Reaching out directly to PE firms?
I am at a top MM firm and am interested in moving to PE in a specific city. There are a few PE firms there, but they have fairly small associate classes (two to four), so I am not sure if they use any headhunters. Would reaching out directly to them be acceptable, or should I just ask headhunters if they are working with these PE shops? Thanks for any info.
I'd go for both and be pretty proactive about it. Lower MM-MM firms, which I'm assuming by the small number of associates you mentioned, may or may not use recruiters and they don't always (actually, rarely do they) have as fixed a recruiting schedule as the big boys: they tend not to bring on X number of associates every year or every other because they kicked out the last class, they bring on people when they need them because someone left or was promoted or they've raised a new fund and are deploying capital. They also tend not to have a truly dedicated HR person so hiring is much more ad hoc. Of course there are exceptions to all of this, but I'd reach out to folks up and down the food chain at the funds. As someone who's worked in these sized firms for most of my career, I can tell you that the current associates are going to know that they're looking for a new associate as soon as the conference room door opens after the partners have decided to bring someone new onboard.
And the partners tend to be pretty approachable so get in touch with them also. The head guy of a firm that raises $400-800MM funds isn't Kravitz or Scharzman. There's actually a good chance that you'll hear back from the Sr. MD/MP more quickly than you will an associate. And network through them. Once you leave NYC (and maybe Boston, SF and Chicago) the PE world gets pretty small and the Sr. Partner at the firm you talk to who says they're not hiring may know that the fund down the street is looking for someone so ask.
Excellent reply. Thank you! +SB
Unless someone who matters has expressly forbidden you from networking with a firm, it really can't hurt, right? Think of it the same way as networking to get an IB job - most of your efforts will lead to nowhere but it only takes one to make the total effort worth it.
As a personal anecdote, I did not find networking to be as helpful in PE recruiting as I did in banking recruiting. Most of the firms I networked with used headhunters anyway, so while lots of people were happy to chat, I usually got referred back to a headhunter in the end. That being said, there were a few opportunities that I wouldn't have found if I wasn't proactive, so I'd say go for it.
What size funds were you attempting to contact using this method?
MM on down
I met a recruiter in London who said the best guys they placed were the ones who didn't even need recruiters because of how well-connected they were. There just literally is 0 downside in banging on doors and asking to talk to people.
That said I think the answer to your question is absolutely yes!
Directly Contacting Member of PE firms... (Originally Posted: 05/04/2009)
I've been thinking lately that rather than rely on headhunters to get me opportunities in PE, I ought to begin directly contacting members of PE funds myself. I'm a second year analyst with solid MM deal experience and a good skill-set for PE. I just get the feeling that directly contacting PE funds via my work email (I've sent most of them either NDAs or CIMs as it is) would be more beneficial than going through some headhunter.
Good or bad idea? Thanks in advance.
-TheKing
This is one of those it really depends kind of questions. If you have a real relationship with people at these firms, then I recommend contacting them. That is, if there are members of their team that you would feel comfortable contacting outside of a work situation because you did a lot of direct work with them etc, do so.
If on the other hand, there is a Partner at a MM PE shop that you sent a few CIMs to but wouldn't know or recognize on the street, don't do it.
Both personal networks and HHs are necessary parts of a balanced approach to finding a job. HHs (good ones) have existing relationships, know what firms have open positions, and can give you good interview and resume advice. If I had the option of going through a HH vs just emailing someone who wouldn't know who I am (even though they might remember vaguely having an email from me before) I would go with the HH.
Now, some others on the forum might have a different point of view, but as someone who occasionally received these types of emails I basically ignored emails from people whom I didn't have more of a connection than a few sent documents.
i am an undergrad looking into PE/VC. right now i am reaching out to alumni in these industries to get some insider perspective, and perhaps experiences through informal internships. i'm under the impression that it is ok to say that you are reaching out because would like to learn more about the industry (according to my school's career services people, at least), but is it poor etiquette to be upfront about wanting to gain experience through internships? thanks
Agree with PowerMonkey. I ended up going to a PE shop that we did a lot of work with. To be fair, there were a bunch of alums from my alma mater so i used both 'levers' to get an interview.
Directly reaching out to specific funds (Originally Posted: 09/14/2011)
Not sure how this would come off, but I've been researching a couple funds, following their investments through 13-D filings and what not, and think that, assuming they're hiring, they'd be a good fit for me given my background (M&A --> PE) and interests. What would be the best way to try and network with these funds?
I'm thinking of either:
1.) Writing an email to their general inbox explaining my background, mentioning something about the investments I'm tracking, and asking about their hiring process (basically, just getting to the point)
2.) Asking one of the more responsive headhunters I've spoken to about whether or not they have a relationship with the funds or if they could try and open a door for me
3.) Finding someone of similar rank to me (Analyst / Associate) at the funds on LinkedIn and reaching out there
I think option 2 might be the best way to go about things, but 1 is appealing as well, though I'm not sure if it'd come off poorly. Any advice from any experienced monkeys on the site would be appreciated. While I'm eager to network and find a good fit, I don't want to come off as a jackass, either. I appreciate any help.
Looking for a HF job is way more of a grind than finding a PE gig was.
All three of those sound like workable options. I know we save resumes we get sent to our general info email address, though we don't use headhunters that I've ever seen, and getting your resume to one of the mid-level people here would definitely be a way to get some attention, though unless we were hiring I don't know how far it would go.
At the end of the day most hedge funds run lean and hire when they hire, but if your timing is good or your resume stands out those all sound like good ways to go.
Appreciate the reply. I figured it's good to give it a "smell test" on here to make sure it won't rub someone the wrong way. Since funds hire on such random cycles, it could be good to just start reaching out now in case they think of me down the line. Thanks again.
As a token of my thanks, please enjoy this awesome clip from Eastbound and Down:
http://www.youtube.com/embed/De7rbB2bteE
Another thing I just thought of though is that high-profile funds (and their employees) are probably constantly inundated with resumes and contact requests, so #2 would probably be more effective the more "elite" the fund.
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