Tech Growth Equity vs Tech Leveraged Buyout Firms
I am currently an incoming tech investment banking analyst at aBBBank (nonGS/MS/JP)。我一直在寻找退出机会,并注意到许多技术的前分析师IB退出大型技术增长股票公司(Summit,TA,JMI,General Atlantic)or tech focused buyout firms (银湖,,,,托马·布拉沃(Thoma Bravo)...ETC)。
I was wondering if anyone onWSO可以解释以技术为重点的增长股权和收购商店之间的差异,特别是在日常工作,薪酬,退出OPS以及两家公司的招聘过程中的差异。我真的找不到有关其他线程的任何信息。
Thanks in advance!
Comments (7)
Large cap tech vs growth equity are worlds apart. I would say the difference is fairly similar for general growth equity vspewhich has a ton of threads on this site so that might be your best starting point
在此上有很多线程,它们非常容易找到。
If you go to the search and type in "growth equity" the ~6th post down is literally "Growth Equity vs Buyouts" and it has 30+ comments and is less than a month old...
技术增长公平:often equity-only investments for a minority stake of a profitable company that is growing very quickly (~20%+ YoY revenue growth).
技术收购:通常,杠杆收购(股本 +债务)用于一家有利可图的公司的多数股权,该公司的增长迅速(但可能比增长股票目标较快,〜10-15% +)或产生大量现金并具有优化潜力(即使它的生长缓慢,也约为5%+)。
日常工作:银湖,托马和维斯塔没有采购。在summit/jmi/ga,在ta的工作中,采购约为60%+。建模将有所不同:对于一个人来说,在增长股权公司中的建模将更少。其次,收购公司通常以干净的帽结构开始(完整的回顾,因此以前的上限结构无关紧要),但是增长股权公司有时会建立在现有的上限结构上,并为资产负债表提供更多现金,例如参加系列E/F轮。在增长股票商店的工作可能是市场/商业论文的重点(更多的专家呼吁,有关行业的更多报告/研究),而某些技术买断投资是纯粹的金融工程,您不太在乎论文(尽管总会有人会有成为一些专家电话,市场研究等)。
Compensation:通常,在技术收购店中,比增长股票公司更高(这也有更好的工作时间,因此这是有道理的)。但是,一些增长公司将一些补偿与采购产出联系在一起,这可以使您获得比收购店相同或更高的薪酬。我的理解是,GA/TA至少符合其规模的买断公司的付款。
退出OPPS:People from buyout shops sometimes move to another buyout, growth or venture firm. People from growth sometimes move to another growth or venture firm. Generally, moving from a pure growth equity role to a buyout role is harder because the modeling is different, but certainly possible.
招聘过程:作为关键点,TA和Thoma去年既定地启动了这一过程,因此在这两种策略中为顶级公司的招聘过程并没有什么不同。银湖,Vista,Advent,Francisco,Permira,H&F等。我知道GA还进行标准的周期性。Summit和JMI更加灵活,并且会做更多的偏离周期;实际上,我认为Summit故意跳过周期(为时太早)1 - 2年前。通常,增长股权招募不太僵化。
一个有趣的趋势:近年来,技术收购和增长股票的融合。(1)当目标不愿意出售多数(或该公司不想购买多数债务/债务)时,收购商店有时会从其旗舰资金中进行少数股权,仅股权投资。(2)收购商店已经推出了专门的技术增长资金,以利用该细分市场并与TA/GA等竞争。例如CVC技术增长,Advent Tech Opps,Bain Cap Tech Opps,Permira Growth Opps,KKRNGT等
最后注意:TA更像是这个空间中的独特动物。虽然传统上是一家增长股权公司,但TA做了很多多数LBOse.g. Conservice (now co-owned with Advent), ZoomInfo (co-owned with Carlyle), MRI (TA/GI/Harvest) likely had majority/debt elements.
Wow, thank you for the in depth and detailed response. I found this extremely helpful.
我知道您命名了很多更大的资金,但是您是否介意描述人们如何看待GE中的不同层次?
TCV/IVP与说的水平相同KKR/TPG Growth in terms of prestige for future roles/B-school? What are generally the tiers in growth - when I look at firms like JMI or even Greycroft, the associates aren't coming from super impressive backgrounds (Top Tier Banks/MFPE分析师)?
Also where does growth start to differentiate from late stage venture? I know that a lot ofVCfirms don't even hire banking folks (mostly founders/people with technical backgrounds etc)?
喜欢您对问题的细分。
金斯利·奥比(Kingsley Obi)
投资者和业务顾问
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