Lateral between MF / UMM
Curious for PE folks who started out at MF / UMM funds - are there precedents of associates leaving for another MF / UMM firm? The case will be moving to another PE at similar fund size / tier.
What is the process? HH who represents many MF / UMM that you are interested in also has a relationship with your firm. Will they tell your current company? Do you need to get MBA for the switch? Curious to see how ppl navigate the process. What will happen if your current firm finds out? Heard Apollo is notorious at preventing their associates jump shops.
Bump
bump
Bump. Interested
Just fyi the HH that placed you in your current shop will not help place you (as a general rule plus their comp for placing you is tied to your retention).
Actually? That doesn't seem right, I thought they got paid 10% of your TC your first year so if you finish your first year they get paid out.
You're right that headhunters are paid based on first-year compensation, but that's purely the basis of calculating their fee. Some engagement letters specify that the candidate has to successfully complete the associate program, and every single one says that the headhunter cannot solicit candidates actively employed by the firm on behalf of a different client the headhunter has.
Put differently, if CPI places you at Hellman and Friedman and you decide to skip b-school to directly pursue growth equity, they won't put you in front of General Atlantic or Insight (great firms that you'll obviously want to speak with who are also their clients) because they won't risk their relationship with H&F, the client that they originally got paid by on your initial candidacy.
My understanding is many have clawbacks as well? If you leave after one year they only get half or something like that
When I was leaving my last firm I asked about this, and 1 HH said they flat out won't work with you if your current firm is a client (regardless of if they placed you or not), another said they can but need express permission from your boss to do so, and then another said as long as their mandate is for another group and not yours. Have also heard some are ok after a certain period of time have passed.
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