Without face-to-face meetings, hiring slows; new searches delayed

Erin Carroll of BraddockMatthews

The hiring picture grew more complicated this week, in the wake of widespread office closures to avoid the spread of the COVID-19 virus.

Erin Carroll, a partner in the Boston office of executive recruitment firm BraddockMatthews, which conducts searches for mid- to senior-level professionals in asset management, reported the following in an interview yesterday:

1) For the most part it’s still a go for the searches that the firm has under way for private equity clients. Carroll expects that some searches might be paused, and that the pace of the hiring process will ease across the board. There’s only so much that can be done by phone and video conference. Hiring managers want to meet candidates in person; and likewise candidates don’t want to make a big career move without first seeing the office, meeting their supervisor, and meeting future colleagues.

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Best practices for cultivating relationships with executive recruiters

Solveigh Marcks

So many wonderful relationships in private equity fall apart at the starting line.

An executive recruiter calls you about a job opportunity. You’re happily settled in a lucrative position. In a moment of pique you respond–curtly–that you’re not interested. The executive recruiter makes a note that future contact with you may prove unrewarding.

By the same token, you may recall past job searches where you emailed executive recruiters. You thought they would jump at the chance to help you. But little came of the outreach and you concluded that it was a waste of time.

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Chris Schelling’s new firm hopes to do some hiring

Chris Schelling

“It would be great if we were growing fast enough to hire someone,” said Chris Schelling, who this week said he was leaving Texas Municipal Retirement System to join Windmuehle Companies as managing director in late April.  “That’s the goal.”

Founded in 2018 by Robert C. Lee III, Windmuehle Companies in Austin, Texas offers an “umbrella” vehicle to which investors “subscribe” without committing capital upfront, said Schelling. Instead, the firm presents investors with individual opportunities, one at a time, that they can opt in or out of.

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World Bank seeks portfolio manager to work on global private equity portfolio; must like travel

The World Bank has an opening for a travel-loving junior professional who enjoys working on private equity fund investments in a cosmopolitan, university-like atmosphere.

The World Bank’s pension and endowments department, located a block from Dupont Circle in Washington, D.C., manages a $30 billion pension plan along with related assets. From LinkedIn it appears that the private equity team is relatively small. It includes at least two principal portfolio managers and a senior portfolio manager.

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Trivest seeks to double size of portfolio support team with two pre-MBA analyst hires

Micah Dawson

Trivest Partners, the prolific investor in founder and family-owned companies, is looking to expand its year-and-a-half-old portfolio support group. Its search for two junior professionals highlights the growing opportunities for young operating professionals to join the booming private equity industry.

Based in Coral Gables, Florida,Trivest launched the group in October 2018 with the hiring of Vice President Micah Dawson. Prior to joining, Dawson served as vice president for Tru-Flex LLC, a manufacturer of metal hoses used in vehicle exhaust systems. He earlier spent two years in strategy and development for the company’s owner, St. Louis-based family office HBM Holdings.

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ICG adds three senior members to North American PE team; opens search for analyst/associate

Intermediate Capital Group, the London-based asset manager with $46 billion in AUM, this week announced three senior additions to its start-up mid-market private equity team based in New York City. It also launched a search for an analyst/associate to provide them with junior-level support.

Climbing aboard the team led by Senior Managing Director Alan “AJ” Jones are senior members Uzair Dossani, Evan Eason and Kevin Gregory. Dossani most recently was a partner at Harvest Partners, where he specialized in backing chemical, industrial, logistics and packaging companies.

Eason was a partner at Olympus Partners specializing in business services, financial services, consumer, and industrial companies. Gregory most recently led the healthcare practice at Aquiline Capital Partners, while also covering financial services and business services for the firm.

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William Riedlinger launches placement agency to help emerging managers raise early funds

Will Riedlinger

Will Riedlinger has started a new firm to help emerging managers, both U.S. and European, raise their early institutional funds.

Late last year Riedlinger launched placement agency WHR Capital based in New York City, PECN has learned. The firm plans to help spin-out groups and other young firms raising funds of $150 million to $300 million or so. Investment strategies of interest include private equity, private credit, pharmaceutical royalties, music royalties, aircraft leasing and turnarounds.

Over the previous year Riedlinger had served as head of institutional sales-Americas at Global Founders Capital, the seed-stage and growth-equity arm of Berlin, Germany-based Rocket Internet.

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Philip Lo joins GPI Capital to head IR, biz dev; hints at hiring plans

Philip Lo

Philip Lo this month joined minority-stake and growth equity investor GPI Capital as managing director-investor relations and business development. In an interview with PECN this week Lo said he sees fundraising in the firm’s future, as well as an opportunity for hiring.

Lo most recently served as managing director of investor relations at fast-growing tech specialist Siris Capital, which last year closed a fourth fund at $3.45 billion. Lo was a founding member of the investment team, joining them at hedge fund manager SAC Capitalin 2007, four years before they spun out to form Siris Capital.

Siris Capital quickly became a fundraising force, adding some $6 billion in committed capital to its war chest as well as offering equity co-investments to consummate larger transactions. About five to six years ago, Lo switched from the investment team to investor relations in part to take charge of the co-investment syndication process.

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Executive recruiters anticipate adding to their payrolls 

For those not yet convinced that the private-equity recruitment market is on fire consider the bullish hiring plans of the executive recruitment firms themselves.

Nearly two-thirds of those responding to a survey conducted over the last few weeks by Private Equity Career News said that they anticipated adding one or more people to their private equity practices this year. Just 38 percent said they planned to hold steady. None said they anticipated cutbacks.

The reason is simple: an influx of work. Nearly half (49 percent) said they anticipated handling 10 to 25 percent more private-equity related assignments this year than in 2019. Nearly a third (31 percent) said they anticipated handling up to 10 percent more. Seventeen percent anticipated handling more than 25 percent more. Just one respondent anticipated handling fewer private equity-related assignments this year.

All told 37 executives responded to these and other market-trend questions in my survey. Look for the full results to be published later this year in the executive summary of our forthcoming Guide to PE Executive Recruiters.