Issue No. 35

Over the past few months, I’ve been thinking a lot about capital formation. To date, whenever we’ve needed capital for a fund or co-invest deal, I’ve gone out and raised it myself. We’re now at a point where I want to build a fundraising function that is a core capability of the firm. The fundraising machine should keep humming along in all seasons.

I’ve recently kicked off a search to hire someone to work with me on fundraising and business development. We’re extremely selective in who joins our small firm, but intentionally opportunistic on who that person might be. It could be someone earlier in their career who has been successful but looking for a lateral move for a better company or industry fit, or it could be someone more experienced who already has a network of LP relationships. We’re especially drawn to people who are intellectually curious, creative, and committed to continuous learning. People who like building systems methodically and who naturally think in long time horizons tend to do well at Pier.

The environment here at Pier is fast paced, the structure is flat, and there’s a lot of room to take ownership and help shape this important function.

If someone comes to mind who would be a strong fit, I’d appreciate an introduction. The full job req is here.

A few important notes:

- Our firm is 9 years old, has invested over $900M in asset backed credit

- The role is based in Los Angeles, with 2 days per week in office

- The role reports directly to me, the CEO

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— Jillian

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Software companies are laying off thousands as AI takes engineers coding responsibilities. Many fear AI will soon replace entry level jobs in legal, finance, accounting, and other professional white collar industries. I disagree.

The best companies are and will embrace AI. You know who is really good withnew tech, such AI? Young people. You know is is not? Old people.

Management believes new grads do not have enough industry expertise to be ableto guide AI. But, AI has that expertise!

It's not the veteran expertise that is needed. It's the energy and tech-friendliness of the young.

The best value the old can bring is relationships. Old people, if you want to keep your job, better beef up on your network, because the young are coming for you.

- Conor