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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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".
LGP raised a larger fund than Bain Cap.
You're right. I believe the LGP, Apax, and CD&R types are all former "UMM" that have such large funds now...they are pretty much MegaFunds.
bet intern!
what was the point of this comment?
0-500MM: LMM
500MM-2.5B: MM
2.5B-8B: UMM
8B+: MF
These are arbitrary BTW.
Got it, is this AUM or latest fund?
Latest fund. AUM isn't really a helpful metric.
Check size can also be useful to look at.
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