The Tenfold Monthly

Hello,

“The ceasefire abroad came quickly. On Wall Street, the war is still on.”

For 12 days in June, the world held its breath as tensions between Israel and Iran escalated into a flash conflict. Markets reeled, oil surged past $90, and the question wasn’t if capital would freeze—it was for how long. But just as quickly as it flared, the crisis de-escalated. The geopolitical relief led to one of Wall Street’s strongest months in over a year, with the S&P 500 and Nasdaq reaching new record highs.

The conflict was a reminder of how fragile global systems remain, and why many firms are doubling down on real assets, power infrastructure, and geopolitical resilience.

Behind the scenes, LPs and GPs are also resetting how private equity capital gets structured. According to Private Equity International’s June 2025 report, slower distributions, longer hold periods, and exit uncertainty are driving demand for continuation vehicles, NAV-based lending, and semi-liquid funds. Flexibility has become a top priority for LPs, and managers are responding. One clear sign of this shift is the explosive growth of continuation funds—now a favored tool for GPs navigating the liquidity crunch while holding onto high-conviction assets.

That brings us to the most significant industry shakeup of the month.

Jamie Dimon lit yet another match—and this time, on-cycle, finally caught fire.

Calling the practice of accelerated buyside recruiting “unethical,” Dimon reignited a long-running debate. But this time, firms listened. Several have now paused on-cycle entirely, including Apollo and General Atlantic.

But is this really about fairness or efficiency?

With generative AI accelerating memos, modeling, and diligence, firms have new clarity on how lean they can run. They’re no longer hiring reflexively—they’re hiring strategically. The pyramid is shrinking, and at the top of that pyramid? Chief Data Scientists. This is one of the hottest hires in private equity at the moment. The rising demand for PE signals incoming changes due to AI. Two years out, things could be very different.

A close friend of Tenfold’s and a partner at a Data and AI executive search firm told us:

“We’re seeing so much demand from PE firms right now. They aren’t just investing in AI. They’re building with it. Our clients agree that ML talent is now central to value creation, with demand coming from firms of all sizes and across sectors, from technology to industrials."

Private equity is increasingly harnessing the transformative power of AI and machine learning, not just as tools, but as strategic partners in dealmaking, operations, and value creation. The firms getting ahead are piloting AI and embedding it into the investment lifecycle from day one at the committee, in ops, and infrastructure.

For talent, all of this is changing what top firms are really looking for. It’s no longer just about technical skills or how many models you’ve built. Future hiring will priotize talent who can think across silos, move quickly, and work comfortably alongside AI.

Below, you’ll find the latest stories, opportunities, and insights to help guide your next step.

Let’s dive in.

We’re proud to feature one of Tenfold’s longest-standing East Coast partners—a high-conviction private equity platform with a 30+ year track record of building exceptional companies at the intersection of communications, digital infrastructure, and enterprise technology.

This platform is best known for its thematic, thesis-driven investment model, backing sector-defining businesses across areas such as:

• Digital Infrastructure – fiber, wireless, spectrum, and edge connectivity

• Enterprise Technology – SaaS, IT services, cybersecurity, and cloud infrastructure

• Mobility & Communications – satellite services, next-gen spectrum platforms, and IoT solutions

What sets this group apart is their company-building DNA. With a strong pipeline of proprietary opportunities and long-standing operator relationships, they’ve co-founded and scaled many of the most innovative platforms in the sector. Their model combines deep subsector expertise with operational partnership, providing a unique edge in creating long-term value.

Tenfold is currently leading a search for a Senior Associate to join this top-tier investment team.

We’re actively recruiting for an investor who brings:

• A track record of transaction execution or investing in business services, digital infrastructure, communications, or enterprise technology

• Intellectual curiosity and the ability to work across multiple themes and stages

• Experience operating in a thesis-driven investment environment, with the ability to develop and apply thematic insights across sectors and stages

• A collaborative, entrepreneurial mindset and interest in building platforms from the ground up

This firm is known for its repeat partnerships, proprietary deal flow, and flexible stage-agnostic approach, making it a standout home for investors who want to think deeply, work closely with founders, and scale businesses that transform essential services.

If you're interested or know someone exceptional, reach out. We’d love to connect.

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

Take care,
The Tenfold Team