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The Tenfold Monthly
April 2025
Yinka Branco-Rhodes
April 01, 2025 • Reading Time: 11 minutes
Hello,
And just like that, we’re at the end of Q1 2025—capping off a stretch of market whiplash, fundraising flurries, and a different kind of March Madness. Still, no sign of the long-awaited M&A surge, though. Yes, there have been early reports of a rebound in March, but that’s just one fragment in a much more complex story. March was marked by false starts as geopolitical uncertainty disrupted momentum.
Volatile Stock Market
Worst single-day decline of the year
Sensitive investor sentiment around President Trump’s economic policies (and tweets), especially concerning tariffs
Global M&A Activity
Shows signs of life but remains below expectations
Infrastructure, energy transition, and digital infrastructure stand out—capital continues to flow, and firms are quietly building for the next cycle
Notable fundraises from KKR's Infrastructure fund, Copenhagen Infrastructure Partners, and Morgan Stanley Infrastructure Partners
Behind the fundraising headlines, we’re seeing a huge emphasis on operational excellence as it relates to hiring needs. Firms aren’t just hiring sector specialists—they’re prioritizing operators. Much of the hiring we’ve seen this year comes from groups with a hands-on, operational edge, and they’re looking for talent with the skills to match: people who can build, scale, and drive value beyond the spreadsheet.
For Junior Investment Professionals
Being a sharp modeler isn’t enough
Develop skills as a business builder on top of financial engineering
Private credit momentum hasn’t let up either. After spotlighting its capital-raising boom in previous newsletters, we saw this firsthand—placing two mid-level, infrastructure-focused credit professionals last month.
Know someone with private credit experience and exceptional deal credentials?
👉 Forward this their way, or drop us a note.
We’re excited to continue our work with firms investing in critical infrastructure. Most recently, we supported two hires at a top-performing energy services fund, helping to meet surging power demand.
All of these market signals point to an evolving hiring environment, especially in infrastructure and private credit. Below, you’ll find the latest stories, open roles, and industry insights to help guide your next steps. Let’s dive in!
Industry Insights & News
Here are some curated reads from around the web to keep you informed:
Global M&A battles tariff turmoil and AI disruption in 1Q25, but March rebound offers hope (IA)
Dealmakers in wait and see mode, expect M&A pace to pick up later in 2025 (RT)
James Gorman to join General Atlantic as adviser ahead of IPO (FT)
EQT to acquire Crown Castle’s Small Cells Solutions business (EQT)
Private Equity Infrastructure Investment Poised for Renewed Growth Amid Evolving Market Dynamics (BCG)
Arctos Announces Expansion of Keystone into Real Estate and Real Assets (BW)
Dubai's Emirates NBD partners with BlackRock to offer private markets access (RT)
Software startup Rippling sues competitor Deel, claiming a spy carried out ‘corporate espionage’ (CNBC)
GIP wants ‘to reinvent the market’ for data centre financing (II)
Fundraising & Deal News
Discover the latest financial milestones and transformative deals in our sector-focused roundup:
Open Roles & Opportunities
Are you looking to explore new career opportunities, or do you know someone who is? We are currently connecting with talent in various sectors. Contact us to learn more about these exciting opportunities.
Associate, Infrastructure (New York, NY) Join a specialized investment firm managing over $5 billion in long-duration capital, focused on owning and operating essential infrastructure across power, utilities, renewable energy, and digital infrastructure. Backed by leading institutional investors, the firm takes a disciplined, value-oriented approach to acquiring and stewarding critical assets that deliver long-term, inflation-protected cash flows and support the transition to a more connected, sustainable future.  Associate, Private Credit Technology & Digital Infrastructure (Washington DC-Baltimore Area) Join a growing private credit firm focused on technology services, telecom, and digital infrastructure. Work with seasoned investors backing high-growth businesses in a sector with significant tailwinds.  Associate, Infrastructure, Summer 2026 (Los Angeles, CA) Join a leading private equity platform within a global investment powerhouse, focused on energy, power, and infrastructure services—where operational transformation meets disciplined investing. This group offers direct exposure to market-shaping companies, hands-on value creation, and close collaboration with seasoned executives, driving long-term impact.  Vice President or Senior Vice President Business Development, Middle-Market Software Growth Equity (Los Angeles, CA) Join a software-focused private equity firm backed by experienced investors with a strong track record in tech-enabled and recurring revenue businesses. This is a unique opportunity to build and lead the firm’s business development function from the ground up—shaping sourcing strategy, developing key relationships across the ecosystem, and playing a central role in identifying the next generation of platform investments.  Associate, Tech Growth Equity Join a top growth equity firm specializing in enterprise software and technology-enabled services, known for scaling transformative companies and fostering innovation. Work closely with visionary founders and industry leaders.  Associate, Energy Services Private Equity (Nashville, TN)  Associate/Senior Associate, Private Credit Technology & Digital Infrastructure (Washington DC-Baltimore Area)  | Associate, Infrastructure Private Equity (New Orleans, LA) Join a prestigious infrastructure and energy-focused private equity firm known for innovative strategies and transformative acquisitions, offering direct collaboration with top executives and a path to strategic impact.  Investment Banking Associate, TMT (New York, NY) Join a premier investment banking firm specializing in the digital infrastructure, communications, and technology sectors, known for its deep industry expertise and high-impact transaction execution. The successful candidate will work closely with senior dealmakers and market leaders, advising on transformative M&A and capital raising initiatives that shape the future of connectivity.  Vice President, Growth Equity, Business Services Join a growth-oriented lower-middle-market firm specializing in business, commercial, and tech-enabled services. Be the driving force for deal execution, investing in "mission critical” businesses on a promising career track.  Director of M&A and Strategic Planning, Industrial Energy Services Join a fast-growing platform specializing in electric utility services, backed by private equity and positioned for long-term infrastructure investment. Drive M&A strategy, financial operations, and strategic growth alongside experienced industry leaders. Shape grid modernization efforts, support electrification trends, and capitalize on recession-resistant tailwinds in a sector primed for significant expansion.  Associate, Tech Growth Equity Join a dynamic growth equity firm transforming middle-market technology companies. Associates drive operational improvements, collaborate with seasoned professionals, and shape strategic growth initiatives.  Private Credit Senior Associate (New York, NY)  |
Community Poll
Last month’s poll asked what matters most when evaluating a new offer. The clear frontrunner? Flexible work arrangements at 40%. Growth and development opportunities, generous bonuses or equity, and higher base salary each garnered 20%. Flexibility and career progression remain at the top of many professionals' minds.
This month’s community question:
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Get On Our Radar
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We look forward to sharing more insights, opportunities, and success stories with you next month!
Take care,
The Tenfold Team