Private Credit: Mid-senior Level - Head Hunters / Hiring
I'm currently at a lev fin shop and looking to make my way back to private credit. I've never worked w/ a HH before. I've reached out to a handful of headhunters (some based on feedback from these forums). I've had generally positive discussions with the ones that have responded. Although currently there is only one opportunity that's imminent, the rest have told me to be patient. That's fine with me, although I'm getting a little antsy to get something going.
Here's my concern - I'm finding my batting average in getting traction with some of these HHs surprisingly low - e.g. I'm talking to HSP, which is great, but I'm finding Gold Coast an impenetrable fortress. Similar story w/ DSP for example. Connected on LinkedIn, but radio silent otherwise, despite a couple of approaches.
I'm trying to understand if the situation is closer to one of the following:
a) HHs generally don't want to make the time to talk to you until they have something in your strikezone.
or
b) My profile - perhaps because of the switch from lev fin to PC, perhaps for another reason - is not enticing for X% of recruiters in this space
Thoughts?
Thanks!
Based on the most helpful WSO content, your situation likely reflects a combination of both factors you mentioned. Here's a breakdown:
Headhunters' Prioritization (Point A):
Headhunters are often laser-focused on filling active mandates. If they don't currently have a role that aligns with your profile, they may deprioritize engaging with you. This is common, as their time is limited, and they are incentivized to focus on candidates who fit immediate needs. However, this doesn't mean they won't circle back when something relevant arises. Patience is key here, as you've already been advised.
Profile Fit and Market Dynamics (Point B):
Transitioning from leveraged finance (LevFin) to private credit (PC) can sometimes create a perception challenge. While LevFin experience is highly relevant to private credit, some recruiters or firms may view it as a deviation from a "pure" private credit background. Additionally, mid-senior level roles in private credit can be highly competitive, and firms may have specific preferences for candidates with direct private credit experience. This could explain why certain headhunters, like Gold Coast or DSP, have been less responsive.
Actionable Steps to Improve Traction:
Patience and Perspective:
It's worth noting that private credit recruiting can be slower-paced compared to other areas like investment banking. The "be patient" advice you've received is valid, as opportunities in this space often take time to materialize.
By refining your approach and maintaining patience, you'll increase your chances of landing the right role. Keep building relationships with headhunters and networking within the private credit space to stay top of mind when opportunities arise.
Sources: My Private Equity Recruiting Process, Recruiting at private credit shops?, Q&A: Headhunter/Recruiter - M&A Investment Banking, Is BCG a viable path to Private Equity?, My Private Equity Recruiting Process
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