Bain Capital, the Boston-based private equity firm, has no intention of pausing hiring, even in the face of what could be a generational recession.
Jonathan Lavine, one of the fund’s co-managing partners, reassured students today at the LSE Alternative Investments Conference that the impact of an economic downturn would be “zero” – and that although nothing could be promised, Bain Capital had no intention to execute large-scale layoffs. “We have grown people in times like this,” Lavine said.
Lavine wasn’t much bothered by the potential of a recession at all, in fact. He called it a “polar fleece” recession, referencing the fact that most of the layoffs were impacted tech and finance workers, who are identified in the wild by their distinctive dress code.
Bain Capital, indeed, seems to be taking on staff; it’s added a managing director already this month. Ray Colleran joined the firm from WhiteStar Asset Management, moving to London for Bain after over a decade in Dublin.
Lavine also called finance a “long term profession”, adding that private equity funds and, by extension, most financial institutions are aware of the cyclical nature of finance and have prepared for downturns before, meaning hiring should be seen as business-as-usual.
Nonetheless, he stressed that those who look to join Bain should “know why you want to do it,” and that “if you’re doing it just for the money, you’re not going to like it. And at some point, you’re not going to be good at it.”
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