Brutal Firing Stories
I work at a buyout shop as a VP and am looking to do a GP-led. I was speaking this morning with a principal at a secondaries fund that I have known for a while about the deal and some personal stuff came up about how he was let go from his former shop. I wanted to anonymize what he told me and share cause I just felt so bad for the guy and am wondering if anyone knows if this type of stuff is common?
So basically he worked at a smaller secondaries fund as the first hire (went from AS1 up to Principal over 5 years) and helped build the firm from zero to over 1bn in. The founder was a crazy person that issued promissory notes to assign carried interest instead of just assigning it. Anyway, a bonus payment was apparently delayed by 6 months and this guy got pissed and started telling the founder that he needs to honor his word and the the carry % (he was going to give up 10% of the pie) formally assigned to him. The guy said he would but that he was travelling for the summer and wanted to deal with it in September.
So the guy roles into the office in September and boom - fired. The founder told him to clear out his office and that he was fired as he didn't want to actually give any carry and didn't like being challenged over $$. To make matters worse, the company didn't give the guy a Record of Employment (something you legally need to do) so he couldn't claim any Unemployment Insurance...they also cut off his health benefits.
Long story short, this guy is not killing it at better fund and seems happy, but fkkk that is a dark story.