I work for a PE fund. An unrelated company has reached out to me regarding a financial modeling project in which they are willing to pay $20,000. After looking at the scope of the work, the project would take ~80 hours to complete, so I could probably finish the project in 2 months in my spare time.
After looking through my employment agreement, I do not see any contractual issues. Assume that this project would have no impact on my current performance and project work would be completed in my own free time. I will not be utilizing any proprietary information or models from my current role.
What are your thoughts? Out of courtesy and avoidance of doubt, should I get approval from a manager? Is it my own right to spent my free time how I wish - whether its financial modeling for profit, watching TV, or buyer & selling houses with the intention of making a profit?
Doesn't your employment contract exclude you from taking on any paid work without the approval of your employer? I would usually assume this is covered by the contract itself or any internal compliance handbooks. Even if it is not, I would take the safe route and request written approval to avoid any issues. It's better to tell them upfront than having to tell them after they found out.
This is the standard at most firms.
How about any unpaid work on the side?
If you have carry in your fund you will likely have a clause that states you will dedicate substantially all of your professional time to the management of the fund. Definitely get approval if you have carry.
If you don't have carry -- take a look at the employee handbook as stated above. You probably had to sign a document acknowledging your having read it and abiding by it.
Haha
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