Associate at MM PE with no work
Networked my way into an mm pe sometime ago. Have been coming to the office every day for the past one+ year and have nothing to do. The partners are nice, but they do their stuff, so I just sit all day browsing the internet. I asked them several times, but they just keep making promises that work will come soon, and now its been a year (literally) without anything to do. I even went out of my way to find them some attractive proprietary investment opportunities, but they never even bothered to sign the NDA. I want to leave, but since I don't have a banking background (have done CFA & masters and then worked for four years for a no-name firm), I haven't been getting any interviews. Networked my way with headhunters, but they all said I don't stand a chance.
On the one side, I feel lucky to be in the pe industry, but, on the other side, I am just bored (also not really learning anything). I am still confused as to why would they pay me to have no work (its a small office, so I am sure they know I am just sitting all day).
I am looking for advice here. What can I do next? Has anyone else been in a similar situation?
Damn what firm?
its a no name firm (very tiny)
start sourcing deals and be proactive
You haven't done anything for a year? Damn. Maybe take the initiatives to go to a few industry conferences (the industry you care about) since you have so much time. Get to know the companies but more importantly, talk to the senior guys at PE firms. Make good impressions and hopefully one or two opportunities might come to your way. Best of luck.
Are you sure it's MM PE? Do they have a fund raised? What capital are they investing with?
Based on what you've said it doesn't sound like a legit PE shop, more like a tiny family office or something. What's your comp if you don't mind sharing?
Comp is way below industry
Does not sound like private equity
Holy crap, a year?!? Do they not have any dry powder or something? Even if not, you'd think there was at least portfolio company work to do. Something is seriously wrong here man. Keep trying to lateral, because that sounds like a career death trap to me.
Huge take away is that don't join no-name firms. It's all personal money so there is no sense of urgency to do deals. I had offers (~$100k) from data providers factset, bloomberg, etc. but had my eyes set on doing deals. So ended up accepting a below market comp . Initially I thought the currenlty opportunity will result in becoming jack of all trades (modeling, fund raising,, etc.).
I am in a career death trap and would appretiate any lateral move advice/leads from you all.
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