Currently at a mid-market first-time PE fund in London. Have been here 2+ years plus an IB internship (started as intern and converted which wasn't the base case, and closed a deal in my first year) and was confident in getting the Associate bump EoY, but one of the partners told me out of the blue that won't be happening and that I should look for something by the end of the year (they are "nice" that way). I was in shock because wasn't expecting this at all, all my year-end and mid-year reviews have been very good, and the Partner did not have anything concrete to offer (gave a whole spiel about not seeing enough progression, which shocked even my Associate). My Associate thinks it is wider fund dynamics (likely struggling to raise Fund II and have no capital to deploy atm, have no exits so far, some portcos likely to breakeven when they trade, and more trimming expected).
Ironically, I had been reaching out to HHs (and received decent traction and inbounds but nothing I liked enough) since the beginning of the year since I wanted to move anyway (don't like the deals they do, and want to move to UMM/Large cap space within tech and business services as that's what excites me), but this comes as a gut punch since now have 6 months to find something else (have a partner who's working in London with a dependent visa).
Want to know thoughts about what the next steps can be. I want to stay in PE and preferably get an Associate role at larger shops, but worried not enough time for that (although most HHs seem confident and can go all out on recruiting right on time with the summer cycle). Appreciate any kind of feedback / suggestions / blunt advice.
This is a good thing. There is no future at your current firm for anyone is my sense.
You are in a great recruiting position. In 6 months you’ll be at your next shop, as an Aso and maybe even a break in between. Fun!
Thanks so much, I sure hope so. Why do you think I am in a great recruiting position, given I haven't sweat it out at a BB/EB M&A team, which is apparently valued more than actual PE investment experience by loads of pedigree-focused funds?
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