3rd Fund as an Associate
Hi All - I am at my 2nd PE fund as an Associate (redid program) and about a year and a half in to his fund (did 1.5 years at the first one which was a MF). I really like the team, strategy and the firm is on an upward trajectory but I don't like the geography - should I wrap up another year and try to get VP somewhere else or try to lateral now as a Sr Associate (current title is Associate but have 3 yrs experience). This fund isn't a 2 and out and should get some decent looks
Why don’t you like the geography? Why did you go from a MF to redoing a 2 year and out asc program in a geo that you didn’t like, presuming you knew that at the time ?
Didn't want to go to business school and got to the end of my program without something lined up and wanted to stay in buyout. Thought I would try a new geo and didn't like it as much as my last one.
I feel ya. Makes a ton of sense. I’d think some more about how much you really dislike this geo vs the other and if for the right reasons (though this sounds like a ny vs sf thing that is super fair lol).
The reason I say this is getting and staying in PE is tough. If you like the people and the firm you’re at and can be more flexible on geo, might make sense to stay put.
Something is not adding up / doesn't make a "ton of sense." I get that it was a tough market and even wanting to try out a new geography but to give up 1.5 years of experience instead of taking a carry position (or being a year away from a carry position) is a bit of a headscratcher? Was the 0.5 year at the end because of performance reasons, i.e., could you not have parlayed this offer into third-year (or even second-year) processes that would have start dates more cleanly toward the end of your MF program?
Not trying to be a dick but in the toughest SASO/VP market since the great recession, these are the questions any team is going to ask and I wouldn't take the "decent looks" as a given, especially if you're going to be relying on headhunters.
I couldn’t get a VP/SA position (my fund is strict 2 & out). I was being vague to avoid being doxed but I did between 1.5-2 yrs (I was asked to start off cycle) and joined the largest competitor to my fund. Story makes sense and I got advice from Sr people at my fund that told me to go for it
Well that explains some of the story, and it's reassuring to know there weren't performance reasons for the first move. Still, I would expect decent skepticism as to picking the one offer that erased 2 years of experience. If you were at a MF and able to join the "biggest competitor" (also be careful about self-doxxing, this is like either CD&R if you weren't at a sector-specific fund or Vista/Thoma if you are), would the desire to move geographies really outweigh taking a few extra months to pick idk the second-largest competitor in a new city as a third-year or Senior Associate? If so, what does that say about your judgment?
I really am not trying to rag on an anonymous Associate right now. My point is just that in an already risk-averse industry, recruiters (external and internal) at the third-year/SASO/VP level are feeling exceptionally risk-averse right now. Unlike senior people at your old fund that have an interest in maintaining good ties with you after you leave, the incentive for new funds is frankly to cull the applicant pool based on anything that even seems "off." If you are at the largest competitor to an MF, I would strongly suggest securing a seat with carry economics internally and kind of resetting your path to one that looks more "normal" before looking elsewhere.
Bump
life is more than just a job. Go where you will be happy. I think most people on this platform forget that you are likely doing way better than a huge % of the general population. I always make decisions by asking myself "would 80 year old me regret doing / not doing this". In my experience, if you dont like the city, its so easy to become disillusioned and start hating everything, including the job
True but taking a job you don’t want to be in a city you like may not be best outcome vs waiting a year
Bump
Lateral market still feels like an absolute crap shoot. I'm a 2nd yr Sr. ASO 4 YOE at current MM fund and in 4 Sr ASO/VP processes now but they all just feel like they're... lacking enthusiasm? Idk how to describe it other than people say they're "looking to hire" but not in a rush. Like it's the fund equivalent of casually looking around but not necessarily wanting to pull the trigger. Or maybe I just fucking suck idk.
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