Made redundand, any chances with PE recruiters?
Recently, I was told by my bank that I am at risk of redundancy. Around 30-40% of my team is affected during this round. Some top performers are let go as well.
I have 1 month before losing my job.
I would like to know if, given the current macroeconomic environment, HH care much about it? I have over 2 years of IB experience. I am afraid about having a nice conversation with HH but then not being shortlisted to PE shops between 30-100bnAUM.
For now I will not disclose anything as it is not certain. But once this month passes and it is official, I must disclose. I am afraid no one from the companies on my top list (think Bain, CVC, Permira, Advent, Apax) will want to talk to me.
Oh, I'm sorry to hear about your situation. It's a tough spot to be in, but don't lose hope just yet. Redundancies, especially in the current macroeconomic environment, are often seen as a result of circumstances beyond an individual's control.
Based on the most helpful WSO content, having a solid 2 years of IB experience is definitely a plus. Headhunters are aware of the current economic climate and its impact on jobs. They're likely to understand your situation, especially if it's affecting a significant portion of your team and not just you.
When it comes to PE shops, they're typically looking for talent and experience. Your skills and experience in investment banking could be very valuable to them. It's all about how you frame your situation and sell your skills.
As for the top-tier firms on your list, they're competitive, no doubt. But remember, they're also looking for talent. If you can demonstrate your skills and value, there's no reason they wouldn't consider you.
In the meantime, I'd recommend reaching out to your network, brushing up on your interview skills, and maybe even considering some of the WSO courses to further enhance your knowledge and skills.
Remember, every setback is a setup for a comeback. Keep your chin up, and keep pushing forward. You've got this!
Unfortunate situation, but those funds are a huge long shot even for a top performer still in an IB job... think it's very unrealistic of you to expect to land that coming out of a layoff. Most people who are able to land LMM PE out of an IB layoff are pretty happy with that result. You need to way downsize your expectations and even be open to non-PE roles.
Megafunds like Apax Advent etc are not in the business of hiring laid off folks when there are thousands lining up who have jobs. The recruiters won't even pass your resume along.
Disagree with all the comments above. Was laid off from a top group at GS/MS earlier this year and found a role at a MM bank. Told HHs what happened and still got put through for interviews with top firms. Ended up accepting with a $10bn fund. Obv not one of the funds mentioned above, but still not a bad outcome
Congrats on the outcome but it sounds like you ultimately agree with the above comments. OP still has a chance at plenty of great funds like you mentioned, but it's hard to disagree that the MFs he specifically mentioned (Apax, Advent, CVC, etc) will be an uphill battle.
To add to this, recruiting from an MM bank is much much more favorable than recruiting with literally no job. 2024 recruiting is done and 2025 recruiting is almost done...PE funds don't want their associates to sit around for 18-30 months
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