Lateral move from UK to US

Experienced private equity professional (8 years) in a lower mid market firm in London. I'm planning to relocate to a regional (non core market) city in the US next year for family reasons (wife is American). I've been out of recruiting for a while, so looking for 1) general advice on how to lateral to a small and new market with no existing network there; and 2) some specific advice on conversations I have ongoing (as I mentioned, it's been a while since I was actively recruiting, so out of practice!).

I'm a Director at a lower mid market firm that has been successful in our specific niche (c 2.5x MM return over 5 funds / 25 years) but has no brand name, no US exposure, and has relatively niche investment strategy (businesses focussed on real assets and FIG). I've led (execution only, no sourcing) on four deals, half of which I have exited successfully (one at 2.5x, the other 6x MM) so far. I haven't done a new deal for a number of years as we are now fully invested and struggling to raise a new fund (we also aren't looking at anything new). Prior to this role, I spent 4 years at MBB, which included c. 1 year out of NYC.

I sent out some introductory/networking emails to the CEO/CIO/founding partners of firms in the location that I thought were interesting in advance of a recent family trip, and had two conversations whilst there. I thought both conversations went well. Feedback from Opportunity (A) was "let's stay in touch" (but no commitment beyond that), and Opportunity (B) - after what was originally positioned as a "coffee chat" became a meeting with the 5 man management commitee) - has yet to provide feedback, despite two follow up emails (one the day after the interview, the second one week later).

What is the best way I should engage with Opportunities (A) and (B)?

On (A), we had a very constructive conversation and it felt like a really good fit / overlap in strategy/approach (which I expect to challenging to find given my relatively niche background) but the partner was very cautious/non-commital on when and if they will hire into the investment team. It was unclear whether they really would be prepared to hire someone at my level (vs the more junior ranks). We agreed to stay in touch quarterly (my planned move horizon is c. 12 months), but I am not really sure how to do this / what I am asking for / how to test if this is real or not. 

On (B), I took it as a positive sign that the coffee chat became a meeting with the management committee, but I have had no feedback since despite sending a follow up email and chaser. From my perspective I thought the conversations went well, we had good rapport, and there was some good (although not perfect) overlap in what we do, everyone I met was positive and said "let's stay in touch" (and sounded genuine in doing so, at least to me), so I am surprised to have heard nothing at all (whether good or bad). NB -I followed up only with the CEO/CIO whom I originally reached out to, not the others I met, as I only have his contact info. It's possible he's been busy/travelling, but responded right away to my initial outreach. I am not sure my next move - do I reach out to the other people I met, or just leave it and hope the CEO comes back to me?

As a general question - besides sending cold emails out to firms as I have done so - is there a better way to lateral into a new role in a new city? I am conscious at VP/SVP level there are a limited number of seats, particularly in a small market and with no brand name/ a relatively niche UK focussed background (so network is pretty limited because of that), so strategy on how I do this will be key. Prepared to do all the networking etc, but it doesn't come naturally to me.

My general thought was I should reach out and start conversations well ahead of my move, but I'm also conscious some firms won't engage unless they have a specific need, and I don't want to be that guy sending multiple follow up emails 12 months ahead of my move to no response and potentially burning bridges I might need later. I should also say that part of my objective from reaching out 12 months ahead is to test whether I really can lateral given my background, before taking the leap of the move given cost, disruption and lead time.

Any input appreciated.

2 Comments
 

Based on the most helpful WSO content, here are some detailed insights and advice for your situation:

General Advice for Lateral Moves to a New Market

  1. Networking Strategy:

    • Cold Emails: Continue sending out introductory and networking emails to key individuals in firms that interest you. Tailor each email to highlight your unique background and how it aligns with their firm's strategy.
    • Follow-Up: Persistence is key. Follow up if you don't receive a response, but space out your follow-ups to avoid being perceived as too aggressive. A good rule of thumb is to wait a week or two before sending a follow-up email.
    • Leverage Existing Contacts: If you have any connections in the US, even if they are not in the same city or industry, reach out to them. They might be able to introduce you to relevant contacts.
  2. Engaging with Opportunities:

    • Opportunity A: Since you agreed to stay in touch quarterly, plan your follow-ups strategically. Each follow-up should provide value or an update on your situation. For example, share insights from recent deals you've worked on or industry trends that might interest them.
    • Opportunity B: Given the positive initial interaction, it might be worth reaching out to other members of the management committee if you have their contact information. If not, send a polite follow-up to the CEO/CIO, acknowledging their likely busy schedule and reiterating your interest and fit for the role.
  3. Building a Network:

    • Local Industry Events: Attend industry conferences, seminars, and networking events in the US. This will help you build a local network and stay updated on market trends.
    • Alumni Networks: Leverage your MBB alumni network. Alumni are often willing to help fellow graduates, especially those relocating to a new country.

Specific Advice for Ongoing Conversations

  1. Opportunity A:

    • Quarterly Updates: Send quarterly updates that provide value. For example, share a brief analysis of a recent market trend or a summary of a successful deal you led. This keeps you on their radar and demonstrates your expertise.
    • Clarify Hiring Intentions: In your next follow-up, gently probe their hiring intentions. You could ask if they foresee any upcoming needs in their investment team and how you might fit into their plans.
  2. Opportunity B:

    • Follow-Up Strategy: Since you haven't received feedback, send a polite follow-up to the CEO/CIO, acknowledging their busy schedule and reiterating your interest. If you have contact information for other committee members, consider reaching out to them as well.
    • Express Gratitude: In your follow-up, express gratitude for the opportunity to meet with the management committee and highlight specific aspects of the conversation that resonated with you.

Additional Tips for Lateral Moves

  • Timing Your Move: Starting conversations well ahead of your move is a good strategy. It shows foresight and planning. However, balance this with not overwhelming potential employers with too many follow-ups.
  • Testing the Waters: Use your initial outreach to gauge interest and fit. If you receive positive feedback, it can give you confidence in making the move. If not, it provides valuable information to adjust your strategy.
  • Professional Help: Consider engaging a recruiter who specializes in the US market. They can provide insights and potentially connect you with opportunities that match your background.

By following these strategies, you can effectively navigate your lateral move to the US and increase your chances of finding a suitable role in a new market.

Sources: Received offers from all three MBB firms and don't know what to do, Converting an S&T Internship, https://www.wallstreetoasis.com/forum/investment-banking/jpm-ma-vs-top-eb-cvpevrpjt?customgpt=1, Beginner's Guide to Building an Angel Investment Portfolio - Part Two, PE Senior Associate - What next?

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