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Dear Subscriber,
 

How to find job openings at Warburg Pincus? Still a mystery to me.


Yesterday morning I sent a set of questions to a media relations executive at New York City-based powerhouse PE shop Warburg Pincus. I'd been wondering the answer to the first question ever since I started Private Equity Career News two years ago.

How do folks find out about job openings at Warburg Pincus?

I also asked the executive why the firm, which has more than $60 billion in AUM, doesn't advertise open positions on job boards (that I could find) or on its Web site's career page; I asked how important diversity and inclusion is to the firm; and I asked how the firm reconciles its desire to attract a diverse pool of candidates for openings with not publicizing them on job boards or its own Web site.

The executive responded with a statement. But it didn't directly address most of my questions:

Warburg Pincus is committed to creating an inclusive workplace where the strength of ideas is never defined by any particular race, religion, ethnicity, gender, or sexual orientation. We believe diversity of thought, experience, and background is an important component of differentiated decision making and creative investing. 
 
The firm formed a Council dedicated to Diversity, Equity & Inclusion, focused on addressing issues of access and representation in our firm, in our business and in our portfolio companies. In addition to the Council, the firm has dedicated employee training and recruiting partnerships to attract new pipelines of talent and foster a greater culture of diversity, equity, and inclusion.  


The spokesperson also referred me to the firm's ESG report, which describes several diversity initiatives. 

Warburg Pincus is no doubt committed to DEI. But by not advertising job openings more broadly, it surely misses out on a world of diverse candidates.

I'm highlighting the recruiting practices of Warburg Pincus in part because I know the firm can handle my prodding with aplomb. But the firm is hardly alone. While many private equity firms list or link to job openings on their Web sites, including such heavyweights as Bain CapitalBlackstone Group, Carlyle Group, The Riverside Company and Vista Equity Partners, other big employers such as Advent International and KKR & Co do not. I was unable to reach executives at the latter firms for comment.

As for recruitment ads, I use a powerful Web search tool developed by Grata to unearth job items regularly read by subscribers to Private Equity Career News. But neither Grata nor other job boards I check (Linkedin, Indeed, Glassdoor) turns up recruitment ads from Warburg Pincus and other notable firms. It is possible some jobs are being advertised anonymously, and I may be missing others.

Observed Nevin Raj, co-founder and COO of Grata, who earlier in his career worked as an associate at a private equity firm: Many of the “largest PE shops take an ‘exclusive,’ yet systematic approach to recruiting. They don’t post jobs online.” Raj added in an email that, to find job candidates, “the mega-funds have in-house teams that run networking events for the bulge bracket investment banks and top consulting firms” while other firms “use specialized executive search firms.”

For firms trying to diversify their ranks, this approach to hiring could hinder progress. Private equity firms also need to be aware that diversity goes beyond just recruiting more women and minorities.

Fresh research from Greta Larson, who studied industry hiring practices as part of a Master's program at Columbia University's School of International and Public Affairs, shows that many people enter the industry through a narrow gateway.

It suggests that firms need to do a better job of making the asset class accessible to those who, say, haven't done a stint at a white shoe investment bank or earned a business degree from one of a handful of elite universities. Larson worked on her Master's in public affairs while serving as senior associate director of the private equity program at Columbia Business School.

"There are so many great candidates out there who would bring so much value to the industry, and I hope the diversity efforts [that firms are] working on...really open up the industry to all the talent that's available," Larson said. "They're definitely missing out, without looking at some of these other places."  

Publisher's note: Later this month look for my updated list of private equity job boards and PE firm career pages that present open positions.


Big Move! Jeff Davis joins New York City-based placement agency FirstPoint Equity as a partner-private credit, according to his Linkedin profile. Davis previously served as partner and co-head of private credit at Eaton Partners, the fund placement business of Stifel Financial.

Big Move! David Enriquez is joining the private equity business of Rothschild, according to Private Equity International. Enriquez previously served as head of private equity at the Bureau of Asset Management, steward to New York City Retirement Systems

Big Move! Peter Hanselmann joins Chicago-based private equity shop Kinzie Capital Partners as a vice president of finance, according to a press release. Hanselmann previously served as a senior consultant at Northern Trust Hedge Fund Services.

Big Move! Shoaib Khan joins the New Jersey Division of Investment as deputy director and deputy chief investment officer, according to his Linkedin profile. Kahn previously served as senior portfolio manager in the strategic investment group of the State Board of Administration of Florida.

Big Move! Tracy Keogh joins Boston-based private equity shop Great Hill Partners as its first chief people officer and growth partner, according to a press release. Keogh has responsibility for HR activities at the firm in addition to supporting "talent initiatives" at portfolio companies. Previously she served as chief HR officer at technology company HP Inc.

Big Move! Conor Leamy takes the reins as chief talent officer at Shore Capital, a Chicago-based healthcare, food and beverage investor. Leamy previously served as partner and head of the private equity practice at True Search.

Big Move!  Mary Strother (pictured) joins single family office Sandalwood as head of business development, Private Equity Career News has learned. Among duties, the former managing director at placement agency OnCor Capital who earlier in career served as director at Ohio University Endowment has responsibility for finding like-minded investors with which to co-invest. Sandalwood's 13-person team, with offices in Roseland, New Jersey and Palm Beach, Florida, invests in both funds and direct deals across a variety of alternative asset classes. These include private equity, real estate, venture capital, private credit and hedge funds. For more about Strother's career and fundraising views turn to a Q&A I did with her last fall.

Emerging Manager Roundtable! Don't miss an interview with Jeri Harman, founder of Los Angeles-based Avante Capital, on June 15 at 12:30PM ET. Harman will talk about what it takes to build a diverse team and how her firm won 2019 SBIC of the Year. The program is sponsored by Vonetta Young Advisors, the Washington, DC-based consultant to emerging managers. More here.

Online Workshop! How do you raise money from family offices? Find out from an all-star cast of speakers, including an executive with the single family office for the founder of Best Buy, on Thursday, June 10, 11AM to 12:15PM ET. We'll cover fundraising strategies for both limited partnerships and independent sponsor deals. Sign up here. $$

Relationship-Building Tips! Consummate origination specialist Leon Brujis of New York City buyout shop Palladium Equity Partners shares his top three tips for building relationships with business owners and deal intermediaries. Take three minutes to listen to my latest "Source Talks" interview sponsored by Sutton Place Strategies, the leading provider of deal sourcing tools and analytics.

Free Compensation Data! You know how valuable it is to have access to accurate compensation data. All subscribers to Private Equity Career News who work at PE firms or at PE money managers are eligible to participate in my first annual compensation survey. Complete my 10-minute survey and you will receive a full copy of the study when it's published later this year. Your data will be kept confidential.


 

Become a Member! Looking for a job? Searching for talent? Become a charter member of PrivateEquityCareer.com to get the unabridged edition of this newsletter every week, access to a job board with more than 100 open positions on both the deal-making and administrative side of firms, online workshop recordings, valuable career guides, hiring database, compensation data, and much more! Talent Pro members get to send recruitment ads to more than 3,000 subscribers of Private Equity Career News.

 

Exclusive to Members of PrivateEquityCareer.com

Job Board/Guides

**** Your employee compensation survey is launched; make sure to participate!
**** Your Private Equity Job Board is live: search over 100 jobs 
**** Your Guide to PE/VC Firms with Women/Minority Founders is live
**** Your Guide to Private Equity HR Executives/Chief Talent Officers is live
**** Your Guide to Private Equity Executive Recruiters is live (Gold, Talent Pro members)
**** Your 2020-2021 hiring database is live; see who's hiring

New Jobs/Hiring News

**** Why David Swensen was skeptical about buyout returns
**** Ex-Audax Group MD launches private equity shop outside Boston
**** H.I.G., Comvest execs launch firm, seek associate
**** Bain Capital hires Harvard Kennedy School exec to head inclusion, diversity
**** Amanda Good joins Searchlight to assemble value-creation team
**** Amply-funded spin-out of Pine Brook to expand deal team
**** MidOcean Partners expands investor relations team
**** Clearlake Capital co-founders create new fund family, filings suggest
**** Boyne Capital seeks VP/senior associate in Miami: Sponsored
**** Women-owned Riveter Capital poised to close first deal; expects to hire junior pro
**** UTIMCO spin-out seeks two junior pros to help build funds-of-funds business
**** Spin-out team from Riordan, Lewis & Haden sets up Los Angeles firm
**** The Riverside Company seeks partner for SaaS investment team: Sponsored
**** Ex-Golden Gate foursome emerges on the fundraising trail
**** RCP Advisors seeks portfolio manager for first DEI Fund
**** Ex-Advent, Centerbridge, KKR execs build new firm
**** Steward Asset Management, eyeing $800M debut fund, is hiring
**** CalSTRS seeks two mid-level pros to join its growing direct program
**** CD&R standout David Wasserman raising debut fund
**** Clearhaven, raising debut software fund, eyes 2-3 hires
**** TriSpan builds bench strength as Fund III grows
**** Fundraising by woman, minority-owned firms surges
**** Riverside Company's Adam Miller launches full-service talent firm
**** Executive recruitment firm Randall Partners is itself hiring partners, associates
**** Rhode Island joins key LPs in adopting diversity scoring system
**** Kerstin Dittmar reveals thinking behind her launch of L2 Partners

Best Practices

**** Online workshops in deal sourcing, adding value to portcos
**** What it takes to get a job in private equity
**** Best practices for cultivating relationship with executive recruiters
**** How to be a private equity rising star: 1315 Capital's Ian Li 
**** Hubris averted: 7 principles to follow when serving on your first board

 



Top PE Shops, LPs, Service Providers Hiring (full list, members only)



**** Interlock Equity, a recent spin-out from RLH Equity that backs business services and healthcare services companies from offices in Los Angeles and Chicago, seeks an associate with prior experience working as an investment banker. The position is designed to last for two to three years. More here.

**** The Texas A&M Foundation seeks an assistant director of investments to join its College Station, Texas office, where you'll help make investments, monitor risks, ensure compliance and analyze performance. More here.

**** Verus, a consultant to institutional investors with offices in Seattle, Los Angeles, San Francisco and Pittsburgh, seeks an associate to provide advice to union pension funds. You should have a Bachelor's degree (finance major preferred) and two more more years of related experience. More here.

**** San Francisco-based Autodesk, whose software is used in engineering, construction, product design and manufacturing, seeks a corporate development associate to work on acquisitions and strategic investments. You should have a degree from a "top-tier" undergraduate program, according to the job ad. More here.

Become a Member! Looking for a job? Searching for talent? Become a charter member of PrivateEquityCareer.com to get the full list of job openings every week, access to a job board with more than 100 open positions on both the deal-making and administrative side of firms, online workshop recordings, valuable career guides, hiring database, compensation data, and much more! Talent Pro members get to send recruitment ads to more than 3,000 subscribers of Private Equity Career News.

 

Who's Raising Money?--a Frequent Prelude to Hiring (members only)


**** Los Angeles-based private credit, private equity and real estate investment firm Ares Management Corp raises $350.8 million from 381 investors for Ares PCS II Private Investors LLC, according to a regulatory filing. Try Jessica Dosen, partner and global head of HR.

**** New York City-based family office Hildred Equity Partners, launched in 2014 to invest the fortune of Howard Solomon and his son David Solomon, heads out to raise a second healthcare growth equity fund with help from Boston-based placement agency Monument Group, according to a regulatory filing. Try CFO/CCO Ben Lichaa.

**** Chicago healthcare specialist Linden Capital heads out to raise $2.5 billion for a fifth fund with help from New York City-based placement agency PJT Partners, according to a regulatory filing. The firm is also seeking $500 million for Linden Co-Investment V-A LP, according to a separate filing. Try VP of Finance and Tax Michael Connolly.

Become a Member! Looking for a job? Searching for talent? Become a charter member of PrivateEquityCareer.com to get the complete list of fundraising items every week, access to a job board with more than 100 open positions on both the deal-making and administrative side of firms, online workshop recordings, valuable career guides, hiring database, compensation data, and much more! Talent Pro members get to send recruitment ads to more than 3,000 subscribers of Private Equity Career News

 

Movers and Deal-Makers (members only)


**** Nicole Arnaboldi (pictured) joins as partner at New York City-based buyout shop Oak Hill Capital Partners, founded by billionaire Robert Bass in 1986, according to a press release. Arnaboldi most recently served as senior advisor and vice chairman of Credit Suisse Asset management.

**** Joe Brucchieri joins Menlo Park, California-based growth equity shop TCV as a chief compliance officer and general counsel of corporate operations, according to his Linkedin profile. Brucchieri previously served as chief legal officer and chief operating officer at Carlson Capital

**** Alexis Martin Czaja joins Chicago-based technology investor Thoma Bravo as senior vice president of human resources, according to her Linkedin profile. Previously Czaja served as human resources director at Waud Capital Partners.

Become a Member! Looking for a job? Searching for talent? Become a charter member of PrivateEquityCareer.com to get the complete list of movers and deal-maker items every week, access to a job board with more than 100 open positions on both the deal-making and administrative side of firms, online workshop recordings, valuable career guides, hiring database, compensation data, and much more! Talent Pro members get to send recruitment ads to more than 3,000 subscribers of Private Equity Career News.

 

Rising Stars


**** Dan Bise (pictured) advances to partner at New York City-based buyout shop Tailwind Capital, where he focuses on investments in healthcare, technology and business services, according to a press release. Bise joined the firm in 2019 after serving as senior vice president of corporate development at Change Healthcare.

**** Will Fleder advances to partner at New York City-based buyout shop Tailwind Capital, where he focuses on investments in technology and business services, according to a press release. Fleder joined the firm in 2011 after serving as an analyst at Miller Buckfire.

**** Investor relations and marketing specialist Caki Guinee advances to partner at New York City-based buyout shop Tailwind Capital, an investor in industrials, technology and business services, according to a press release. Guinee joined the firm in 2014 after serving as a senior associate at Eaglevale Partners.

**** David Philipp advances to partner at Crestline Investors, a Fort Worth, Texas-based firm that provides financing to help private equity firms wind down their limited partnerships, according to a press release. Philipp previously worked as a senior advisor at Kirchner Private Capital Group.

**** Anna (Poeton) Power advances to consultant at executive search firm Caldwell, according to her Linkedin profile. Power joined the firm in 2017 after serving as an executive services specialist at Marsh & McLennan Companies.


Corrections


**** Housatonic Partners is based in San Francisco, not Los Angeles, as reported incorrectly in the May 7, 2021 edition. The firm also has a Boston office.

**** Denver-based Moutaingate Capital, not Mountain Capital as reported in the May 7 edition, is out raising a $400 million fund, according to a regulatory filing.


--David M. Toll, May 14, 2021
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