What are the best PE UMM/MF outside of NY?
Looking at funds outside the city. All names welcome! I know California, Chicago, Boston, and Texas have some excellent options. Just trying to see what’s out there
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GTCR and MDP in Chicago
BDT should also be here, not traditional PE per se but Byron is a beast and they just raised a $9B fund
do you know what HH cover them?
BDT - Henkel MDP - CPI GTCR - Dynamics
I'd take the PEI 300 and go from there. I'd say most UMM /MF shops are based outside of NY. At a high level without checking the following North American ones I can think of using a 3B+ fund metric/able to do really big deals are: Ares, H&F, Bain Cap, TPG, Carlyle, Advent, Golden Gate, Berkshire, Clearlake, Vista, Platinum, Madison Dearborn, BDT, GTCR, Charlesbank, L Chatterton, Roark, Silverlake, THL (may not be UMM anymore), Thoma Bravo, HIG, Genstar, Evergreen Coast, Siris, HIG.
European includes EQT, Cinven, CVC, Permira, Nordic Capital, Partners Group,Bridgepoint, BC Partners.
Forgot Leonard Green / Oaktree (they do distressed for control out of their Opportunities fund) who are both based in LA, well Canada I guess now for Oak.
Sterling / Gores group also fit the category though would be very careful going to either of those as they are dying franchises.
This is a good broad list, but if you want to fine-tooth it for truly the "best" names:
Boston: Baincap, Berkshire (though they haven't raised in a minute, maybe returns dove?); I don't think of Advent as a "Boston fund" just because they are so international. Could be dumb of me but it is what it is; Providence is for all intents and purposes a Boston firm but is just fine, major recovering fallen angel vibes
DC: Carlyle
SF: TPG, Hellman, Thoma; GGC's perpetual structure has gotten some pushback and that place is a misanthrope factory
LA: LGP; Ares is sweaty as f and also I get the sense that their PE is several notches below their other strategies
Chi: MDP; BDT killing recently but I have no clue how much of their merchant banking is advisory as opposed to PE at the associate level; GTCR is a cut below even with a bigger fund since MDP capped their new fund after great returns to kind of moderate growth after recent experiences as a bit of a fallen angel
Texas: Vista (though SF active)
Catterton is non-NYC in name only, everyone I've known there has either full-fledged reverse commuted or has had a crash pad but considers themselves NYC. Siris is also heavily NYC; SF office but it doesn't really belong on this list
why do you say Ares PE is worse than their other strategies?
Ares is very sweaty.
Can you share any details on LGP and GGC culture / hours?
Berkshire and TH Lee in Boston.
Do you know which headhunters cover them?
CPI for both, at least last on-cycle.
Berkshire is CPI
I would not lump in THL as "best of" anything. They're old and have historical cred but are building back up after eating a bullet in Fund VII fundraising. Culture is notoriously beyond brutal...you can do better at the same fund size / selectivity, for your own peace of mind.
The Fund VII fundraise was definitely not great but seems like that may have been partially a result of their namesake leaving (unclear how amicable that split actually was). I don’t know who you’ve talked to about the culture but I know multiple people who have worked / are working there and they’ve said the culture is actually pretty good / much better than that at comparable NYC funds (some partners will send you champagne and handwritten notes after deals, they have a fully paid associate ski trip, mid-levels will cover for you when you need to take time off to study for the GMAT). Extremely nice senior people who tend to be a lot more laid back. HBS pipeline is outstanding given their size although probably partially a function of the firm’s history. I’d say that Berkshire is better but I don’t think THL is a couple of steps behind. Pretty comparable to MDP / Welsh Carson.
Would Audax in Boston fit into this category too
No, they're very much middle market.
Carlyle, Vista, Silver Lake, Thoma Bravo, Ares, tons of names here
Surprised no one has mentioned TPG or Bain yet.
Couple others I haven’t seen mentioned here: Francisco, Sun, TA, Providence, TSG, Marlin
Among the others mentioned, Audax is headquarted in Boston, to my knowledge a very solid MM/UMM fund
Definitely MM. Also known for having one of the worst cultures in the space
The people are nice, but Audax is a complete sweatshop. Worse than most banks.
Altas Partners (Toronto). Onex (Toronto).
Apax Partners (London).
Lone Star (Dallas).
Stone Point Capital (FIG focused). (Greenwich)
Pritzker Group in Chicago now that they've raised external capital.
Summit and TA in Boston, depending on how you'd define the firms.
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