Curious to hear everybody's thoughts?
Feels like market for generalist UMM / MM PE very tough right now - even coming from American BB /w solid CV + deal experience + good group, very limited inbounds (and mostly Tech)
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The London market for generalist UMM/MM PE is indeed challenging at the moment. Based on the most helpful WSO content, here are some key insights:
Ad-Hoc and Unstructured Recruiting: PE recruitment in London is notably less structured compared to the US. Even for top firms like KKR, Blackstone, Carlyle, and Bain, the process is more ad-hoc. Networking and timing play a significant role, and candidates are often advised to start making contact towards the end of their first year in banking.
Sector-Specific Demand: There seems to be a stronger focus on specific sectors, such as Tech, which aligns with your observation about limited inbounds being mostly Tech-related. Funds often look for candidates with sector expertise or deal experience in areas like healthcare or technology.
Brand and Background: While coming from an American BB with a solid CV and deal experience is advantageous, the London market places a high emphasis on specific deal experience and sometimes even language skills (e.g., German for certain funds). This can narrow the pool of opportunities significantly.
Headhunter Dynamics: Headhunters in London tend to have a preference for candidates from top-tier banks and groups. However, they also face challenges in finding candidates who meet the increasingly specific criteria set by funds, such as having closed multiple deals in particular industries.
Generalist Roles: Generalist roles in UMM/MM PE are becoming harder to secure, as funds often lean towards candidates with specialized experience or a clear interest in a specific sector.
If you're finding the market tough, consider: - Expanding Your Network: Since networking is less common in the UK compared to the US, making an effort to connect with professionals in your target funds can set you apart. - Targeting Sector-Specific Funds: If your deal experience aligns with a particular sector, focus on funds that specialize in that area. - Exploring LMM PE: While UMM/MM PE is competitive, LMM PE can offer strong career progression opportunities and a better quality of life.
The London market is competitive, but with the right strategy and persistence, you can navigate these challenges effectively.
Sources: Q&A: Megafund Asia Private Equity, 20 Most Frequently Asked Questions - London Edition, Choose Between Two Offers (BB/MBB) - Looking for Advice, How to approach LMM PE recruiting?, Is it dumb to exit to LMM PE rather than starting in bigger (MF/UMM) opportunities first?
This is also what I noticed, and it has been going on for a while
What are the processes in Tech that you heard about among the limited inbounds?
Been like this since H2 2022. Unlikely to change, you just have to power through it no point waiting around forever for things to turn.
Yup - it's not been a great environment. Seeing some laterals but not much.
A bit more activity in LMM and some MM.
Which names have been active in LMM / MM?
Limerston, QPE, Kester, Apiary. All are below the £500m mark (around £250m).
Then August Equity, Px3 (new fund) a bit larger.
Same feeling here - been casually looking for a while and came across very few opportunities - most of them with very strict sector and/or language requirements. Had the impression something started to move back in January, but all of a sudden feels dead again.
I agree nobody feels like they’re hiring now but it seems to American ones are. Who have you heard as hiring other than Providence right now?
Can you message me? Wont let me write you
Can someone please tell me who is hiring
Been dead since H2 2022, get used to the new normal boys. It is just super super super though at the moment.
Who is hiring? Can you message me won’t let me write you
Any updates on who is hiring?
Heard of providence, PAi, Warburg, Carlyle and some MM firms. Let’s see how the coming months will be.
What level is PAI hiring at?
Is PAI hiring from their flagship fund and also is this recent or the process they ran in Jan?
Which MM firm have you heard of?
Which MM?
which HH for carlyle, and which MM funds? can yo umessage me? i want to know what the story is with CVC and KKR, and who is L Catt HH. and is Bridgepoint coming back?
The HH did not provide me enough information. I think is Aso 1 but no idea how progressed they are in the process
Got it. Any details on whether they are looking for EU languages?
Who is hiring still or are things pretty quiet in the run up to summer?
Also does anyone have any updates on CVC?
L-Catterton started an Assoc process.
Already finished
Wow 10 hours, that was quick
Anyone have any updates or know of any processes due to kick off soon?
Been a very slow market from my POV, have knowledge of the large caps doing their standard cycle hiring, but have heard nothing on the UMM/MM, feels incredibly quiet.
Which ones? Know only of Apollo, Advent and H&F
Who is covering H&F, Advent and Apollo?
Know the first two are Walker Hamill. Not sure on Apollo….
CD&R are well through their process, might even be done, Bain, Advent, H&F, Brookfield and Warburg are all being done atm
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