Downplaying Partner promotion in recruiting process to not be "priced out" due to perceived seniority?
I'm currently a tenured principal at one of these "zombie funds" that's struggling to raise its next fund. I've been verbally offered promotion to "Partner" with TBD economics, subject to raising our next fund (which I am not counting on). I'm in active interview processes at the principal / MD level - would updating my resume for a future / contingent promotion to the Partner level actually help or hurt my chances for such roles, given I would not be qualified as of today for a "true" Partner level role at these funds, and don't want to price myself out of the principal / md level in the recruiting process.
My individual deal attribution / performance is good, and this partner promotion is, in my view, largely a retention tool more than anything else to avoid further departures during fundraising (I have met many LPs and now interact with them frequently).
Does anyone at this level of seniority have thoughts on how to position this situation?
Seems like it depends on what you’re recruiting for - if principal laterals, then can omit or just mention to show that your existing firms values you (why not?). If MD opportunities, leverage it maximally to get to the next rung on the ladder.
AKA, just tailor based on what’s available in the market. For proactive networking, I’d suspect it’ll come up organically versus some big declaration.
How are you seeing the principal level lateral market? What type of fund are you coming from?
What about asking your current shop to give you the title without the economics. And then use the new title to recruit?
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