Private equity funds don’t usually hire many people. While banks hire hundreds into their analyst classes each year, private equity funds are more likely to hire one or two – often from top investment banks. It’s notable, therefore, that Towerbrook Capital Partners, a fund based in London and New York City has hired at least six juniors in the past four months alone.
The latest Towerbrook hire is the elaborately-named Elena Utrera García de Salazar, formerly an investment banking analyst on Goldman’s M&A team. García de Salazar joined Towerbrook’s London office this month after four years at Goldman (she spent two in private wealth management before moving into M&A).
García de Salazar will find herself among good company at Towerbrook. Last month, the firm’s London office hired Aya Makki, an M&A analyst from Rothschild; in July it hired Viktor von Rheinbaben, a newly promoted M&A associated from Deutsche Bank. In New York in August, Towerbrook hired Grace Murphy, a former Goldman analyst, along with Grant Hilzinger, a former Credit Suisse analyst in July. It’s also not averse to hiring from rival funds: a former analyst at Paris-based PAI Partners joined the London office in July and Jeroen Bischops quit the hot and hiring hedge fund Balyasny Asset Management to join Towerbrook as a principal in the structured opportunities fund (focused on financial institutions) in May.
Towerbrook is clearly growing, but from a small base. The most recent UK accounts for Towerbrook Capital Partners LLP, for the year ending December 2016, show revenues rising 24% on the previous year to £20m. It had 12 “members” (partners) at the end of the year and 33 employees, up from 12 and 27 respectively in 2015. The average employee earned £248k; the average member, £459k.