BB Analyst Not Promoted – How Should I Position This to Headhunters?

Senior Analyst at a BB in London. I’ve recently been told I won’t be promoted to Associate this cycle.

At the same time, I’ve been recruiting for PE. While I haven’t secured an offer yet, I’ve reached case study and final-round stages multiple times, which gives me confidence that my skill set and deal experience are competitive.

My concern is how to position the lack of promotion to headhunters and PE (and even IB?) interviewers. I’m worried both about how they’ll view it and whether it may make headhunters less likely to put my CV forward for opportunities.

For those who have been through something similar:

* How would you explain not being promoted?
* Is this likely to be a major red flag for PE recruiting?
* Should I address it proactively with headhunters or only if asked?

Would appreciate any advice.