NY-based AEA Small Business Fund invests in mainly founder-led businesses across value-added industrial products, specialty chemicals, consumer / retail, and services. They closed on their fifth fund at $1.3Bn in 2023, exceeding the fund’s target of $1.0Bn. They target investments ranging from $50-250MM in equity, and they have had 200%+ average portfolio company revenue growth. 75% of their portfolio company executives later become investors in AEA SBF. In addition to their investment professionals, they view their Operating Partners and Executives as a network of more than 75 Participants, which act as an extension of its sector knowledge base.  AEA’s 57-year history (founded by the Mellon, Rockefeller, and Harriman families in partnership with SG Warburg & Co), combined with its Participant network, provides the SBF team with resources typically reserved for multi-billion-dollar funds which has been a huge competitive advantage. They have a culture that is collaborative, driven, and respectful and are looking for strong performing candidates to grow in the organization, though the initial program is two years.

Audax is a private equity firm that aims to be partners in growing leading companies. Audax takes a “buy and build” approach to investing – accelerating growth and delivering resources and expertise to help companies scale organically and through acquisition. The team partners with management teams of established, market-leading companies based on integrity, respect and a shared vision. Audax’s Seventh Fund is $5.25Bn, with an additional $1.5Bn of GP co-investment capital. They have industry expertise in business services, consumer, financial services, healthcare, industrial services & technology and software & technology. Associates experience robust live deal activity as well as operational exposure / direct interface with management teams. There is also an ability to stay on in a career-track capacity for strong performers. The team’s headquarters is in Boston and they also have an office in SF.

BC Partners is a global private equity firm founded in 1986 with offices in New York, London, Paris and Hamburg. The firm has a European legacy that has become a cross-border leader since coming to New York in 2008; the Chairman now sits in New York. In 2022, the firm had a final close €6.9Bn (~$7.6Bn) on Fund XI, and it focuses on market leading buy-out deals of larger businesses (like Chewy and EAB) across all industries, including TMT, industrials and business services, healthcare and food. Despite the fund size and size of deals, they have a small team, community feel, with only ~25 PE investment professionals in NYC, and 65 total across all offices. Associate will rotate through investment sectors and are incorporated into all aspects of the deal process – they contribute to investment theses, do their own diligence (no third-party consultants) partners solicit their feedback and there is significant portfolio company involvement post close. The firm fosters career-track associate roles with frequent direct promotion to Principal. BCP team members are bright, intellectually curious and hard-working.

Butterfly Equity is the largest food-focused private equity firm in North America. Based in Los Angeles, Butterfly invests across the food sector in the following key verticals: food production, industry enablers, food distribution, and branded goods. In terms of AUM, Butterfly is one of the fastest growing funds doing consumer deals and currently has over $6Bn under management. The team has an abundance of institutional knowledge and has come from firms like KKR, Vista, TPG, Apollo, and Leonard Green, which often makes Butterfly the investor of choice for companies in the food sector. The firm is investing out of its second fund, a $1Bn vehicle, which is double its prior fund. Due to special purpose vehicles, the team also has flexibility to do much larger deals, and the typical equity check is $100MM-$500MM. Their portfolio includes household names like Pete and Gerry’s, Bolthouse Farms, and Duckhorn, and their Qdoba deal was recognized as deal of the year last spring. Strong performing Associates will be on a career track with the opportunity for continued growth and advancement within the firm.

Founded in 1987, Carlyle is one of the world’s largest and most successful alternative asset management firms with $441Bn AUM.  Their Global Private Equity team has a flexible mandate and the ability to invest across the spectrum from growth to late-stage buyout deals.  The firm is investing out of Carlyle Partners VIII, which is a $14.8Bn vehicle raised in 2023, and they are currently in the market raising their next flagship fund, which is slated to be meaningfully larger and will include a significant allocation to growth deals. The team sits in three offices (NY, DC, Menlo Park) and is organized across five sector verticals. Candidates can be considered for multiple teams.

Aerospace, Defense and Government Services (ADS) – The ADS team at Carlyle is one of the most differentiated and coveted groups on Wall Street.  The ADS team sits at the firm’s headquarters in DC, which provides direct access to the firm’s senior leadership.  Carlyle ADS has a leading track record and has put more capital to work in their sectors than any other firm – in total, the team has deployed over $12Bn of capital across ~45 platforms and well over 100 deals (including add-ons).  Often misunderstood as focusing solely on traditional A&D, Carlyle’s ADS investments are heavily weighted towards cutting-edge Technology business (services, software, and products).  The ADS team deployed ~$3Bn of equity capital in 2022 (more than any other group at Carlyle), and all within Technology-enabled platforms (ManTech, CNSI / Kepro).  With an extensive legacy dating back to the founding of Carlyle, the team has been actively investing in the Aerospace, Defense and Government Services sectors for over 30 years.  Given the competitive advantage they’ve developed from their history and network, much of their deal flow is proprietary or in limited auctions.  The sectors they cover are experiencing what are expected to be multi-year tailwinds, in light of the global aerospace recovery, growth in cybersecurity and other critical national security needs, as well as a global increase in defense spending.  They currently have 7 active portfolio companies and a lean team of ~15 investment professionals. The team has completed a number of high-profile investments, including Acentra, Booz Allen Hamilton, StandardAero, Howmet and Titan.  Other recent transactions of note include the $4.2Bn take private of Mantech in 2022, the combination of CNSI / Kepro in 2022, the acquisition of Two Six Technologies (a high growth, tech-focused provider to the Intelligence Community, DoD & others) in 2021, and the recent exit of Novetta.  For those who have an interest in attending business school, the Carlyle ADS team has a 100% hit rate of prior Associates being admitted to one or more of HBS, GSB, and Wharton.

Financial Services – Carlyle is one of a handful of large private equity firms with a dedicated financial services team, focused exclusively on the financial services sector. Financial services operates as a core sector within Carlyle’s flagship fund family, currently investing out of Carlyle Partners VIII.  The Financial Services team has a global presence (portfolio spans the US and the UK, in particular), though the team is based in NYC. This team has an established history of investing in the space, having completed over 50 transactions and deployed over $12Bn of capital to-date. They have a flexible mandate, with check sizes ranging from $200M-$2Bn+ (can be larger inc. co-invest), and the ability to work on both minority and majority deals. Associates will have the opportunity to invest across the various verticals within Financial Services (including business services, asset and wealth management, insurance, depositories, specialty finance, financial technology, etc.). The team is also very lean, with 7 investment professionals above the Associate level, allowing Associates to take on outsized responsibility. Some recent notable deals include Captrust (wealth management), CFGI (accounting services), Hilb (insurance brokerage), NSM (insurance underwriting + brokerage), Vantage (insurance carrier), etc.

Healthcare – The Healthcare team invests across all verticals of Healthcare, including healthcare providers, pharmaceutical products and services, diagnostics, payer services, medical products, healthcare technology, and digital health firms. The team employs a flexible strategy, and they have deployed ~$21Bn in upwards of 105 transactions across a range of deal sizes and transaction types (both majority and minority).  The healthcare market is large and growing, and Carlyle’s deep expertise in the industry has positioned it well to navigate this complicated market and identify the best opportunities.  Carlyle seeks investments that are “part of the solution,” targeting companies that reduce healthcare costs and drive efficiencies in its delivery.  With over 45 active portfolio companies, some of the team’s notable deals include a significant investment in One Medical, an acquisition of Unchained Labs, a growth investment in TriNetX, and an investment in Medline, among others. Associates will benefit from significant dry powder, and coupled with a lean Healthcare team, they will receive a high level of responsibility and get exposure to new platform deals as well as portfolio company management and M&A.

Industrial – The Industrial team is a long-tenured, global team which sits at the firm’s headquarters in DC, providing direct access to the firm’s senior leadership.  The team invests across business cycles and end markets, including Automation, Automotive, Building Products, Capital Goods, Chemicals, Commercial Vehicles, Packaging, Services, and Transportation & Logistics.  With a flexible mandate, investments range from minority to majority deals and across various growth stages.  The group has had a particularly successful history with corporate carve-out transactions from larger corporations, which are responsible for nearly two-thirds of equity invested.  Carlyle excels in driving performance through multiple levers of value creation, including international expansion, new product development, M&A, and strategic positioning strategies. The Industrial team has deployed over $32Bn in capital, completed over 125 transactions to date. The Industrial team has completed some of the firm’s largest and most successful investments, and recent deals include Duravant, Asplundh, the carve-out of AkzoNobel’s Specialty Chemicals business, and carve out of Atotech from Total. The Industrial team at Carlyle has experienced consistently robust deal flow and benefited from strong continuity among team members throughout the ranks.

Technology – Technology is the largest segment of investments for Carlyle, and the Technology team has collectively invested $40Bn+ since inception in 300+ deals, which is more than any other sector at Carlyle.  The portfolio includes investments across Software & Data, Tech-Enabled Services and Hardware.  The team has a flexible investment mandate, with transactions spanning from growth equity to late-stage buyouts.  They partner with strong partners and management teams at companies across various growth stages, from incumbent market leaders to disruptive businesses that are earlier in their trajectory.  Deals include levered / unlevered structures, minority / majority ownership, buy & build strategies, take privates / PIPEs, IPOs, and strategic sales.  The team has closed a number of notable platforms recently such as Abrigo, YipitData, HireVue, Tribute Technology, Jagex, ZoomInfo and Hexaware.  The team is based in the firm’s headquarters in DC and Menlo Park, and this opportunity is in DC, which provides direct access to the firm’s senior leadership.

Carlyle’s Global Credit platform is a global, multi-product, markets focused investment platform that manages over $194Bn in assets. The Carlyle Credit Opportunities strategy is currently investing out of its third flagship vintage investment vehicle and has a highly flexible mandate. The CCOF team invests primarily in highly-structured and privately-negotiated capital solutions supporting corporate borrowers through secured loans, senior subordinated debt, mezzanine debt, convertible notes, and other debt-like instruments, as well as preferred and common equity in such borrowers. The team also invests in special situations and event-driven opportunities that exhibit hybrid credit and equity features. CCOF takes advantage of market dislocations that arise as a result of temporary market volatility, investing in primary and secondary markets using liquid debt instruments. Investment professionals operate as sector generalists but have the opportunity to develop deep industry expertise through private equity style diligence. The team is investing out of a $7.1Bn Fund III (nearly 30% larger than its prior fund) raised in December 2024. They have considerable dry powder, and Associates will have the opportunity to work on lean deal teams and a diverse array of transactions, with no two deals looking the same. The team in the US is lean with fewer than 20 investment professionals. Due to the size of the deal teams and opportunity set, Associates on the CCOF team are trusted with a high degree of responsibility and autonomy and are expected to lead key work streams for every investment.

Clarion Capital Partners is a NY-based middle market private equity firm founded in 1999. The firm’s target investment size is $15 to $75MM of equity into businesses with enterprise values of $75 to $200MM. Clarion focuses on services companies in the Business, Healthcare and Industrial Services; Media, Entertainment, Technology; Specialty Financial; and Consumer sectors.  Clarion’s generalist strategy utilizes a wide variety of investment structures and typically invests in entrepreneur and family-owned businesses or corporate carve-outs. In March 2024, Clarion closed its fourth fund, which was oversubscribed at $677MM.

Clearlake is a renowned, growing private equity firm that invests in the Software & Technology Services, Industrials and Consumer sectors. Based in LA, the firm has a unique, all-weather strategy that enables it to invest across the capital structure, lending itself to an active deal pipeline. Since Clearlake’s inception in 2006, the firm has made ~90 investments, spanning across control PE, transformative M&A, corporate carve outs, special situations, structured equity, and credit / distressed. In 2022, the firm closed its largest fund to date at $14.1Bn, which was significantly oversubscribed relative to the initial target of $10Bn and double its fund prior ($7.1Bn in 2020). They are already raising their next fund, with a $15Bn target, continuing their trend of successively larger fund sizes driven by strong, consistent performance. At Clearlake, Associates are exposed to a breadth of experience in terms of transaction structure and are given great amounts of responsibility due to lean deal teams and high exposure to senior members and founders of the firm. Additionally, Associates are given the opportunity to participate in externships with their portfolio companies in order to foster strong relationships and work closely with management teams.

Flexpoint Ford is a middle-market private equity firm with a 20-year track record of investing in Financial Services, Business Services and Healthcare Services companies, with offices in Chicago and New York. Flexpoint currently manages $7.9Bn in assets and is investing from funds focused on two separate investment strategies, Private Equity and Asset Opportunities, with the latter investing in opportunistic asset-driven investments across financial services. The firm has a flexible investing mandate with the ability to make majority, minority, growth and LBO investments. Since formation, Flexpoint has experienced continued growth in employee headcount and AUM. With that said, the team is lean, and Associates are given a high level of responsibility. Additionally, Flexpoint Ford places a strong emphasis on Associate involvement, mentorship and career development, and has a positive culture that is highly collaborative. The team is actively investing across targeted Financial Services subsectors (insurance and insurance services, asset/wealth management, capital markets technology, specialty finance, payments), as well as Business Services, Healthcare Services and Software companies. One recent deal is Flexpoint’s investment in Baker Hill, a provider of cloud-based loan origination, risk management, and analytics software.

Founded in 1999, Greenbriar is a middle-market private equity firm with 275+ investments in supply chain, business services (logistics, specialty distribution, transportation, vehicle aftermarket), and advanced manufacturing (A&D, industrial, rail, vehicle). With deep domain expertise and strong industry relationships, Greenbriar sources proprietary deals and has achieved top-quartile performance. In 2023, they raised their sixth fund at $3.5Bn, double their prior fund. Notable investments include Uber Freight, Wineshipping, Towne Park, JEGS Automotive, and Oil Changers. Recognized as #1 and #2 on the HEC Paris-Dow Jones Mid-Market Buyout ranking for the past two years, Greenbriar fosters a collaborative, mentorship-driven culture where Associates take on significant responsibility. The firm is based in Greenwich, CT.

Founded in 2012, Miami-based I Squared is a leading global infrastructure investor with over $40Bn in AUM. They focus on building diversified portfolios across regions, sectors, and capital structures, combining mid-market expertise with an innovative investment platform strategy. Their six core sectors include energy, utilities, transport and logistics, digital infrastructure, environmental services, and social infrastructure. I Squared is known for identifying early-stage opportunities, scaling investments, and applying global insights with deep local intelligence to create value. In 2022, they closed their $15Bn Global Infrastructure III fund, exceeding the initial $12Bn target, further solidifying their position as a major player in the infrastructure space.

Founded in 2006, Linden is one of the largest Healthcare exclusive private equity funds.  Based in Chicago, the firm focuses on making control-oriented investments in middle market companies across the Healthcare spectrum, including services, products and distribution.  They are currently investing out Fund V, which was recently raised / oversubscribed at $3Bn and double their fund prior.  Some recent exits include Spear Education and Specialty Networks, and select investments include Alcresta Therapeutics and LifeStyles Healthcare.  Linden is a young, growing, and dynamic organization with a lean team of 28 investment professionals.  Associates gain a robust experience with strong deal flow and a high level of responsibility.  Linden’s positive culture is collaborative and places an emphasis on mentorship and career development.  Linden Associates have attractive exit opportunities (top business schools, Linden portfolio companies, other PE funds, potential to continue as Senior Associates with higher degrees of autonomy).

Silver Point Capital is a private investment firm focused on investing in global credit and special situations / distressed investments. The firm was founded in 2002 by Edward A. Mulé and Robert J. O’Shea, both previously Partners at Goldman Sachs, where they co-headed Goldman’s Special Situations Investing Business. Silver Point has approximately 90 investment professionals across two distinct investment teams, one focusing on Private Credit investments and the other focusing on Public Credit investments. Silver Point’s Private Credit team has experienced tremendous growth over the last two years and is looking to add investment professionals to the team for a near-term start. The team manages about $10Bn of capital, up from $2Bn in early 2020, and expects continued growth in the next few years. This team invests in distressed situations with a concentration in process-oriented investments. Associates on the team will have the ability to work on complex, deep fundamental analysis, coupled with actively driving processes in distressed and special situations investments. This new hire will have the ability to work on multiple transactions in any given year on lean deal teams of 2-3 people, covering multiple sectors on a global scale in this career track role and have the flexibility to be based in Greenwich, CT, Chicago, LA, or SF.

Silver Point Capital is focused on investing in global credit and special situations / distressed investments. The firm was founded in 2002 by Edward A. Mulé and Robert J. O’Shea, both previously Partners at Goldman Sachs, where they co-headed Goldman’s Special Situations Investing Business. Silver Point has approximately 90 investment professionals across two distinct investment teams, one focusing on Private Credit investments and the other focusing on Public Credit investments. The Public Credit team was launched in 2002 with the inception of the firm and currently manages about $13Bn. They invest throughout credit cycles, actively hedge its portfolio, and focus on investments where the team can take an active role in driving events or outcomes. Silver Point invests in distressed situations with a concentration in process-oriented investments. Associates are given a great amount of responsibility, working on complex structured deals across various sectors and geographies. Associates on the team will have the ability to work on complex, deep fundamental analysis, coupled with actively driving processes in distressed and special situations investments. The team is greatly focused on internal growth and mentorship in this career track role based in Greenwich, CT.

TPG Growth
Founded in 2007, TPG Growth has established itself as one of the most renowned growth and middle-market focused firms. Most recently, the firm closed Fund V ($3.6Bn 2021 vintage) and is actively raising Fund VI with a target size of $4Bn.  With approximately $18.8Bn in assets under management the team has a broad, stage-agnostic investment mandate spanning from early-stage investments through middle market LBOs. The Associates on the team are verticalized and focus on 5 primary sectors: Internet, Media, Communications; Software & Enterprise Technology; Healthcare; Consumer; Business Services. The team is headquartered in San Francisco and also have an office in New York.

TPG RISE (https://therisefund.com/)
The RISE Fund was founded in 2016 and offers deep expertise in business solutions to help achieve the United Nations’ Sustainable Development Goals. RISE is a global scale impact investing platform that symbiotically addresses social issues and climate change. With ~$9Bn under management, The RISE Fund seeks to expand the reach of commercial capital and invest across a wide variety of sectors and countries at scale. The team is based in San Francisco with a presence in New York and is currently investing out of Fund III which is $2.7Bn.

TPG RISE Climate (https://therisefund.com/tpgriseclimate)
Launched in early 2021, TPG RISE Climate pursues investments that can enable carbon aversion in a quantifiable way and takes a broad sector approach, ranging from growth equity to value-added infrastructure across five climate sub-sectors: clean energy, enabling solutions, decarbonized transport, greening industrials, agriculture & natural solutions. The team is based in San Francisco with a presence in New York.  They closed Fund I at $7.3Bn in April 2022 and are currently in market raising Fund II, targeting ~$8Bn. They also established a Transition Infrastructure Fund last year, led by Scott Lebovitz, that is currently raising its inaugural fund. Associates will have the opportunity to invest across both pools of capital and strategies as climate generalists.

Vista is a leading global investment firm with over $100Bn in assets under management. The firm focuses on investments in enterprise software, data and technology-enabled organizations from lower-middle market and high-growth organizations to large cap enterprises. Vista’s approach to investing prioritizes creating value for the benefit of its global ecosystem of investors, companies, customers, and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. The firm has various teams, spanning the flagship buyout, lower middle-market and middle-market, and growth equity strategies. Headquartered in Austin, Vista’s Associates can work in their Austin, Chicago, or San Francisco offices in this career-track role.

Warburg Pincus is a leading global private equity firm focused on growth investing. Warburg Pincus was founded 55+ years ago and is a global mega fund which has over $80+Bn in assets under management. Warburg invests in a variety of sectors including, Healthcare, Business Services, Industrials, Technology, Financial Services, and Energy (namely Energy Transition & Sustainability) and is stage agnostic, embodying a “one firm, one carried interest” model and mindset. The new Associate will be part of a tight-knit, collaborative team, and strong performers will have the opportunity for promotion. While it’s a 2-3 year program, there is an option to be promoted directly to VP or to return as a VP post-business school. The NY office focused on investment in Financial Services and Capital Solutions*, Healthcare, Energy, Industrials, Business Services and Technology. The SF office focuses on investments in Technology, and the Houston office focuses on investments in Energy.

*Warburg Pincus’ Capital Solutions is a separate strategy that focuses on both equity and debt investments across opportunistic, stressed and distressed situations across various industries. They invest across the capital structure, seeking to protect downside while retaining equity-like exposure to upside.