What are the clear-cut buckets amongst MF/UMM/MM funds
was curious as to how these categories shape out, as people tend to refer to them commonly, but I’m not sure where exactly the clear lines are drawn between the three different buckets. Obviously BX KKR Carlyle are MFs but wasn’t sure as to whether other firms like Bain sneak in or stay in UMM. Would appreciate any insight
$15bn+ latest fund size is a MF.
Edit: a lot of these firms have multiple funds so u want to look at the main/flagship PE fund
thanks
for the US only or global funds?
not this again...
I was just curious as to what firms generally come to mind when someone on this site mentions one of these buckets, not trying to make a tier list or anything haha
List of "large-cap" funds that are >$15B: CVC, CD&R, BX, KKR, Advent, Apollo, H&F, TB, EQT, SL, TPG, Permira, WP, TA, Vista, Apax, Bain Cap (no one fund is >15B because they split funds via geography for PE). Not all of these guys are doing mainly large-cap buyouts (e.g. TA). Also, if you wanna include growth, Insight and GA have all raised quite large funds historically. Also, some of these guys no longer have >$15B funds (e.g. Apax). Broadly speaking though, these are a group of solid firms but it's not a set list there are definitely other super appealing funds that might be a little bit smaller (e.g. NMC, FP, LGP, etc. etc.). At the end of the day, it doesn't really matter no one is going to dock you for going to CD&R vs. KKR or something. Just focus on ending up at one of these that you think is a good fit for you.
Def a very good list, would just add insight there since last fund is 20B and they do buyout along with growth
I just think it doesn't make sense to consider Insight a traditional PE firm like how the others are because they don't do that many buyouts relative to growth. It's like how you probably wouldn't consider Advent or CD&R to be growth firms even though they do growth deals because they are mainly buyout firms. Insight is still a really good firm, they just aren't as buyout-focused. Also even though WP and TA technically raise growth funds they still do a very high volume of buyouts (much higher relative to places like GA and Insight who have buyout teams but are very clearly growth first).
They will be very lucky to raise even half that amount for their next fund given how they blew up that fund by going all-in in 2021 in tech.. madness
Definitely a good list. Would be curious to hear your thoughts on NMC? Seems like a very interesting fund that almost never gets talked about on here.
Maybe I'm off, but I always considered it
MF: $10bn+
UMM: $5bn-$10bn
MM: $1bn-$5bn
LMM: Sub $1bn
Nice so Platinum is a MF? Good to know buddy
Haha my goodness how could I ever have missed that??
MF: 10.67bn+****
Better?
Yes, it is arguably one of the latest funds. MF has historically been $10B+ in fund size defintionally. The difference between UMM/MF on this forum is super dubious because some people refuse to accept newer firms into being MF even if they are investing in large funds. Either way, Platinum is a great platform that has found itself a great niche, whether you consider it a UMM or MF. Ultimately, what matters most is how many deal reps you get and what kind of opportunities there are longer term, and Platinum associates get pretty great deal reps due to fund size + propensity to do add-ons + their general strategy. Expect the MS from the hardos who are prestige-obsessed and base their self-worth on what fund they are going to but by the end of the day, these definitions are pretty meaningless.
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