Is it possible for me to get back to Tech Buyout PE?
Hey guys,
Ignore the title, I’m a PE Associate / Senior Associate at a generalist startup fund that’s being wound down. Performance has actually been solid, but the fund is getting shut down for corporate political reasons I won’t get into here.
Before this, I did Tech Investment Banking at a top shop, but when I joined this fund I was a generalist and not tech-specific (although touched some tech).
I’m trying to lateral back into tech buyout at a more name-brand tech buyout platform, but I’ve had trouble getting real traction with headhunters or firms directly. I’ve had a bunch of off-the-record chats with people at these funds and the general feedback is basically: “We’re not sure about hiring needs right now, maybe revisit in the new year” — which is when I’ll officially be unemployed.
I was on the promotion track and have strong references from VPs up through Partners.
Real question: is it still realistic for me to lateral into a top tech PE shop from here, or do I need to adjust my expectations? Starting to feel a bit cooked given how little traction I’ve had thus far.
I mean of course its technically possible. but recruiting across the board is really hard right now at the SR Assoc / VP level. if your mentality is Thoma/SL/H&F/etc. or bust, then you might want to reconsider.
my advice, is to expand your appeture to any tech investment seat, your story may be interesting but its not going to put you in front of the 100s of other Top IB / PE candidates gunning for these spots.
That's what I've started doing. Have been getting some more traction with growth and venture stuff, so may just have to move down a stage or two worst case.
what geography are you in? been seeing a decent amount of non-NYC opportunities (SF, ATX) - however, only at the associate level. I know one tech fund that is actively looking for an SF associate
I wasn't considering SF or ATX originally, but am now expanding my search. I'd consider SF. Mind me asking the name of your fund?
Five Arrows
Agree with the first comment, if you have timing pressure + come from a no-name fund, I would widely expand your search. Even another no name fund or going back to IB if your old group will have you is going to be better than being unemployed right now.
This is the risk with the small funds, solid exits can be very hard to come by even if you have good references. The top firms will have hundreds of applicants from other name brand backgrounds
My old group will have me back, but I think they would regardless of whether or not I'm employed given the situation, so that's my last resort if none of this other stuff works out.
If your old group is a top shop (e.g. GS/MS/Q/EVR) then it probably shouldn't be your last resort. Given the political nature of the wind down I don't think most funds would penalize you for going back to banking for a short while and immediately starting your re-recruit after a month or two. It'd speak to your strong performance that you were able to move back to a strong group and put you back in the pool with all the other competitive IB candidates (albeit recruiting as an ASO which might be a bit harder). From the hiring team's logic - it'll look better to be hiring a banker that's currently employed and has some PE exposure than an unemployed lateral hire from a fund that wound down.
The lateral market is super shitty rn and this IMO sounds like the lowest risk path to securing employment with strong optionality to move back into tech PE. If you want to keep at it as you are now, most of the shops hiring rn will be lesser known LMM/MM funds vs if you can wait 4-6mos to get back into the pool you'll have a better crop of names you can approach through HHs.
I’d agree with above poster that going back to IB shouldn’t be last resort, but it shouldn’t be top 2 or 3 options.
My 2 cents is you should widen up the search to smaller funds and other locations in order to prioritize staying in PE. Most ex-PE associates who return to IB do it because they didn’t like PE and don’t want to go back. Going back to banking to immediately turn around and re-recruit doesn’t make as much sense to me as opening up the PE lens, not to mention your old group wouldn’t love you using them as a 6 month pit stop.
Dude you just said you were at a fund that is winding down but you seem to be targeting only MFs initially which doesn't seem to be the right fit given your past experience. If you were at a UMM/MM, target MMs similar sized and smaller than your current fund. It's very hard to move upmarket in a regular market from a normal fund, your trying to do this in an (according to you) winding down firm in a terrible market. Makes a ton of sense why you had no traction with the larger cap funds but are now having some more traction with smaller funds.
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