2Y PE Associate Lateraling
I’m a 2nd YR associated and I recently found out I wasn’t promoted at a private equity firm I work at and I’m on the hunt for a lateral private equity position. I’m familiar with on-cycle recruiting for 1st YR PE but less so with laterals in PE. Some main questions that come to mind are:
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- Do I communicate immediately I wasn’t promoted to headhunters? I’m aiming for a check in call with some but risk them knowing promotion status too at my firm
- How do I properly communicate why I wasn’t promoted? Any ways to soften the messaging?
- Thoughts maybe around they only promote 1/5 in the class, there is limited room at SR. Associate / VP level
- Does my explanation in bullet 2 have any effect on the opportunities the HH shows me?
- Given I’m a 2nd year associate, when I lateral, do I have typically re-do my 2nd year? I've seen both ways frankly where either Sr Associate promote or 2nd year.
In the past 2 years, sure many know that there were record low new deal activity, which I’m sure was felt around every associate class As a result, I’ve worked mainly on portfolio work in the time I was here so also wondering:
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- How I can craft my resume into reflecting meaningful portco work (which I have)
- The messaging to HH of why my resume looks like it’s mainly portco work with some new deals
Lastly, does anyone have any experience with lateral 2nd year associate interviews? Would think anything for modeling to presenting investment case study to industry knowledge to brain teasers is all fair game.
Edit: Background
2nd year at MM generalist fund ($3.5bn fund) on the east coast- target probably something in software focused PE open to both coasts
Think there are a lot in your shoes. Deal flow evaporated. Wonder if this makes IB analysts getting into PE more difficult?
Do you plan to stay through the end of your program (assume late summer) or leave now? Timing will impact answers to some of your questions.
I'm open to staying through latest summer or leaving now. Important thing is securing an offer (either now or after program). How does that impact things?
Should we take any job we can get or wait out until the right opportunity comes up? Assume cash isn’t an issue
It depends... I've barely seen any 'good' opportunities come up the last 6 months and when you aren't unemployed/clock is ticking time flies much faster.
Typically I would take a job if it meets 4/5 of my needs (location, pay, title) but given there is a lack of spot...maybe its worth taking a job that meets 3/5 of your needs
I mean if there are no PE opportunities, should I take an ops / corp dev job with the hopes of coming back to PE?
Mind providing a bit of background (sector focus, size of fund etc)
thanks just did
If this was 2021 when the market was you would be able to typically come in as a senior associate but given that the hiring market is not so hot you will probably need to 're-do' your second year before getting a senior associate promotion (typically 9 months-12 months)
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