Title says it all. Recently been wathcing a lot of senior level turn-over at my firm. Some of these can be pretty cruel considering these people are all in their 40/50s and have families that depend on them.
How have you seen senior people getting pushed out in PE? What are usual precedent signs and how does it usually happen?
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Yes, usually associated with bad deals (not always the senior person’s fault) or poor reputation (especially with management teams)
This happens all the time - how else do you create spots for new partners?
Most/all of these 40+ people have made enough in their careers that they should be perfectly fine financially so long as they managed to keep expenses in check - which is a good reason to avoid lifestyle creep in the first place.
up or out
this industry is fickle
Yeah, underwrite a bad deal (i.e. capital loss) and the partner in charge of the deal probably gets canned.
That is unless he/she has either I) stellar track record and this was a one-off ii) have other currently active investments that are tracking to be homerun deals (ex. 5.0x+ MOIC)
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