Left my prior PE firm to join a new one. Is it frowned upon if my new firm starts targeting my former portco's add-on target list?
Former portco is in the shitter so unlikely to do any M&A in the next year.
Very niche industry so would be obvious that this was a targeted search.
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I mean if it is a niche industry I don't see how the other fund/firm could point directly to you if your new fund has another niche provider
This would be for a new platform.
Completely new industry for the new PE firm.
Would burn some bridges if they see that I joined a new PE firm and we start acquiring their targets as a new platform.
Check your separation agreement with your old firm. I believe non-solicits for circumstances like this are standard in the industry and you don't want to find yourself in a situation where you forfeit vested carry, get sued, etc.
If you can get some intermediary to introduce you, have somebody else on the team reach out (do not have a paper trail telling them to do so) you MAY be able to get away with it. But if you care about any residual economics or at least maintaining a good rep with your old firm, I'd say be cautious and wait for the next train to come to the station.
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