News of keyman triggering the OpenView bust last week + hearing of some significant layoffs at MM growth funds like LLR Partners.
Curious if anyone else has more details on either firm or is hearing the same / seeing some contagion across the growth space given how much valuations have come down?
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Whoa how many did LLR cut? Used to know a bunch of folks there in my previous life. Didn’t seem the type of group to do that, especially going into the holidays.
Don't know details but heard it was across all levels
Yikes.
Bump to see if anyone has heard anything, also saw HIG recently shut down its tech PE fund
Yeah unfortunately the tech fund's first deal out the gate was Mobileum.. you can google what happened there and the lawsuit with Audax.
Jeez... that was a rabbit hole. Can't imagine too many people want to do deals with Audax going forward if true.
Soooooo about that. Turns out they were right
There have been a lot of layoffs in PE this year. The majority of the people I work with are mid-level PE folks and a lot of them are looking for jobs. This year there seems to be a significant uptick in people who have been laid off for a variety of reasons. PE firms outside of the large cap and MF space are mostly too small to do “mass layoffs,” but a lot of brand name firms have been cutting heads this year. It certainly compounds the recruiting problem as there are fewer mid-level PE jobs at the moment and no shortage of people looking for new opportunities. Tough times.
CompBanker - are these indicators of potential recession or just slow growth right now given the current economic environment?
It is not just PE, but a lot of other industries seeing slowdown/lay offs right now.
Not CompBanker but familiar with a few other industries: healthcare and tech through talking with a lot of people within those spaces these past few months. Things are looking up and many are expecting a soft landing. For healthcare, hiring will likely pick up in Q1. Tech, more like Q2.
Been watching a lot of the market / CNBC / Bloomberg lately and that seems to be the sentiment for the overall market by their analysts / guests.
I’ve given up predicting whether or not we are going to experience a recession. On the one hand it seems everyone is doing layoffs and that a lot of people are struggling, on the other hand economic indicators seem to be strong. All of this with wars raging on throughout the world and a tremendous amount of uncertainty … so my short answer is: I have no idea.
Surprising since LLR is fundraising right now. That is not something you want to do while fundraising.
Agreed. Broader environment is tough but it's not like these GPs aren't collecting mgmt fees to "keep the lights on." Layoffs are much more justified at banks and placement agents when they're relying on deal fees to pay their fixed costs. It's not like LLR is collecting fewer management fees this year...Bad look for sure.
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