Festishistic U.K. Fascination with Private Equity

While people in many countries are interested in jobs in private equity, only in the U.K. has that interest turned fetishistic. Seemingly every week in the Financial Times there are these alternately fawning or preening articles, usually by wannabes or by private equity sorts, where they trot out “Up With Us” nonsense about how lucky you would be to be chosen to work for a U.K. private equity firm.

The following editorial today is typical of this irritatingly cliquey dreck:

The reason that private equity firms reward their successful managers so highly is that they want to be able to pick the very best talent out there, to give them the best chance of a great return for their investors. We really want to work with only the top 20 per cent of managers. The rest will tend to get stopped at the gate or their tenure will prove to be brief.

Many are called and few are chosen.