Why do some PE funds not hire former Associates as VP's?
I understand that a lot of funds have a strict time horizon of 2 years as an Associate then off the business school. I get that because business school is where you go to:
1. Gain additional pedigree to sell to LPs and
2. Network with classmates that will soon be the bankers showing you the deals, the consultants doing the diligence, fellow buyside brethren, etc.
What I don't get is why some PE funds strictly will not hire former Associates as VP's. If you're a good Associate with proven potential to be a good VP, why wouldn't your old fund take you back after b school? Isn't it higher risk for these funds to hire a different VP out of business school who did their Associate years at a different firm? What am I missing here?
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