PE Offer Rescinded 2 months before my start date
Just heard from the PE shop that I was headed to that my offer is rescinded because the fund could not raise its latest fund (their fund V) was raised in 2011 or 2012). I did go through the contract but guess there's no recourse on my end.
Just wanted to get everyone's advice on how to proceed from here. created a burner account to protect my identity but I feel like I already gave away too much information. Frankly, I would love to just name the firm's name here so others won't get hurt, but I'm somewhat worried about my reputation.
tldr: I was going to head to a middle market PE in nyc in a few months then my offer was rescinded because the firm's going down (can't fund raise)... how do I go from here? my bank already knows that I'm "supposed to " leave in a few months.
Hey that really sucks, I am sorry to hear that.
1) since your bank already knows you are leaving, just ask if there is a possibility to stay? Your worse case is you are still leaving, your best case is they might re-home you into one of the other departments / coverage groups
2) if i was the PE firm, i would feel obliged to at least flex my contacts for the guy's future i just busted. Reach out to them as well and see if they can put you through to any of their friends funds etc.
Agree with this. Ask your firm if you can stay for a third year. You could do a lot worse, it's almost riskless to the bank, and while any verbal commitment you make to stay for the full 12 months is nonbinding, they'll know that your odds of jumping to PE off cycle are pretty low.
Unfortunately I doubt you'll have much success getting anyone at the fund to help you. That would require them to broadcast that they're shutting down, and they are all probably scrambling to find jobs for themselves.
Given the firm is already unable to raise another fund, naming names will not benefit anyone at this point other than satisfy others' curiosity. I have a feeling I know which firm you are talking about already. The industry is small.
This is a really shitty situation all around. For the firm's existing employees and for the incoming associate class both. Reach back out to recruiters so they know you are back on the market. You can explain the situation there. If you are still interested in PE start networking and maybe an opening will come up in the near future. It sucks since now is obviously the time the new associate classes start, so finding something right away will likely be difficult.
Good luck. Hopefully your bank is understanding about the situation and is happy to have you around for longer.
Yikes. Don't have much in the way of helpful advice but really sorry to hear this. Wishing you the best of luck.
PS: Maybe the best course of action is to call the partner there and see if they can use their network to help you land something else. I'd also immediately reach out to the PE recruiters (Oxbridge / HSP / whatever other ones you've used) and set up a call to explain your situation. Maybe they will have some sympathy and try to fit you into on-going processes.
This happened to a good friend of mine way back during the financial crisis. He ended up staying on for a 3rd year at his bank and moved on a couple of years later. He is one of the most successful people in my network today. Everything happens for a reason.
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