PE monkeys - what made you want to switch firms?

Happy holidays!

For those of you in PE, I was wondering if you can share what made you switch/want to switch firms? Generally, the hours and the people are similarly demanding everywhere. What made you want to leave a place, and do you think that was a good reason in retrospect?

Happy 2020!

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This is anecdotal from my peers, but I've usually heard it fell into one of a few buckets.

  1. Opportunity to lateral to a better name fund

  2. Broader/Different investment mandate

  3. No/slow opportunity to advance. Or someone gets promoted or hired in on top of you

  4. Lack of chemistry with current team/partners

  5. Desire to change geos

I find that people don't usually leave purely for monetary purposes. It usually tends to be the opportunity for a Senior Associate role or something like that.

 

Disclaimer: I'm not PE, but in VC. But perhaps my perspective might be interesting:

Reasons 3 and 4 are quite common - very hard to get to the top levels in VC as you'd imagine + you need partners who want to get advance you quickly.

Reason 1, uncommon - more people move to go to an earlier or later stage VC rather than to a better name.

Reason 2, very common.

Reason 5 is very uncommon.

 

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