Lateral Associate Recruiting - Struggling
I'm getting absolutely zero traction with recruiters for roles. Some sound like a great fit and then after no contact I have to chase the recruiter for an update and am told they "went in another direction" or "passed on me".
Is anyone else experiencing this? I don't have an issue getting passed on after a call or during a process, but I'm confused as to why I can't even seem to get a first round interview. Is the market that slow / that competitive right now?
The fund I'm at now is >$5B AUM and my banking experience was at a top tier bank and team (e.g. Centerview/GS/Evercore/MS//JPM).
It's a bit disheartening.
What kinds of funds are you targeting, same industry or different industry? I'm sure you already know this, but I think its important to get very specific about why you want to jump ship to the specific firms you are targeting. What is it about the work/portcos/investment framework that resonates with you and that you are unable to get at your current seat? Generally, when I get dinged after a first round its because my story/why this firm don't really align and I am unable to make a cohesive argument about why I am uniquely interested based on past experiences.
They're funds that are either generalist or same sector, hence my confusion.
For the avoidance of doubt, I'm not getting a first round. I'm getting screened out before that. If it was after first round I wouldn't mind because then it would be because of how I did in the interview.
How long have you been at your current fund? If your title is accurate, it might be too early.
What fund size are you at (not AUM, last vehicle raised) and what size are you targeting?
It's likely due to time at your current firm (just making an assumption). I'm at a similar sized firm that doesn't often take lateral hires and would never even interview someone with less than at least a year and a half but more like 2 years of experience, and at that point its more like a sr associate hire.
I had assumed it was this but multiple recruiters have said 2+1 is a very active space. Maybe they were just bullshitting / talking their own shop?
This makes the most sense tbh
Another guy, title accurate - does this hold even for those willing to start over from the beginning? Was thinking of trying the MM -> MF/UMM move, have accepted that I will likely need to restart as Asso1 along with the new-to-PE hires and so was planning to make a go for it after 1 full year - is it better to just wait out 2 years and try to lateral as an experienced hire?
Were you able to find an answer to this
I'll also add that it's likely due to the job & tight fundraising market. If you're an associate at a reasonably bearable firm with good comp, you'd be crazy to jump ship right now with so few places hiring. Thus, there are fewer experienced associate roles opening up to begin with. Firms are also trying to run leaner relative to the hiring spree that we saw post-Covid.
In the same boat and am experiencing the same problem – my resume doesn’t even make
it past the initial screen despite strong experience in my industry of focus.
This is a very common issue right now given how terrible the market is. When the market was great and everyone was raising larger funds and growing their teams, they absolutely wanted to bring in experienced associates who could hit the ground running due to having direct PE experience at another shop. Now that things are slow and teams are shrinking, most firms don’t have a reason to hire experienced associates off cycle. I’m not surprised anyone is struggling to even get interviews.
Anyone have insight as to when recruiting might pick up?
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