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The Wire Sept. 16, 2021
Private equity kicks off 'on-cycle' recruiting race for talent, SEC explores potential reforms around PE fee, expense disclosure Happy Thursday!
Private equity’s mad rush to find the best young talent kicked off this week, with firms making offers for slots in their 2022 associate classes.
I’ve been hearing some grumbling about a failed attempt to maintain a sort of informal agreement among lots of big firms to hold off on recruiting associates until later in the year, allowing for some diversity-themed recruiting events in October. (If you know anything, hit me up at cwitkowsky@buyoutsinsider.com).
I last wrote about this process in 2019, when the process, called on-cycle private equity recruiting, kicked off in September. Last year, the cycle was disrupted by the pandemic lockdown, sources said.
In a sense, this disruption was helpful in that it allowed the process to reset, so that this year firms are recruiting candidates with actual work experience. This is similar to how it worked 10 years ago, I reported back in 2019.
Also, SEC Chairman Gary Gensler, in testimony before a Senate committee this week, used the term “reform” of private equity disclosure of fees and expenses and conflicts, which caught the attention of compliance folks. Reform could imply rulemaking, which would be unprecedented if applied to PE fee and expense disclosure. Read it here.
That’s it for me! Have a great rest of your day. Hit me up with tips n’ gossip, feedback or book recs at cwitkowsky@buyoutsinsider.com or find me on LinkedIn.
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Strategy: Sagewind Capital invested in Federal Advisory Partners, a strategy consulting firm with public and private sector organization clients. Tim Borchert, co-founder and CEO, Andrew Patrick, COO and Chris Katkocin, vice president, will continue to lead the company. Read more here.
Reform: SEC Chairman Gary Gensler, in testimony before a Senate committee this week, used the term “reform” of private equity disclosure of fees and expenses and conflicts, which caught the attention of compliance folks. The commission’s main tool to implement reform is through rulemaking, which could indicate the SEC leaning toward a streamlined process for fee and expense reporting. Read it here on Buyouts.
Pets: Platinum Equity acquired Texas-based Petmate, a maker of pet products sold through a range of retail partners. Petmate CEO Alice Tillett will continue leading the company after the deal. Read it here on PE Hub.
PE Deals
They said it “I believe we can enhance disclosures in this area, better enabling pensions and others investing in these private funds to get the information they need to make investment decisions.” Gary Gensler, chairman of the SEC, talks about private equity in testimony before the Senate banking committee.
Today's letter was prepared by Chris Witkowsky Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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