Does your PE firm allow employees at your portcos to switch to another portco?
I just wrapped up the interview process with another company backed by the same PE firm that owns my current employer. Had a verbal offer and was waiting to sign when I received a call - apparently the PE firm doesn’t allow “poaching” between fellow portco’s, so they had to pull the offer.
I’m pretty bummed out as it was a 36% bump in pay and would have me making a pretty absurd about for working in FP&A.
Have heard venture firms describe this as a challenge - poaching between portcos. They don’t stop it because they don’t have control and a big portfolio.
Guess it is more feasible for PE funds but our fund doesn’t stop poaching.
That’s an unfortunate situation. Hopefully your current employer didn’t find out you were interviewing to leave.
In terms of the question, I’ve never heard of a policy like this in PE. I could certainly see why it might upset a portfolio company though. That said, I think it is a bad policy… you’re pretty much just going to lose talent to a company outside the portfolio because someone looking to leave is probably going to keep looking.
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