Wondering what thoughts are on them in 2024. I know people have been mixed on them since GFC due to a couple of bad funds but adjacent strategies have done really well and fueled overall AUM growth. Bain XII, their 2017 vintage, has a 17% IRR so in line with other megafunds and should be able to grow their next fund well. Curious what people think of culture, comp, exits, how smart they are, etc.
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Wondering about the strength of their analyst program and exits
Pretty insane exits (Viking, Elliott, Dragoneer, Greenoaks, Sequoia etc. in just last 2-3 years)
Solid exits, not surprising like any MF PE analyst program.
Would say there have been a lot more exits now than in the past for a variety of reasons (Bain’s trajectory, potential overcrowding, PE oversaturated, etc)
Interviewed with them and went to another MF Analyst program. I came away very impressed and would have been happy to work there. Strong pedigree firm, ostensibly warmer culture, and it’s rotational so you get to see 4 different industries/biz models.
Top class culture, there’s probably only 1-2 MFs with a good culture like Bain. Obviously you are worked hard but people are generally not assholes and have an understanding for a personal life.
Junior compensation is in-line with MFs, maybe a bit below given recent raises (unless they have also raised). Saw this on another thread, but senior comp (carry) is nearly not as lucrative as it once was at a shop like Bain. They may still be privately held but returns are mediocre or in-line, and the carry pool has been divided several times by now. Don’t get me wrong, freshly minted Bain Principals and Partners are multimillionaires still, but I’m just saying that a Thoma/Vista Partner or even Apollo are far more lucrative seats.
Exits are pretty standard for a MF - have seen great Bschool placement, and exit opps to other PE, GE, VC, or HF are plentiful. And yes, obviously Bain ppl are smart lol.
General thoughts from myself and personal Bain contacts, so take it as you will. Bain is a legacy MF where you are able to build a career (they promote from within). Does Bain hold the same weight in the industry as they once did 20 years ago? Definitely not, and it’s reflected in their AUM growth. PE is becoming an increasingly commoditized space, and firms like Bain are struggling to differentiate, and LPs notice.
I don’t agree with some of the delusional WSO people who see one thing wrong with any PE firm and say they’re on a “aggresive downward trend”. That’s not the case. I would say Bain probably relies on their legacy and brand a lot more than their performance nowadays, and they’re still not going anywhere, but maybe something to consider.
what are the other mfs with good culture
Apollo, HIG, Thoma
Heard amazing things abt SLP, KKR Software, CD&R Industrials, and WP
Not sure which of these replies are satire and which are real, but for OP, Apollo, TB, SLP, and most WP groups definitely do not have good culture LOL.
I've heard MFs with cultures leaning on the better side are Bain, Advent, TA, Vista, CD&R, and definitely some more UMM names out there with good culture.
CD&R is group dependent
Which groups are good and which are bad
amid all the talks of good culture and respect for personal life - how do hours look like realistically at bain?
Depends on the group. For buyout PE and Special Sits, standard might be 50-70 hours when not on a deal sprint, and pretty much whatever is needed when on a sprint (could be 80, 90 hours). Credit and some of the smaller groups are typically a little less.
Thoughts on the Special Sits group, seems like a differentiated product with all the aerospace stuff and they’re fundraising well. Seems like maybe a better group to go into than straightway PE?
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