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The Tenfold Monthly
March 2026
Hello,
Q1 deadlines created real pressure in February. Firms that had been quietly planning in January made their hiring needs official, searches accelerated, and candidates were fielding multiple processes at once.
We've also been in conversations around new hiring plans and the launch of additional searches, particularly where deployment timelines alongside fundraising preparation require teams to be in place sooner rather than later.
We noticed a clear change in how firms are hiring associates. Several firms skipped the busy January hiring rush and started their searches in early February, after things had calmed down. This trend is growing among leading middle-market firms that prefer not to compete directly with larger funds within fast-paced cycles. The reasoning is simple: less pressure, better conversations, and a clearer sense of which candidates are truly interested.
On the capital side, February wasn't just about large platforms raising capital. A meaningful portion of activity came from debut funds, spinouts, and oversubscribed middle-market vehicles. That mix matters. It signals the potential for a much healthier recruiting environment, especially for people seeking leaner teams where responsibility moves earlier. For talent, that translates into a quieter but very real hiring pipeline. The mandate may not surface during on-cycle noise, but it often follows capital deployment.
At the same time, discussion around AI productivity and the so-called "SaaS apocalypse" intensified. The debate isn't whether AI will impact software; it's how quickly it reshapes pricing power, competitive moats, and workflow durability.
From our seat, investors aren't dismissing the disruption. They're underwriting it. In conversations tied to our senior MD search in software-focused credit, the tone has been pragmatic. This month, the focus is on SaaS. Next month, it could be accounting, legal, healthcare, or any workflow that AI meaningfully compresses. The real shift is the speed of change.
The managers leaning in aren't betting on immunity. They're asking which platforms adapt fast enough to stay essential.
This year, we are introducing a new feature: Inside the Deal Team.
Each month, we'll share perspectives from senior investors operating inside lean, high-execution investment teams. These are direct observations from the deal table on how performance is evaluated, how AI is influencing expectations, and what now separates strong investors from average ones.
In this month's discussion with a Senior Managing Director who invests in infrastructure markets, we saw a clear change: high reps in M&A are more closely linked to performance than to sector knowledge, and firms are using internal AI tools to review previous hires and better understand what skillsets and experience lead to successful hires going forward.
February brought several positive signs. The real test will be whether they hold — hiring processes are moving forward, mandates are becoming more specific, and first-quarter deadlines are firm.
Below, we highlight the key capital moves, hiring trends, and market changes that influenced the month.
Let’s dive in.
Inside The Deal Team
This month’s Inside the Deal Team features a Senior Managing Director in infrastructure buyouts on what predicts associate success: buyout-level modeling fundamentals, real M&A reps, and ownership in lean, flat teams.
Community Poll
Capital formation remains disciplined, and deployment timelines are tightly managed. As firms think carefully about internal resource allocation, we’re interested in where you believe leadership teams will prioritize investment first.
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Industry Insights & News
Here are some curated reads from around the web to keep you informed:
Once the Hottest Bet on Wall St., Private Credit Has Started to Crack (NYT)
Wall Street Drama Punishes Speculation and Rewards Steady Bets (BB)
Goldman Sachs taps Anthropic’s Claude to automate accounting, compliance roles (CNBC)
Blue Owl Founders Pledged $1.9 Billion Stake Before Stock Plunge (BB)
General Atlantic Ex-Global Tech Chairman Levy Launches Startup-Focused Fund (BB)
Private Credit’s Software Bet Is Even Bigger Than It Appears (BB)
Centerview, ex-analyst settle suit over sleep hours for junior bankers (BD)
Fundraising & Deal News
Discover the latest financial milestones and transformative deals in our sector-focused roundup:
Final Close of Infrastructure Opportunities Fund II (HL)
HighVista Closes Oversubscribed Private Equity Fund XI at $800 Million, Surpassing Target (PRN)
Otro Capital Closes Oversubscribed Inaugural Sports Fund With $1.2 Billion (BW)
BayHawk closes inaugural fund at over $600m (PEW)
HighVista closes Fund XI with $800m in four months (BO)
Shore Capital raises $400m for second industrial fund as PE fundraising stabilises (PEI)
Wincove hits $300m hard cap for sophomore fundraise, a decade after launching debut permanent capital vehicle (AA)
Millennium Backs Mehra's Commodities Spin Out With $1.5 Billion (FP)
Oaktree Raises Record $2.4 Billion at First Close for Special Situations Fund (BB)
Brigade Capital Management Closes $1B Inaugural Private Credit Fund (ABFJ)
HGGC Closes $3.2 Billion Fifth Flagship Fund (P2.0)
Guardian Capital Partners Secures $441 Million for Oversubscribed Fund IV in Seven Months (GCP)
Veritas Capital Raises $15.3 Billion Across Fund IX Strategy Amid Private Equity Slowdown and Advances Deployment Across Flagship and Vantage Strategies (BW)
Vision Ridge Partners Raises ~$2.4 Billion for Flagship Sustainable Real Assets Strategy (BW)
Soundcore Capital Partners Closes $450M Fund III Above Hard Cap (M&A)
Frist Cressey Ventures raises $425M for Fund IV, pushes total assets toward $1B to fuel AI healthcare startups (TS)
Palm Peak Capital Closes Oversubscribed Debut Fund at $374 Million (BW)
Tech Investor Battery Ventures Raises $3.25 Billion for New Fund (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.
Private Equity Associate, Renewable Energy & Power (New York City) Multiple openings We’re working on multiple Associate hires with a leading North American power and energy infrastructure investor based in New York. The team focuses on investments across power generation, renewables, and energy transition assets, deploying capital through both corporate transactions and structured project investments. Associates are deeply involved across the full investment lifecycle, including market analysis, financial modeling, transaction execution, and ongoing asset oversight. The role offers meaningful exposure to complex power markets, contracted infrastructure assets, and financing structures central to the evolving energy landscape. This seat is best suited for candidates with experience in power or renewable energy M&A, project finance, or infrastructure advisory who are looking to transition into a long-term investing role within an active and technically focused platform. ![]() Managing Director — Technology Private Credit (New York or San Francisco) We’re working exclusively on the search for an MD (or rising star Principal) to join a growing private credit platform backed by a multi-billion-dollar alternatives manager. The strategy focuses on non-bank capital solutions across tech-enabled services, software, and data infrastructure, targeting situations where structuring creativity and speed create an edge. In this role, you’ll lead origination, drive underwriting on complex opportunities, and help shape the platform’s thematic direction. You’ll also take an active role in fundraising and LP engagement as the team scales. This seat offers meaningful influence on strategy, ownership across the investment lifecycle, and room to build durable founder and advisor relationships. It’s well-suited to an investor with sourcing instincts, conviction, and a track record in credit situations across the sectors above. ![]() Associate / Vice President - IR & Value Creation (SF/Austin) We’re working exclusively on a search for an Associate or Vice President to join a healthcare-focused growth equity platform. The firm invests exclusively in healthcare, partnering with businesses that improve patient outcomes and modernize healthcare delivery across technology-enabled and services-oriented models. This role sits at the intersection of Investor Relations and portfolio value creation. You’ll take ownership of day-to-day IR execution, support upcoming fundraises, and work closely with senior leadership on LP communication and capital formation. In parallel, you’ll support post-investment portfolio engagement, helping to bring structure and alignment to value-creation efforts alongside the investment team. The seat offers direct exposure to senior decision-makers, meaningful ownership from day one, and a broad mandate in a lean, collaborative environment. It’s best suited for someone who values responsibility, wants to build rather than inherit a function, and is excited by breadth across fundraising and portfolio engagement rather than a narrowly defined role. ![]() | Investment Banking Associate, Telecom & Digital Infrastructure (Midwest) We’re supporting the continued build-out of a newly formed advisory platform focused on communications and digital infrastructure. The team is expanding in the Midwest with the addition of an Associate to support transaction execution and client coverage across the wireless and broader telecom ecosystem. The platform is led by a highly regarded industry dealmaker with decades of experience advising founders, private equity sponsors, and infrastructure investors. Associates will work directly with senior leadership on live mandates spanning M&A, capital raises, and strategic advisory assignments, gaining early exposure to both execution responsibility and client interaction. This role is well-suited for candidates with investment banking experience in telecom, digital infrastructure, or broader infrastructure sectors who want to operate within an entrepreneurial environment and play a hands-on role in building a growing sector-focused advisory platform. ![]() Private Equity Associate Infrastructure (Los Angeles) We’re working on a search for an Associate to join a large, established power and energy investing platform based in Los Angeles. The strategy focuses on opportunistic and value-oriented investments in companies serving the power and energy industries. The work is highly analytical, with a strong emphasis on business fundamentals, cash flow durability, scenario analysis, and risk assessment. You’ll work closely with senior investors throughout diligence, execution, and ongoing portfolio oversight. This seat is well-suited for someone early in their buy-side career who wants to build investing judgment within a rigorous, institutional environment. It offers hands-on exposure to complex power- and energy-related businesses, strong training through repetition, and the opportunity to learn from a team with a long track record across multiple market cycles. ![]() 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) ![]() |
February ‘26 Poll Results
We wanted to know what usually drives hiring decisions in today’s private capital world. The answer was clear: hiring now happens because of specific events, not general headcount plans. Most people said capital raises and platform expansion are the main reasons, followed by gaps during live deal execution. Sometimes, operational risk needs play a role, but hiring before there’s real demand is uncommon. In short, there are fewer “nice to have” searches and more hires linked to a clear trigger and a specific goal.


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







