I’m looking to recruit and want to find a firm that I can stay at long term assuming it’s a good fit. Which PE and PC firms don’t kick you out after two years? For the firms that do kick you out, is there ever room to negotiate for staying? Maybe if I do amazing work and they want to keep me?
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Don’t get fooled into thinking of partner track vs two and out firms. The assumption is that you always have to do great work. I work at one of these shops that isn’t two and out, but the dead weight associates that are slower to ramp aren’t promoted after two years. It doesn’t matter the firm, there are no guarantees in this industry, especially now with so many people trying to break in with so few spots at every level.
The only real difference is that you at least come in knowing you have a chance if you put the work in and progress vs just being an interchangeable part that has to leave after two years.
Agree with this but would just add.
1) it isn’t just deadweight that isn’t promoted — shops that promote internally very often become more politically driven since largely undifferentiated IPs are fighting to climb a narrowing pyramid
2) the rise of the internal promotion paradigm in PE has crystallized an important concept — having an internal promotion path does not free you of the constant recruiting in this industry. Because at any point that path could stop for you, at which point you’ll have to recruit laterally. Similarly, getting comfortable at an employer gives them leverage over you (customer concentration) and your overall QOL may degrade over time.
Non-comphrensive list but afaik:
Thoma Bravo, Vista, Apollo, Audax, KKR, Warburg, Silver Lake, Leonard Green, Ares,Clearlake, NMC, and Platinum.
multiple 2 and out funds there
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