MM PE Associate 2 not making promo
Finished up my second year at a MM PE firm and got let go in Dec without much explanation. Just was told they “didn’t see a future with me”. Asked if it was performance-related and they said no. I had been given a good written review (only one at end of last year) and positive verbal feedback throughout this year so really had no warning. Think it just came down to the MP not loving me and not wanting me there long term. With that said, how would you phrase your message to recruiters and new firms when interviewing?
What I’m currently using:
“Finished up a two year associate program and am looking to transition to somewhere I can see myself long term.” When they ask about promo I say “no opportunity for promotion. The firm is not going to need a VP in 2-3 years when I’d be up for it so need to move on to continue moving up”. For context, no other Associates were promoted to Sr Associate this year and one other is out with me (all other ones are still 1st year). Also, all of the MDs and VPs have told me they would reference me well and offered for me to lean on them when I get referenced. Only bad thing is they brought in an outside VP like few months ago (lot more experience than me tbh).
Or
Should I just try and play it off that I’m still working there and am looking to move bc it is not the “right fit” and then find a reason and way to spin it to different parties. For context I’m still on website for another month or so.
Tough time and would appreciate thoughts if my current messaging is just triggering interviewers to dig more or if my story holds water.
Are you still on their payroll? If not, you can't say you're still working there as it will be revealed during background check. I also think it'll take longer than a month - mentally prepare yourself for a 3-6 month gap to find the right fit.
I think your current answer is right. Of course in the back of my mind I say to that "why did you wait until you were already done to recruit" but it is what it is, and worth noting everyone else at your level did not get promoted either. I would be looking downmarket just given the immediate timing and that it's harder without a job, but your story makes sense.
Thanks, I agree with timing. Answer to why I waited I can say “was on a live deal that closes in November and was hard to recruit during that and soft job market.” That live deal I closed and is on my resume so think that’ll hold as well.
You’re overthinking it. 80% of associate/senior assoc candidates on the market are there because they don’t have a long-term job at their current firm
For those of you who who made it to VP, Principal, Partner etc in buyout, what are your thoughts on all the 80% of associates who have to find another job after 2 years? Curious how it works - It is really due to lack of spots for VPs and such, are people not good enough despite being likely some of the best from IB, or is it fit related, what're the most common reasons you've seen class after class over the years?
Sorry this happened to you. A similar thing happened to me 4 years ago when I was a PE associate. They're heartless pricks for not giving you 3 months or so to find a new role. My firm at least did that but they also timed things to minimize my bonus payout.
In a much more ebullient hiring market, I struggled to get over the hump of explaining things. You know how PE firms operate, they don't want to find reasons to say "yes" they want reasons to say "no", in all things. What I ended up doing as going to b school. It's too late for class of 2026 but you have a full 8 months to put together amazing applications for class of 2027. As a former PE associate, you'd be average for H/S/W and well above average for other M7s. It ended up being the best career decision I've ever made as I'm now in a partner track role at a boutique Long Only making mid 6 figures working 45 hours a week. To tide yourself over in the next 6 months, maybe you could get a placement with one of your former employer's portcos or otherwise do some short term contracting / internship type work.
is long only viable from non HSW?
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