Informal references

To remain anonymous I’ll keep this vague. I was an average performer at my fund with less than ideal reviews. Headhunters have asked for informal references, but I’m hesitant to provide any. Is withholding references from headhunters something that is common? What are the true downsides of doing so? Keep in mind this is different than a reference check from a firm someone is interviewing with which I know is likely unavoidable. Thank you!

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