Fundraising challenges; stay or leave?
Currently an Associate at a LMM shop. Fund has been fundraising for 1+ year (not the first fund, FWIW) and has not had much (if any) traction in the market. They have had a significant number of conversations with potential LPs and lukewarm response from existing LPs, ultimately not translating to any commitments (or a first close).
Would appreciate any guidance from anyone in a similar boat or any general advice if I should ramp up recruiting efforts.
While it genuinely is a tough fundraising environment, that sounds very grim. I’d start looking ASAP - was at a zombie fund before and it’s not fun at all.
thanks and makes sense. did you cite fundraising as a reason why you were leaving the zombie fund when you were interviewing?
Yes, but I tried to be as respectful as possible as not to look like I was shitting on my then-current firm. Like alluding to performance/fundraising struggles but positioning it as I’m looking for a longer term role where I can grow with the firm. Phrasing it delicately and letting them read between the lines without coming right out and saying these guys are never raising another fund again lol.
Thanks. How long did you stay at your then-current firm before ramping up your search? Worried that my short(er) tenure might hurt in me interview processes vs. staying on for a few more months.
"The ship has an irreparable hole in the hull and is going to sink for sure. Should I start thinking about jumping off?"
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