Turning Rock Partners, a New York City-based shop that closed its debut fund earlier this year at more than $400 million, plans to expand its nine-person payroll over the next 24 months by adding up to two investment professionals and a client services professional.
Managing Partner Maggie Arvedlund (pictured, second from right) said that the investment hire or hires would likely be at the junior or mid-level, although the firm is flexible. “We like to meet exceptional talent, and we can often flex up or down for the right individual,” Arvedlund said. The firm is committed to building a team with varied backgrounds. “We are a woman-owned business, and we take [diversity] seriously,” she said.
A large and growing number of private-equity firms have at least one full-time deal originator on staff. But it can still take the skills of a consummate originator to break into the field at the junior level.
All told, 59 percent of the 144 private-equity firms that participated in this year’s Deal Origination Benchmark Report have at least one business development professional, or originator, whose full-time job is relationship-building with deal intermediaries or business owners. That’s up from 47 percent in the 2017 edition.
The report is produced every year by deal-sourcing platform provider Sutton Place Strategies. All the participants are clients of Sutton Place Strategies, so the sample may not be representative of the broader industry. (Sutton Place Strategies is a consulting client of mine.)
It’s one thing to land a job at a private-equity shop as an analyst or associate. It’s another to make the heady climb to partner in a decade or less.
So I took the question of how to become a rising star to Ian Li, vice president at 1315 Capital, a Philadelphia, Pennsylvania-based specialist in healthcare growth equity. Earlier this year Li spoke eloquently on a panel I moderated on opportunities in private equity at the Toigo Foundation’s Catapult event in Jersey City. Li wrote up the following six tips, reproduced verbatim with a few minor edits for style:
Like many buyout shops, Alpine Investors recently welcomed its latest class of freshmen analysts–about a half a dozen this year, all previously interns–recruited from top schools around the country.
But, in an unusual move, the San Francisco-based firm also welcomed a second class of recruits. As part of a four-year-old “CEO-in-training” program, the firm over the past year tapped a dozen second-year MBAs from top business schools to join portfolio companies in senior operating roles after graduation.
In August these recruits began two weeks of private-equity training and networking; some immediately deployed into operating roles, while others joined investment teams at Alpine Investors with the aim of finding an operating role later on. They all receive ongoing mentoring and leadership training.