The Tenfold Monthly

October 2025

Author

Yinka Branco-Rhodes
October 07, 2025 • Reading Time: 14 minutes

Hello,

The administration’s new $100,000 H-1B visa fee could spell real trouble for both the sell-side and buy-side when it comes to finding talent. For years, H-1B sponsorship has allowed firms to hire highly skilled professionals, often sharp and ambitious individuals. While hiring today isn’t back to 2021 levels, it could rebound. And if it does, firms will face a choice: compromise on pedigree or pay the higher price.

There’s been chatter on forums like WSO that this will force firms to lower their standards. That seems highly unlikely. Most firms will pay for quality.

That debate is unfolding as fundraising headlines crowd the front half of Q4. After a quiet August, we saw a surge of fundraising announcements in September, including those from Peak Rock, Great Hill, One Equity, Pennybacker, Aurora, Greenpoint, and others. On paper, it looks like momentum. In reality, these are firm-specific wins, not a broad market recovery.

According to Private Equity International, global fundraising in the twelve months to June totaled just $592 billion, the weakest since 2018. And it’s showing in how firms are hiring: execution roles remain slow. Most activity this year has been in capital formation, investor relations, and marketing, especially at the mid-to-senior level, where competition for experienced fundraisers is intensifying.

Meanwhile, secondaries continue to accelerate.

Blackstone closed the largest infra secondaries fund ever at $5.5 billion. HarbourVest added $865 million. GP-leds, continuation vehicles, and asset-specific transactions are now the front end of capital strategy.

The Fed’s rate cut won’t change things overnight, but it does remove a major mental overhang.

More visibility means greater conviction, and nowhere is that more evident than in power.

GIP is set to acquire AES in a $38 billion transaction, one of the largest power deals ever involving a U.S.-listed utility. Sempra also announced a strategic transaction with KKR. The capital is flowing where the demand is clear, and the power demand has never been more tangible.

We’ve seen this power demand firsthand. This month, we completed our fourth placement in just over 12 months with a major PE player in the space, and we're continuing to see momentum. Below, you’ll find two new searches in renewable power—one at the VP level, another at Associate. If you're looking to make a move or want to get on our radar, reach out.

Below, you’ll find the latest news, trends, and capital shifts as we kick off the final quarter of the year.

Let’s dive in.

Community Poll

From higher H-1B costs to selective fundraising, firms are rethinking where to allocate resources. We want to hear your take: which area of talent demand will rise most in the year ahead?

With the new $100,000 H-1B visa fee, how do you think firms will respond?
Responses are anonymous
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Industry Insights & News

Here are some curated reads from around the web to keep you informed:

  • JPMorgan Chase poaches record number of senior bankers as Wall Street talent war escalates (MSN)

  • Private equity giants raid Wall Street as fundraising talent wars heat up (CNBC)

  • Apollo, KKR Executives Share a Dire Prediction About Certain Buyout Firms (BB)

  • Peak Number of Private Equity Firms Run Zombie Risk, Arctos Says (BB)

  • Experts weigh in on President Trump's SEC reporting proposal (Y!F)

  • Trump advocates end to quarterly earnings reports (CNBC)

  • Private Equity Pours Billions Into Troubled Firms That Fail: S&P (BB)

  • After Fed Rate Cut, Powell Says Jobs Market No Longer Very Solid (BB)

  • Fed approves quarter-point interest rate cut and sees two more coming this year (CNBC)

  • Carlyle makes two senior hires to boost direct-lending business (RT)

  • Private Credit Firms Eye Public Companies as Their Next Target (BB)

  • Private Credit Facing ‘Clear Signs’ of Rising Stress, BofA Says (BB)

  • CEO wants EQT to become world’s largest private equity player (AMW)

  • Trump's new visa fees spur offshoring talks, hiring turmoil (RT)

  • Klarna, Netskope Spur Best Month for US IPO Volume Since ’21 (BB)

  • A finance veteran says junior bankers aren't doomed — they're actually supercharged by AI (AOL)

  • Wall Street Is Poaching Bankers in a Red-Hot Job Market (WSJ)

  • AI models pass CFA Level III exam in minutes, raising questions for advisors (IN)

  • Ridgemont Equity Partners Closes Fund V at $3.975 Billion (BW)

  • Morning Coffee: JPMorgan and Goldman Sachs are hiring again, but don't get too excited. Another hedge fund wants to pay less, act gentle (EFC)

  • Hedge-Fund Stars Are Making So Much Now That They Are Hiring Agents (WSJ)

  • BlackRock's GIP in talks to buy power company AES, sources say (RT)

  • Gemspring Capital Closes Its Second Growth Solutions Fund at $1.1 Billion (GS)

Fundraising & Deal News

Discover the latest financial milestones and transformative deals in our sector-focused roundup:

  • Blackstone Strategic Partners Closes Largest Infrastructure Secondaries Fund Ever Raised at $5.5 Billion (BLK)

  • Peak Rock Capital Raises Over $3 Billion For Latest Private Equity And Credit Funds (PRN)

  • Great Hill Wraps Up Ninth PE Fund At $7bn (BO)

  • One Equity Partners Closes $3.25B Fund IX (M&A)

  • Platinum Equity Completes Capital Raising for Second Lower Middle Market Fund (PE)

  • Veritas Capital closes $14.4B Fund IX amid promising IT exit scene (PB)

  • Aurora Capital Partners Successfully Raises over $2.1 Billion for Middle Market Private Equity Strategy (PRN)

  • Dallas’ Milestone Group Closes $1.1B Real Estate Investors Fund (DI)

  • Aurora closes seventh middle-market fund at $2.1bn (PEW)

  • GreenPoint Raises $1bn For Debut Real Assets Fund (PERE)

  • ICG closes second European Infrastructure fund at €3.15bn (ICG)

  • Pennybacker Raises Over $700 Million for Inaugural Infrastructure Platform (PRN)

  • HarbourVest Secures $865m for Latest Infra Secondaries Raise (SI)

  • Sempra Announces Strategic Transactions Advancing Goal of Building Leading U.S. Utility Growth Business (SMRA)

  • GA Credit’s Flagship Fund Hits $2.1 Billion First Close (BB)

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.

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.

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.

Senior Associate, Tech & Digital Infrastructure (Washington D.C. Area)

Join a leading investment firm specializing in digital infrastructure, software, and enterprise IT—partner with top founders to scale innovative businesses in high-growth sectors.

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. Autumn 2025

Associate or Senior Associate Energy Private Equity (Houston, TX)

Associate or Senior Associate, Corporate Finance, Sustainable Infrastructure & Real Assets (Dallas, TX)

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.

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

Associate Power & Infrastructure Services Private Equity (Los Angeles, CA)

We’re hiring a Summer 2026 Associate for a leading private equity strategy focused on energy, power, and critical infrastructure sectors. The team invests across industrial growth platforms with a value-oriented lens, partnering with experienced management teams to scale businesses serving the energy transition. This is a rare opportunity to work directly with a seasoned investment team within a global platform—based in Los Angeles and focused on thesis-driven control investing. Summer 2026

VP or SVP, 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 Lower Middle Market, Private Equity (New Orleans, LA)

September ‘25 Poll Results

Last month, we asked how you expect Q4 hiring to play out. The majority (75%) pointed to more selective, niche hiring, while the rest expect a cautious pace until 2026. No respondents saw firms moving earlier than usual or a major sell-side push into PE. The takeaway? Hiring may be happening, but it’s highly targeted.

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