How to respond when a headhunter/recruiter asks what other processes you're in

I'm a second year IB analyst, currently interviewing for near-term PE jobs. Working with several recruiting firms on different processes. There's one in particular that I think is a golden egg and I don't want others to know about it.

So I took an intro call with another recruiter today, who asked what processes I'm in. I wanted him to know that I'm getting really good traction, so told him I'm in final rounds with some. He asked for names. I told him two of them, he kept asking. I was reluctant to say the third (the one I really want), because I'm afraid he'd use the information to reach out directly to the PE firm with a book full of fresh resumes. Am I wrong in assuming that's why he's asking? Getting info to see which firms are hiring? Like that Director in your group who tells a bunch of PE buyers he's intimate with a company pursuing a sale, when he's really not, but ends up bringing a bunch of interlopers to the table? Is that the way this industry works, or is there some type of exclusivity that my other recruiter has with this PE firm?

I just know there are some recruiters out there (Pinpoint, Mercury) that never actually have any mandates, but just phish for info so they can go try and line something up. (for disclosure, this isn't one of those two firms, this guy was from JHB, which seems legit). How would you respond to these types of questions?

 
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The best advice regarding headhunters (ironically given to me by a kind HH at Oxbridge) is to never say anything to a recruiter, HH, etc. that you wouldn't be comfortable openly posting on Facebook.

Don't disclose the names of offers, firms you're in the process with, name confidential info on non-closed deals, or any information that is not strictly public about you.

Can you imagine what would happen if your JHB headhunter approached one of the firms you're in the process with and tried to worm his way in with a "similar" candidate, or worse, implied you were cavalier with their process and interested in other roles?

When asked, reply that you are in the process with a few firms with established platforms and modest color (strategy, ballpark AUM), but only the minimum required to establish credibility. At this point most HH's will move on unless they are aggressive or sleazy.

There are rare exceptions to this (as always), but in general information is king on the street. Guard yours carefully.

 

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I used to do Asia-Pacific PE (kind of like FoF). Now I do something else but happy to try and answer questions on that stuff.

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