SEC Targets Private Capital, Another Round of Job Cuts, FREE Financial Modeling Course – Weekly IB Recruiting Brief

I tried my best to carry this with grace and I've been doing my best. So honestly, to those who thought [they] were putting water on my fire, you're really adding gas to it. And now I'm really burning so bright right now. - Coco Gauff

Good Morning,

The Securities and Exchange Commission (SEC) has introduced new rules for the $27 trillion private fund sector, including private equity and hedge funds. Previously, this industry was mostly unregulated by the SEC, as it catered to wealthy and institutional investors. The key changes include:

1. Fee Structures: They must now be "fair and equitable", and private funds cannot allow large investors to cash out early.
2. Disclosure Requirements: Private funds are mandated to provide quarterly disclosures on fees and performance and undergo an annual audit for investment valuations.
3. SEC's Reasoning: The SEC believes private fund markets lack competitiveness, though critics disagree.
4. Private vs. Public Markets: While private markets are thriving, public companies in the U.S. have declined due to increasing regulatory burdens.
5. Future Regulations: The SEC plans to further regulate private markets, possibly forcing many private companies to go public.
6. Legal Concerns: Experts contend that the SEC might be exceeding its authority, and these new rules could face legal challenges.

Summary of WSJ article written by Mr. Scott, a professor at Harvard Law School, and Mr. Gulliver, the research director of the Committee on Capital Markets Regulation.

Video Credit : Celebrate Fall with SNL

Market Trends

• After Labor Day, there’s reason for a dose of optimism, if not outright hope. Goldman Sachs, JPMorgan Chase and some two dozen other banks will market the listing of SoftBank’s Arm, potentially one of the largest IPOs ever. Instacart’s and Klaviyo’s public debuts look promising, too—after all, they’re already profitable.?
• ?? Instacart is seeking a valuation well below its last fundraising round, a major decrease from VC "stupid money times." (Axios )
• Some $15 billion of risky buyout debt could finance private equity and corporate takeovers, Jill Shah and Michael Tobin reported for Bloomberg News. Deals to watch after Labor Day include more than $8 billion of debt tied to GTCR’s purchase of a large stake in Worldpay and, eventually, private equity firm Roark Capital expects to borrow nearly $5 billion in an esoteric, structured debt market to finance its purchase of Subway, the sandwich chain.
• The historic trial of Google on federal antitrust charges — which starts Tuesday in Washington, and is expected to take about four months — will be an epic test of the tech giant's two-decade-long dominance of internet search.
• ?? An important shift in Fed officials' rate stance is under way. (WSJ )

Another Round of Job Cuts

• Barclays to cut hundreds of jobs across trading, investment bank. Lender targets about 5% of client-facing jobs in markets unit. (Bloomberg )
• GS is planning fresh round of job cuts for underperformers. The plan would typically result in between 1% and 5% of company-wide employees losing their jobs and GS is targeting a number at the lower end of the range in parts of its core investment banking and trading divisions.?(Reuters)

Career Moves

• Christopher Grubb has joined the Ducera’s new San Francisco office as a Partner, to lead its U.S. Mergers and Acquisitions (“M&A”) practice and expand Ducera’s strategic advisory capabilities.?(Businesswire )
• DC Advisory hired Dan Skolds, the former global co-head of business services investment banking activity at?Rothschild ?& Co. It is the 27th senior appointment made by the boutique investment bank in just two years.?
• Barclays hired Christian Oberle from JPMorgan Chase to oversee its relationships with private equity (PE) firms in the Americas region, Barclays confirmed on Friday.?
• Barclays also recently announced new senior appointments in Healthcare Investment Banking and in Equity Research. They include the hiring of Maneet Singh and appointment of Evan Matlin as new Co-Heads of Healthcare M&A in the United States, Jon Swope joining the Healthcare Information Technology Banking team.?
• Moelis & Co. ?has appointed Arash Nazhad as a managing director of its newly formed Clean Technology Group in Houston. Arash will partner with Moelis managing director Rick Polhemus to bring advisory and capital formation solutions to their clients.

?? How Prospect Rock Partners Can Help???

If you're currently between jobs or seeking a new opportunity, it's an ideal time to get things in order: create a list of target firms , refine your resume, streamline your narrative, and prepare for upcoming interviews. PRP offers affordable 1-on-1 career counseling sessions. We can help you ?craft a story or help figure out what is going sideways in your recruiting process. Prices start at $399.

We also have curated an affordable list of key recruiting contacts across private equity firms, private equity recruiters, investment banking talent acquisition, and investment banking recruiters . Each contact includes their name, title, the firm they represent, and their LinkedIn profile, making it easier for you to directly connect and foster meaningful professional relationships. For less than a price of a pitcher of Margaritas you can make that happen.

Schedule a 15-Minute Consult for Career Counseling Services ?

Resource Center

FREE COURSE: Financial Modeling for Investment Bankers (BONUS I am NOT teaching the course)

Financial models aren’t just about plugging in numbers and churning out results. They require keen intuition, understanding of market nuances, and, often, a bit of art to complement the science. For investment bankers, these models provide the roadmap to navigate the complex terrain of the financial world.

In an ever-evolving economic landscape, staying informed about these tools is not just beneficial—it’s essential. For those working on Wall Street, the next big deal might hinge on the precision of their modeling. For the rest of us, understanding these intricacies offers a window into the decision-making processes that shape global finance.

Read More

Leveraging a Down Market to Attract Top Investment Banking Talent

Recessions are temporary. If you’re confident about your business weathering the storm, now might be an opportune time to scout for talent. In a bid to cut costs, many banks might be compelled to let go of their seasoned professionals. With most companies tightening their belts, the competition for acquiring top-notch talent will likely decrease. This offers savvy businesses a golden chance to emerge stronger post-recession and gain an edge over rivals.?

Furthermore, don’t neglect existing employees. Economic uncertainties can make them anxious about job security, potentially pushing them to seek alternate opportunities. Safeguarding your current talent pool prevents added recruitment expenses and avoids potential drops in productivity.

If you are looking to hire please?feel free and reach out . I am always happy to hop on a call and discuss what I am seeing in the market.?

Read More

Hot Jobs 9/11

Please PM me on linkedin or shoot me an email if you want to learn more about a specific role. Must have at least 1-year prior IB M&A experience. Visas (H1Bs, Stem, L1s, TNs) are tough in this market. No Recent Grads. Lateral hires only.

Can't find the job you're looking for? Please submit your resume to be added to our database to be considered for future opportunities.

Submit Your Resume

??NEW MANDATES??

Senior Associate, M&A (Elite Boutique )

San Francisco, CA, United States

Investment Banking M&A - Vice President (Elite Boutique)

San Francisco, CA, United States

EXISTING MANDATES

Investment Banking Analyst 2/3 or A2A (Generalist)

Menlo Park, CA, United States

Experienced M&A Analyst - Climate Tech

San Diego, CA

Investment Banking VP1/2 Restructuring (Elite Boutique)

New York, NY, United States

Investment Banking Associate 2/3 - Healthcare Services M&A Elite Boutique New York, NY, United States

Investment Banking Vice President 1/2 - Healthcare Services M&A (Elite Boutique)

New York, NY, United States

Investment Banking Associate 3 Restructuring (Elite Boutique)

New York, NY, United States

Investment Banking Recruiter Healthcare Sector (Executive Search Firm)

To make sure you don’t miss a beat, take a second to follow these simple steps:?

If you use Gmail: Add this email to your primary inbox. In the Gmail app, tap the three dots in the top right corner and select "Move to" > "Primary". On desktop, drop this email in to your "Primary" folder in your inbox feed.

If you use Apple Mail: Tap our email address at the top of this email and select "Add to VIPs"

?