Lateral market?
Have seen maybe 1-2 lateral opps come through in the last month. Is it me or is there just no openings right now?
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It's been like that for the last 2 years... a lot of unemployed PE people
It’s not a highly active market but I’ve certainly seen a decent number of lateral opps. Am a 2nd year associate at a nyc / sf middle market firm.
A lot of them end up not hiring anyone. Most of the funds i've interviewed with over the last year didnt hire anyone
What are the HH that are sending those out? Current firm uses cpi so I don’t get anything from them
I’m curious if anyone has decided to give up on PE and pivot into corp dev / fp&a / some other field?
Wrestling with this decision myself... one of the many
Welcome to the last 2 years of hell in PE.
First Time? hanging meme
Tobin & Co is always hiring, you just dont get paid anything tho
It's brutal
Have seen a good number of people having a hard time realising that the game is over and they should find a new type of gig. Would say if you are out more than 9-12 months, do something else. Unless you are senior and can spin it as having the economic opportunity to take a proper break and wait for the right thing.
After having quit another PE gig, I just landed in a new one. For the benefit of those looking, this was the process: 1) mapped out 150 playes that was the landscape for me based on sector, experience, geo, etc. 2a) decided to reach out to 30 of them. 2b) engaged/reengaged headhunters serving those players. 3) had 25 first chats out of the 30 and 5 dialogues from HHs. 4) this created 5 real processes - mostly from direct reach outs/network. 5) Had 2 (and one coming) offers. Killed 1 process due to lack of fit. Took 6 months.
HHs are important, but less in your control.
Good luck out there
For direct reach outs did you use LinkedIn messaging
Better with email if you have it. Even better with an intro from a friend..
this is great, congrats
i found hh to be useless, calling me about random roles in random geos that i told them i wasnt interested in.
i just talk to recruiters to find out who is hiring and then reach out directly (not mentioning i heard theyre hiring)
can you go direct to the firm after learning about the role through HHs? Have been doing this and finding better hit rates vs. going through HHs.
as a side note, despite the success, wanted to understand how kosher/frowned upon it was, as well as learn about others' experience doing this
what's your prior experience / background?
sorry to bug but pls lmk if you'd be open to PM. thank you.
it's tough. im recruiting as well and market is just dead. there are roles but some are with random places (had to pull myself out of a process bc they wanted me to do a case on a live deal...)
ive found that direct outreach to companies is 10x better than talking to recruiters
How are you outreaching? Just emailing people at firm and asking for an intro chat / attaching resume?
im talking to recruiters, talking to ppl in my network / friends at other firms, going to PE conferences in my city, and yes reaching out directly to the HR at firms
Just started opportunistically looking (VP/nearly principal) bc i hate my team, and it's pretty slow in NYC. From what I've heard processes are super slow playing at this level because no one really needs a body, and the good talent similarly is in no rush to move because they're employed / on promo trajectory.
I'm taking the view that it'll take me maybe 12 months to find a PE/growth role that I'm happy with at a meaningfully scaled fund with a good track record in NYC. I've started sending out feelers and everyone's confided that they're mostly in portco management mode and generally have enough mid-level + associate firepower to handle the deal flow.
I've also heard ppl at sweaty funds are getting extra crushed on portco work because the funds know they're not going to leave in this market....
**meant good talent in the eyes of headhunters and funds. No disrespect to people who got let go, not implying reflection of your ability
a lot of ppl will go to bschool in a few months once they get their acceptances and will leave, opening up the market a bit (not a lot but a bit for sure)
Maybe for senior associate, but generally funds aren't replacing associates going to b school with VP/junior principals.
Two comments, one real and one emotional:
What’s the back up plan?
This is too real - the guys who did banking at some regional bank and then ended up at a PE firm in a tier 2 city where they have a path to partner are the guys who actually won in the end. The biggest hardos with the best brands are all burned out now and working in corp dev or fp&a. The lesson here is that with this career path longevity is the single most important thing - more important than brand or near term comp.
Also hilarious that the industry that tries to pimp themselves out as hiring for "horsepower" the most will interrogate you like Jack Bauer if you dare to go into industry or corpdev for a year just so you're employed while you recruit instead of taking the Harvest Partners on-cycle job and just sticking around
I don't think that is true... a ton of people have moved to corp dev then moved back to PE. I think the important question is does PE go back to growth mode. If it stays down or sideways, then there isn't space for anyone and it will be a knife fight + carry will be worthless as you can only hold a job for 2-3 years before they give you the boot for "performance"
I was confused by the last sentence. do you feel bad for the less talented or yourself
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