UMM vs MM vs MF PE

How do you tell which category a firm is? AUM? And what are the rough cutoffs?

Or is there another thread I can find this info?

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Comments (9)

  • Intern in IB - Cov
Sep 7, 2020 - 5:43pm

There isn't really a definite answer like a BB/EB distinction. Generally, I would say a firm with $10B+ latest fund size would be MF/Large-Cap. These firms include the traditional MF (BX, Apollo, KKR, Carlyle) as well as European/Industry-Specific MF (CVC, Advent, H&F, Vista, Silver Lake, Thoma Bravo). Roughly speaking, firms with $3B+ latest fund size are UMM (GTCR, LGP, Francisco Partners). Note, many of these firms compete with the MFs, so they aren't really "middle market". 

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  • Analyst 2 in IB - Cov
Sep 7, 2020 - 8:42pm

Latest fund. AUM isn't really a helpful metric.

Check size can also be useful to look at.

  • Intern in IB - Gen
Sep 7, 2020 - 11:44pm

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