Comments (36)

Jul 4, 2013

Privateer Holdings.

Jul 4, 2013

1. KKR 2. BX 3. Carlyle

    • 1
Jul 4, 2013

Mitt Romney's bain capital.

    • 1
Jul 4, 2013

TPG

Jul 4, 2013
ThaVanBurenBoyz:

Privateer Holdings.

^this

Learn More

9 LBO Modeling Tests, 10+ hours of PE Cases and 2,447+ interview insights across 203 private equity funds. The WSO Private Equity Interview Prep Course has everything you'll ever need to break into the competitive PE industry. Learn more.

Jul 4, 2013

KKR and TPG

Jul 4, 2013

Megafunds: KKR, Apollo, BX

Non-megafunds: Berkshire Partners, Oaktree

    • 1
    • 1
Jul 4, 2013
BC123:

Megafunds: KKR, Apollo, BX

Non-megafunds: Berkshire Partners, Oaktree

Agreed. KKR is probably the most prestigious for people who aren't in the industry. Otherwise, Apollo is probably the most respected by other PE firms.

Haha TPG? Watch them miss their fundraising target this cycle. As for Bain, their "operations" focus really hasn't given them any edge in recent years.

I might add centerbridge to the list.

Jul 4, 2013
BC123:

Megafunds: KKR, Apollo, BX

Non-megafunds: Berkshire Partners, Oaktree

Remind me, what constitutes a mega fund these days....>$80bn AUM? Would hate to embarrass myself at the next WSO circle jerk.

Jul 4, 2013

Megafunds : KKR, BX, TPG & Bain Capital.

Jul 4, 2013

Surprised to see so many people put TPG on their top list and leave Carlyle out...

Currently: future psychiatrist (med school =P)
Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)

Jul 5, 2013

TPG hires a bunch of really smart guys. Carlyle has a bunch of non targets thrown in there.

    • 6
Best Response
Jul 5, 2013

A.) Those two things are not mutually exclusive.
B.) God forbid someone hires some non-targets.

    • 2
Jan 11, 2014

And the fact they have "a bunch of non targets..." means?

"We're not lawyers, we're investment bankers. We just call you for the paperwork. We didn't go to Harvard, we went to Wharton, and we saw you coming a mile away." - Suits

Jul 4, 2013
roofstreet:

1. KKR 2. BX 3. Carlyle

That is exactly what I was thinking. Of these three, who else agrees that they should be in this order?

Jul 5, 2013
Bateman Begins:
roofstreet:

1. KKR 2. BX 3. Carlyle

That is exactly what I was thinking. Of these three, who else agrees that they should be in this order?

agreed.

Jul 5, 2013
ibplanet:

TPG hires a bunch of really smart guys. Carlyle has a bunch of non targets thrown in there.

Carlyle hires some pretty damn smart non-targets and makes some great investment choices. Not sure why the presence of non-target individuals discredits a firm.

Or were we talking about Preftige instead?

Currently: future psychiatrist (med school =P)
Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)

Jul 5, 2013

Carlye's recent fund performance absolutely blows TPG's out of the water. That's way more important than the schools their associates went to.

Array

Jul 5, 2013

If you want to talk about performance...Apollo's funds blows all of the other megafunds out of the water. Plus they pay like $100k more than other megafunds at the associate level.

Also, Carlyle partners V returned like 11%...better than TPG's 6% but nothing to pat yourself on the back about

Jul 5, 2013
ibplanet:

TPG hires a bunch of really smart guys. Carlyle has a bunch of non targets thrown in there.

TPG's classes are way too fratty in my opinion...

Jul 5, 2013
bugattiveyron:

If you want to talk about performance...Apollo's funds blows all of the other megafunds out of the water. Plus they pay like $100k more than other megafunds at the associate level.

Also, Carlyle partners V returned like 11%...better than TPG's 6% but nothing to pat yourself on the back about

Tough to compare because the vintages don't perfectly match, but for boom-era vintage funds , per Calpers its
Carlyle 13.6% ('05) or 9.4% ('07)
Apollo 7.9% ('06)
KKR 5.6% ('06)
Blackstone 2.7% ('06)
TPG -2.6% ('06)

TPG's '08 fund's not doing much better, despite being raised in what will probably end up being the best performing PE vintage of the past decade

Array

Jul 5, 2013
frank_reynolds:
bugattiveyron:

If you want to talk about performance...Apollo's funds blows all of the other megafunds out of the water. Plus they pay like $100k more than other megafunds at the associate level.

Also, Carlyle partners V returned like 11%...better than TPG's 6% but nothing to pat yourself on the back about

Tough to compare because the vintages don't perfectly match, but for boom-era vintage funds , per Calpers its

Carlyle 13.6% ('05) or 9.4% ('07)

Apollo 7.9% ('06)

KKR 5.6% ('06)

Blackstone 2.7% ('06)

TPG -2.6% ('06)

TPG's '08 fund's not doing much better, despite being raised in what will probably end up being the best performing PE vintage of the past decade

Not sure why you chose to only looked at '06 vintages for the other players but...

Apollo 22% ('08)
TPG 7% ('08)
Bain Cap 11% ('04)
KKR 16% ('03)
TPG 15% ('03)

Also, you said Carlyle's RECENT fund performance blows TPG's out of the water...but 9.4% on an '07 vintage was average at best.

Jul 5, 2013
bugattiveyron:

Also, you said Carlyle's RECENT fund performance blows TPG's out of the water...but 9.4% on an '07 vintage was average at best.

Yes, both points can be true at the same time. Not arguing with you there. Carlyle's recent returns have been average at best, and yet they blow TPG's out of the water.

Array

Jul 5, 2013

Continuing to take this thread in a more educated direction, can people comment on where they are getting their fund performance numbers from? Not that i doubt you...just would like to look for myself too.

Jul 6, 2013
09grad:

Continuing to take this thread in a more educated direction, can people comment on where they are getting their fund performance numbers from? Not that i doubt you...just would like to look for myself too.

calpers is a good place to start for most of the megafunds. If you have access to preqin that will have a more comprehensive database.

http://www.calpers.ca.gov/index.jsp?bc=/investment...

Jul 6, 2013

~

Jul 7, 2013

Apollo

Jul 8, 2013

Centerbridge, but that's not true PE in the sense that Associates are staffed across both strategies (distressed PE and public market distressed securities).

Feb 1, 2015
APAE:

Centerbridge, but that's not true PE in the sense that Associates are staffed across both strategies (distressed PE and public market distressed securities).

Hey this is an old thread man, but Is this still the model? More of a combo PE/HF style role?

Jul 8, 2013

For the megafunds, it's Apollo by far. Anyone who says Bain is clearly still in college or banking.

    • 1
Jul 9, 2013

KKR
BX
Carlyle
TPG
Apollo
Bain Capital
Goldman
Providence
Warburg Pincus
Apax
Advent
Thomas H. Lee
Golden Gate / Silver Lake
Oaktree

Megafund greater than 20bn

    • 1
Jul 15, 2013

I'm a bit biased but I think it's between Apollo, BX, and KKR

Jul 15, 2013
parvenu:

I'm a bit biased but I think it's between Apollo, BX, and KKR

I throw in Carlyle and GSCP and say

/thread

Doesn't really matter between 1-5, but those are on a top tier. Bain isn't what it used to be IMO.

Jul 15, 2013

When pension fund managers get together to chat with each other about who the best funds are, they are usually saying stuff like "nah, those guys are too fratty ... but then again those guys hire a lot of non-targets, so it's a tough call."

Jul 16, 2013
Comment