What does the Private Equity environment of Dallas look like?
I am working in Dallas in资产管理this summer, but I'm curious what the private equity scene of the city looks like. What are the largest firms in the city? What are the reputations of different firms, their work environments, etc.?
I'm not from Dallas and want to learn what firms are the most active in Dallas. I know it's a pretty broad question with little specifics, but I don't know enough about private equity to ask specifics. I appreciate the help!
Comments (25）
Trive is the highest profile name in Dallas these days. ~$2Bn AUM now and apparently raising another big ($1Bn+) fund right now. Still pretty new but have raised and deployed capital very quickly. Have an aggressive reputation (will look at assets other firms won't touch, get creative with structures) and are very active operationally (there's a lot of Bain DNA with the firm). Have heard iffy things about culture and comp, but it's a solid name and probably the best place to be in Dallas.
other firms of note:
Gauge - Like Trive they're growing very quickly, raising bigger funds, and deploying a ton of capital. Their strategy is quite different though, as they often go after higher quality deals in auction processes. Have heard that they grind and the Southlake location is a drag.
Kainos - HM spinout, focus on food / consumer, have done some very large / high profile deals with LP coinvest, went through a bit of a fiasco with a partner leaving which put their third fund on hold (was slated to be $1Bn+)
Centeroak - Brazos spinout. I always thought they were a bit sleepy but just raised a decent sized fund and are apparently looking to be active. Have heard mixed things about culture
Insight - Slowly dying. Trive, Prophet, Sky Island (among others) have spun out and there's not a lot left. Have heard they're trying to raise a new fund, so they could gain momentum. Culture seems friendly if a bit weird. Also in Southlake, which sucks if you're younger than 40.
其他的我不了解:天空岛(洞察力spinout), Prophet (Insight spinout), Crossplane (Prophet spinout), Satori (conscious capitalism inspired investing, ahve a weird/cool evergreen fund structure), Arctos (cool sports deals), Redbird (cool media and sports deals), CIC, Riverside (extremely sweaty), Align (Riverside spinout), Lone Star Funds / Hudson Advisors (very sketchy), Paceline (Lone Star spinout, also quite sketch), Highland (I think they were trying to do more traditionalPEdeals but no idea how that's going), Lantern (bought Harvey Weinstein's company), SunTX (don't know if they still exist), Renovo, and a whole bunch of family offices (Rosewood, Hunt, Perot, Bass, etc. etc.) and semi-defunct energy funds (NGP, Pearl, Tailwater, etc.). Beyond that there's a pretty healthy direct lending universe if that's something you might be interested in.
Wow, I was not expecting this much detail. This really helped, thank you!
Appreciate the detailed response. Any additional color on Trive culture and comp?
也有兴趣了解有关Trive的更多信息。谢谢您的出色帖子！
我对Trive非常熟悉，很高兴能在我可能的地方提供见解。绝对是一个非常动手的基金，以非常快速的速度增长。鉴于他们最新基金的成功荒谬的成功，我并没有真正看到这种趋势会放慢速度……只有少数投资中的许多类似VC的回报率。在文化方面，他们为我所听到的同事实施一个非常僵化的3级系统，可能会导致一些文化问题
Why is Lone Star / Hudson considered sketchy?
Have had multiple friends work there. There are "haves" and "have nots" at Lone Star. Sad thing is that they pretty much turn everyone over in either bucket eventually. They completely turned over their Dallas office a few years ago. Just started RIF'ing people left and right. They have a reputation of doing this periodically. I think the comp was solid for Dallas though.
Thanks, very informative. Mind sharing some thoughts around the direct lending universe down there?
首都西南BDC在达拉斯北部。Crestline is a large shop out of Fort Worth. Sixth St partners has an office here. Ares supposedly has an office here but think it's a ghost location. First Eagle/ THL has an office here, but have never run into them either.
Prospect capital bdc has some small operations up in Plano
There is also an Elm Park fund but don't know anything about it other than it's LMM.
Also, hilltop holdings started a small credit strategyoff their balance sheetlast year.
至少对此没有太多细节给您一些公司。
Dallas GPs
Curious about this as well! Also, what are the profiles of people going to these shops?
路德·金（Luther King），汉兰德（Highlander），三位一体狩猎（Trinity Hunt）和里亚塔（Riata）是杰出的公司。我相信从回报的角度来看，所有人都做得很好。我的建议是避免像鼠疫一样避免南湖。
Southlake is great… if you're looking to buy a 5k sf house and settle down. The commute will be tough if you live in the city, and like many suburbs it really only makes sense if you have kids
As someone who has been in Dallas for 10+ years, this is a great response. Although keep in mind the comp at these shops is NOTNY/SF comp. However, it will still get you a long ways in Texas (until the literal plague of coastals ruins it)
哪些HHS与这些公司合作？我应该接触到任何特定的搜索公司吗？
Dynamics Search Partners（DSP）与许多达拉斯资金合作（Triver，Kainos肯定，但绝对也是其他）
How is there not an "equities in Dallas" joke yet?
Because it's 2021 and not 1991.
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Pharos Capital is a healthcare focusedMMfirm in Dallas (located in Parkland Hospital)
They had a good reputation a while back, but it hasn't done as well recently, which I think has manifested in fundraising. Also lol at Parkland Hospital... very different from Old Parkland
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