The Tenfold Monthly

Hello,

Wall Street’s hiring. Markets are waking up. And the race for Q1 talent is already on.

August was private capital’s built-in timeout.
ICs go offline. Hiring pauses. And for a few weeks, the deal calendar flatlines.

Now September is here—and the gears are moving fast.

Offers are going out. New searches are kicking off. We’re sourcing top talent to help build a telecom platform from the ground up—founded by one of the sector’s leading bankers. And we’ve already lined up multiple meetings to set Q4 hiring targets. The sprint has begun.

There is early conviction coming from the sell-side. JPMorgan has hired over 300 senior bankers this year. Citi is raiding its rivals. Boutiques are acquiring firms outright. And across credit and infra, capital is being deployed, but selectively.

Recently announced raises have been smaller and more targeted—structured equity, asset-specific vehicles, and continuation funds. 

Meanwhile, the talent model is evolving yet again:

• AI is forcing a return to in-person interviews—not for tradition, but to filter for authenticity.

• On-cycle disruption continues, with banks doubling down on loyalty pledges and reassigning analysts who appear to be testing the market.

• Recruiting calendars are fracturing, forcing firms to rethink not just when they hire—but who they need.

We’ve had top talent reaching out all month, quietly throwing their names in the hat for post-bonus moves. And they’re right to act early.

The reality is: even if you can’t resign until early next year, the roles that start post-bonus are won during this September–November window. Wait until December or January, and you risk missing out on something great.

We see it time and time again: the best roles get claimed by those who move before the market heats up on paper.

Below, you'll find the latest deals, team moves, and mandates driving the second half of 2025.

Let’s dive in.

Community Poll

With Q4 hiring already in motion, we’re seeing shifts in timing, selectivity, and even interview styles. We’d like to hear from you: how do you expect hiring to unfold as the year closes out?

Since 2022, we’ve had the opportunity to support one of the most active and high-integrity investment teams in digital infrastructure, helping them build out their team and now supporting their continued expansion following two major fund closes.

Based in the Northeast, this group sits at the intersection of private credit, structured equity, and digital infrastructure investing — providing flexible growth capital to platforms across fiber, data centers, managed services, and connectivity software.

Platform Momentum

In June, the team announced the final closings for two investment vehicles:

• One raised $525 million to back lower-middle market platforms in digital infrastructure, TMT, and enterprise services.

• The other raised $500 million specifically to scale a national data center platform serving hyperscalers and enterprise tenants.

Together, these funds reflect strong institutional backing and a high-conviction strategy built around long-term digital infrastructure demand, capital-intensive operating models, and recurring revenue businesses.

Tenfold Partnership

We’ve placed several key professionals with the team to date and have had the privilege of watching several earn internal promotions over the last year — a testament to the culture of ownership and performance.

We're now supporting the team on their next key hire — an Associate expected to start in January 2026. This is a high-impact role with exposure across the investment lifecycle, ideal for candidates with:

• 2–3 years of experience in investment banking, private credit, or digital infrastructure

• Strong modeling, underwriting, and execution skills

• Interest in scaling platforms at the intersection of capital, connectivity, and long-term demand

If you’re energized by the idea of working with a lean, entrepreneurial team deploying real capital into real businesses, this is an opportunity to join one of the most dynamic platforms in the market.

August ‘25 Poll Results

Last month, we asked how candidates are preparing for AI’s impact on investment banking and private equity career paths. The clear majority—75% of respondents—are upskilling in AI tools and modeling automation. A smaller share (12.5% each) are targeting firms with direct-to-PE analyst programs or staying the course on traditional career tracks. The takeaway? Most professionals see AI skills as table stakes for the future of private capital careers.

Unlock exclusive opportunities with leading firms and ensure you're in the running for this year's top positions by submitting your resume today.

Please share your thoughts in our quick feedback survey to help us improve The Tenfold Monthly newsletter. Your input is invaluable and will help us tailor our content to better meet your needs.

We look forward to sharing more insights, opportunities, and success stories with you next month!

Take care,
The Tenfold Team