When to start lateraling as a PE associate

Just started at a decent PE fund a month ago as a first-year associate, but for certain reasons (namely geography) I'd like to leave. 

Willing to restart as an associate 1. How long should I wait to recruit? Should I start taking interviews now, or should I wait 6 months? 

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Two things determine this: 1) How good is the firm's reputation, learning, and exit opps? 2) How much do you hate the location?

If it's a solid fund with good deal flow and exits, do your 2 years and lateral into senior associate roles (ideally with a promotion lined up). If you hate the location, give it a real chance first. Re-evaluate at 6 months. I moved to Boston for PE with reservations and thought I'd hate it as a born-and-raised New Yorker, but I've built a life here over 4 years and wouldn't move to NYC now. Location can grow on you once you build a social circle and stop seeing it as temporary.

That said, if after 6 months you're still miserable, lateraling is an option. But understand the resume hit, 2 laterals within 2 years will be a black mark, so that means you simply cannot leave whatever fund you join next. If you can't make it 2 years somewhere, especially at a good fund, PE probably isn't for you. Only lateral early if the place is genuinely toxic or you get an unreal offer you can't turn down.

 

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