MF Layoffs BX/KKR/Carlyle
Heard some groups/firms are starting to be impacted by layoffs. Anyone know if this is true with any of the firms listed?
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Carlyle juniors through principals yes
this is cap there are no layoffs
I know 2 people who were affected, you clearly aren’t in the loop
B
Any update on this?
People get fired for doing bad deals all the time. Each of these MF have 2 year associate programs where only the best get promoted beyond the initial 2 years. The amount of fees these firms generate makes the revenue very reliable. There is no down turn like there would be in banking or smaller PE shops. Teams are much smaller than you might think (25 total investment professionals or less per industry group). For all these reasons, MF PE layoffs just aren't a thing. Maybe in the direct lending arm or a different platform or someone had bad performance. But no layoffs
Carlyle recently announced they’re just not deploying consumer anymore so I would be shocked if that wasn’t accompanied by layoffs. I’d be surprised if everyone got transitioned to idk tech or A&D. A question I don’t know the answer to is if other verticals were also affected…
They fired about a dozen people https://www.bloomberg.com/news/articles/2023-10-02/carlyle-dismantling-…
Can confirm Carlyle laid off deal team members across groups (with some groups like consumer, retail, media more heavily affected than others like HC). RIF is due to struggles with the recent fundraising. While very rare in this industry, no player is completely immune.
associates were safe right?
No layoffs. This is BS.
Associates are in a 2 year program, even if you overhired, the carrying cost of an associate is next to nothing and all these firms are massively paranoid about being able to attract jr talent/rep on the street.
Midlevel folks are hugely valuable as the execution meat of the organization — they do/drive all the actual work being done by non-Associates. The promotion/hiring here tends to be VERY lean and only with a purpose, ie tied to a multi-year team/strategy/theme. They don’t reorg for cyclical reasons. If there’s a secular issue, they’ll usually repurpose said midlevel folks to other parts of the organization.
Sr folks are very investor-facing/visible and will only be set out to pasture when the economics they suck up vs. value they generate breaks down in a way/at a time, when the firm needs said economics for up and coming mid/sr folks. Or when they have given the firm/fund multiple obvious black eyes due to poor investment judgement.
Just curious--your points seem to be pretty general while the confiramtions from others seem to be Carlyle-specific. So the question is do you know personally that Carlyle specifically *didn't* lay off people outside of consumer?
Carlyle, as a business, is a dumpster fire.
I wouldn’t expect carlyle to conform to the broader MF regime.
Carlyle might simply be an exception, but this simply seems a result of poor fundraising.
Carlyle looks to job cuts as fundraising efforts yield ‘disappointment’ https://on.ft.com/3StLcvk
“In September Carlyle shuttered its consumer, media and retail investment group and laid off some investment staff, choosing to focus on areas with better investment opportunities.”
“Carlyle has cut further jobs across its US buyouts investment team, according to sources familiar with the matter, including some people in its fundraising unit. Those lay-offs have affected staff in Europe and Asia, though the size of overall cuts could not be learned. Carlyle declined to comment.”
Can confirm that Apollo had some lay offs in PE since the new fund is much smaller than the previous one. Not sure about other MFs but I wouldn’t be surprised if they fired some people due to the upcoming recession.
There's not gonna be an upcoming recession lol, been hearing this for three years
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