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The Tenfold Monthly
December 2025
Hello,
Welcome to the final edition of the year—a month for performance and career-path reviews, teams taking stock, and decisions about new hires taking shape for the year ahead.
2025 was far from a straight line, but one theme held: volatility didn’t stop activity; it reshaped it.
The past twelve months rewarded focus over volume. Teams that hired with intent strengthened their platforms, and the candidates who stayed engaged with the market gained more optionality. We saw the same in our own work. Every meaningful outcome this year started with a proactive conversation well before a role formally opened. That dynamic will only sharpen as we move into 2026.
The macro backdrop is closing out the year with mixed signals. The government shutdown has ended, but sentiment remains fragile. Even with M&A revenue improving at the top end of the street and compensation forecasts ticking up, the middle market continues to face slower LP pacing and a tougher exit narrative—one many now describe as structural, not cyclical.
Fundraising told the same story: the largest firms are still attracting capital, while everyone else continues to face a far more selective LP environment.
In credit, capital formation remained the standout. In November, Neuberger Berman raised a multibillion-dollar private credit strategy. Hamilton Lane crossed the first-close threshold for a new infra-opportunities vehicle, and Greystar announced the final close of its second credit opportunities fund.
Infrastructure and energy also continued their run.
Rockland raised a new power-focused vehicle. DigitalBridge announced more than $17 billion in commitments for DBP III. Brookfield launched a $100 billion AI infrastructure program—the strongest signal yet of where capital is preparing to scale next. Together, these moves show an asset class deepening, not cooling.
AI’s impact on dealmaking shifted from theory to practice.
Banks reported measurable productivity gains across coverage and execution. Analysts are already working alongside tools that automate workflows once considered core to the job. The question heading into 2026 is no longer whether AI will reshape junior staffing, but how quickly firms will adopt.
This year, demand for private equity talent was strongest at the associate and experienced-associate levels, particularly across digital infrastructure, infrastructure services, and utilities. Senior hiring was more selective, but when it happened, it was tied directly to platform expansion. For example, the new MD-level private credit search we’ve launched this month is for an originator with a track record in software, tech-enabled services, and data infrastructure.
The talent that stays engaged with the market the longest has the most optionality and the most control over where they land. When opportunities are limited, keeping an open channel to the market becomes especially prudent. If you're thinking about positioning for 2026, set up a conversation with us by completing the form on our “Get on Our Radar” page to stay ahead of what's coming.
Below, you’ll find the latest news, trends, and capital shifts shaping the end of the year.
Let’s dive in.
Community Poll
As 2025 comes to a close, firms and candidates alike are rethinking what defines a “competitive edge” for the next cycle. AI fluency, operational capability, and cross-sector expertise have all emerged as differentiators, but which will matter most as hiring ramps in 2026?
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Industry Insights & News
Here are some curated reads from around the web to keep you informed:
Wall Street Bonuses Projected to Jump for Second Straight Year (BB)
More private equity funds than McDonald’s: PE giants forecast industry consolidation (CNBC)
US Senate passes bill to end government shutdown, sends to House (RT)
Private Equity Faces Endemic Payout Slump, Partners Capital Says (BB)
Credit Fueled Most of Alternative Asset Firms’ $257 Billion Haul (BB)
Private equity group Vista to cut staff in favour of AI (FT)
Neuberger Berman Raises $7 Billion for Private Credit Fund (BB)
Companies Predict 2026 Will Be the Worst College Grad Job Market in Five Years (WSJ)
Warburg Raises $12 Billion in First Round for Global PE Fund (BB)
Why is Goldman Sachs poised for its best M&A performance in 24 years? (IVZ)
BofA says AI is boosting bankers' productivity, revenue (RT)
The ‘Golden Handcuffs’ Are Off: Private-Equity Employees Leave for Smaller Firms (WSJ)
Fed Minutes Show ‘Many’ Officials Lean Against December Cut (BB)
RBC Denies Claims of ‘Boys Club’ Culture, Bias Against Women (BB)
Private Debt Defaults Set to Climb as Middle-Market Firms Wobble (BB)
Fundraising & Deal News
Discover the latest financial milestones and transformative deals in our sector-focused roundup:
Arcline ignores fundraising malaise, closes next flagship on $6bn (BO)
Hamilton Lane launches latest flagship, raises over $1bn for infra opportunities fun (SI)
Greystar announces final close of $1.27 billion Greystar Credit Opportunities Fund II (GS)
Rockland Capital Raises $1.2 Billion to Buy Gas-Fired Power Plants (WSJ)
Coller Secondaries Private Equity Opportunities Fund surpasses $1 Billion AUM milestone (CC)
DigitalBridge Announces Total Commitments of $11.7 Billion in Fund and Related Fund LP Co-Investment Commitments for DigitalBridge Partners III (DB)
Brookfield Launches $100 Billion AI Infrastructure Program (BF)
Bessemer Venture Partners-linked growth buyout investor BVP Forge speeds to $1bn Fund II close (AA)
Sterling Investment Partners Closes Fund V at $1.6B Hard Cap (M&A)
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.
Managing Director, Technology Private Credit (San Francisco or New York) We’re working exclusively on the search for an MD (or rising star Principal) to lead the technology vertical within a growing private credit platform backed by a large asset manager. The mandate spans non-bank capital solutions across software and tech-enabled services, and earlier-stage tech situations where structuring creativity and speed create an edge. In this role, you’ll serve as the point person for the tech ecosystem — driving West Coast and VC coverage, building direct relationships with founders and CEOs, and generating proprietary opportunities across recurring-revenue and high-growth businesses. You’ll also play a central role in fund building and capital raising, helping shape how the platform communicates its tech-credit strategy to LPs. The team has a thesis-driven heritage across digital infrastructure and technology services and is now expanding its reach into a broader universe of tech opportunities. This seat offers meaningful ownership — setting coverage priorities, leading complex underwriting, and influencing how the tech strategy evolves over the next decade. It’s designed for an investor with a deep network in software and tech services, a background in venture/growth credit or earlier-stage private credit, and a sourcing mindset built around conviction and direct company engagement. ![]() Associate – Infrastructure Private Equity, Energy Transition & Renewables (New York, NY) We’re working with an infrastructure investment team expanding its focus on renewable generation, distributed energy, and storage. The group pursues a Core+ / Value-Add strategy, investing in businesses and projects where development and operational improvement drive long-term value creation. As an Associate, you’ll gain direct exposure to live transactions and portfolio management, working closely with senior professionals across diligence, modeling, and execution. This is a strong platform for developing investment skills within the fast-growing energy transition sector. ![]() Director & Managing Director – Telecom Investment Banking Group (Mid-West & Florida) We're supporting the build-out of a newly formed advisory platform focused on communications infrastructure. The team is adding senior investment bankers with sector expertise to help lead origination, execution, and long-term platform growth. The firm is led by a highly respected dealmaker with decades of experience advising founders, private equity firms, and institutional platforms across the wireless ecosystem. This is a rare opportunity to help shape a purpose-built platform at the ground level—working alongside a founder with an exceptional track record and an unmatched network in the space. ![]() Associate Telecom & Digital Infrastructure (Stamford, CT) Join a leading investment platform at the forefront of digital infrastructure and TMT as an Associate or Senior Associate, where you’ll play a key role in deploying over $500M in dry powder. January 2026 ![]() | Unique Exit Opportunity (Private Credit), Origination Series B Platform (Austin or New York) We’re supporting the growth of a fast-scaling platform built to modernize asset-backed lending across real estate, consumer, auto, and SMB credit. Backed by leading venture investors and major financial institutions, the team provides the technology foundation that banks, originators, and credit funds rely on to verify collateral, automate compliance, and accelerate warehouse execution. As an Enterprise Sales Executive, you’ll drive partnerships with lenders and capital providers, bringing a deep understanding of underwriting and origination to a role that blends commercial strategy with hands-on engagement. You’ll shape how credit operators adopt technology, influence product direction, and help expand a platform positioned at the center of the evolving ABS ecosystem. This is a rare opportunity for private credit professionals who want to leverage their deal experience in a high-upside role with direct revenue ownership and a clear path to impact. ![]() Vice President – Infrastructure Private Equity, Energy Transition & Renewables (New York, NY) We’re supporting the expansion of an established infrastructure investment team with a dedicated focus on renewable generation, distributed energy, and storage. The group takes a Core+ / Value-Add approach, targeting opportunities where development and operational growth can deliver strong returns alongside decarbonization impact. As a Vice President, you’ll play a lead role in execution and portfolio engagement, while also contributing to origination and thematic build-out. This is a chance to join a highly active team shaping the next wave of sustainable infrastructure investment. ![]() Associate Infrastructure, Private Equity (San Francisco, CA) Join a private equity firm focused on investing in essential services businesses across infrastructure. This firm takes a long-term, partnership-oriented approach, backing management teams in energy transition, digital infrastructure, and transportation. Immediate ![]() Senior Associate, Tech & Digital Infrastructure (Washington D.C. Area) ![]() Associate Lower Middle Market, Private Equity (New Orleans, LA) ![]() |
November ‘25 Poll Results
We asked how hiring is expected to evolve in 2026 as consolidation continues across digital infrastructure and energy transition platforms. One clear takeaway emerged: firms are prioritizing sophistication over scale. Most respondents expect fewer firms building larger, more capable teams, while others anticipate rising demand for multi-sector operators who can flex across strategies. Together, the results point to a more integrated, performance-driven hiring environment heading into the new year.


Unlock exclusive opportunities with leading firms and ensure you're in the running for this year's top positions by submitting your resume today.
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We look forward to sharing more insights, opportunities, and success stories with you next month!
Take care,
The Tenfold Team








