Mid Level Attrition
Over the last ~year, I've heard of several mid-levels (VP / Principal / Director) leave their firms with no job lined up or to do something outside of PE. This is across a few MM and MF firms
What has your experience been within your circles? Curious if this is actually a trend
Have seen the same, 90-100% have been fired or "pushed out" in my personal circle / folks I've heard of
A lot leaving voluntarily too.. once you have enough saved and if you don't think your carry is worth much (or $0) the golden handcuffs get a lot looser.
I'm in LMM PE and know of several VPs and Principals that have recently left their firms (including mine) and left carry on the table (not that it's worth much at my firm). One is doing independent sponsor and the other left to work for an AI company.
A couple other VPs/Principals I've talked to don't think they have great promotion odds given their funds are not performing well so will be tough to fundraise and therefore no "space" above for them to get promoted. They're staying for now given they're still collecting PE comp but TBD how long they stay
I've seen many at my MM firm (across multiple funds/strategies) stall out at VP/SVP level. Mix of getting pushed out/involuntary, or opting out to go entrepreneurial/first time fund/more skin in game/better culture. It's clear to me that at that level you need to start picking your head up and evaluating intangible factors, life, preferences, happiness, read the room, where you are valued / have runway. because it's not black/white anymore in terms of "i will do X and get Y result" like everyone on this forum is used to their whole life.
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