 13, 2019

My assumption is it is more "analyst" comp at TwinBrook until you prove yourself. After that I am sure a senior associate/AVP ramps up to a more acceptable market based level.

Jan 13, 2019

Well I hope so for your friends sake. I have gone that route, but I made damn sure to get my comp rightsized after my first year. The truth is, after that year, if you have a good review to show other perspective employers, it is extremely easy to leave and find someone who will pay you what you're worth.

Jan 14, 2019

Couldn't agree more.

Jan 11, 2019