Turn/River Capital - 2024 Updates

Wondering if there are any updated views on Turn/River Capital, especially with regards to associate comp / recent returns / culture / upward mobility. I can share some of my understanding here, but would appreciate any thoughts or feedback.

From my understanding, they primarily do software buyouts, taking a similar approach to TA Associates / AKKR where they seek majority/control positions in bootstrapped B2B software companies. They also occasionally delve into more complex situations like take-privates and carve-outs. Have heard that their analyst program is sourcing-focused, but the associate role is execution-focused for those that came out of banking. 

Their historical returns were amazing with many 4x+ MOIC funds, which allowed them to triple their fund size every 2-3 years leading to their $1.35bn Fund V. Not saying they will become the next Thoma Bravo, but people often forget that Thoma raised their Fund V back in 2012 at $1.25bn and soon after went on a trajectory that eventually got them to their MF status today. Understand the software PE landscape is different now compared to a decade ago, but does Turn/River have the potential to become the next Thoma/Vista? Their ability to do take-privates (ex. Tufin) seems to be a good sign for their scaling potential.

Overall, they seem like a place with great upside potential, assuming their returns continue to hold up well, but happy to hear any thoughts here. 

Here are some specific questions:

1. How is the comp at the associate level and beyond? Have seen that their analyst base pay is at $120k+, which is a good sign, but curious what comp look like at the associate+ levels. Do they offer carry?

2. How has the return been for their most recent $1.35bn Fund V? How much will they likely to target for their next fund raise?

3. How easy/hard is it to be promoted to VP+?

4. How would your exit options look like after a 2-year associate stint with them?