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.
Opportunity to lateral to a better name fund
Broader/Different investment mandate
No/slow opportunity to advance. Or someone gets promoted or hired in on top of you
Lack of chemistry with current team/partners
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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