To our clients, candidates, and friends,
As Norgay turns 10 this week and we reflect on the past decade, we are filled with gratitude. When we started Norgay in March 2015, we could not have imagined that our early searches would lead us into some of the most exciting areas of the private markets. In the beginning, we were simply looking for an opportunity to work with teams we liked and do interesting search work that made a difference. Recruiting is a crowded field, and, at the time, the direct private equity deal teams were covered by many established search players. Looking for ways to set ourselves apart, we partnered with groups who were relatively underserved from a recruiting standpoint and who we believed were poised for growth. These teams were secondaries funds, fundraising groups, private equity placement agents and secondary advisors, infrastructure & credit managers, and even fintech platforms that were starting to democratize alternatives for the wealth management space.
We also found there was demand from firms in cities outside of NYC for a talent partner who could help them attract candidates beyond the New York financial hub. This led to our LA office opening in 2017. Operating on both coasts, we have since placed candidates in almost every major North American market, including the NYC/Tri-state area, LA, Chicago, Boston, DC, Atlanta, Miami/Palm Beach, Dallas, Austin, San Diego, San Francisco, Denver, and Toronto. We have also expanded further into global markets through our joint venture with UK-based search firm, Carpenter Farraday.
Out of our early efforts, we carved a niche for ourselves, particularly in Fundraising & Investor Relations and in Secondaries. It’s been a lot of fun to watch these parts of the market evolve and to play a small part in their growth. When we started advising GPs on fundraising and IR strategy, many firms had lean LP-facing teams, if they had any IR function at all. Today, fundraising groups are often complex engine rooms at our clients, with sophisticated interlocking teams spanning sales, product strategy, operations, and technology. We’ve been lucky to have helped clients, ranging from the largest global players to emerging single-strategy spin outs, think through the best way to set their fundraising efforts up for success in what continues to be a fiercely competitive market.
Similarly, when we began recruiting in secondaries, it was a fairly under-the-radar part of PE. GP-leds were just starting to become a “thing” and many could not wrap their heads around the space. Today, continuation vehicles are mainstream and established asset managers now recognize the importance of secondaries as both a liquidity tool and an attractive investment strategy. Likewise, most bulge bracket and global middle market investment banks have built an advisory practice (many with our help) to keep up with market demand. It’s rewarding to see how our placements have helped facilitate the space’s maturation.
Stats & Superlatives from our work over the years
Many of our current clients and candidates have been with us since “Day One.” We are grateful that you gave us a chance to prove ourselves in our earliest days and that we have continued to earn your partnership a decade later. Thank you for that vote of confidence; we have never taken the opportunities you’ve given us for granted. We like to say that recruiting is not a straight line, and when you’re dealing with people, the permutations are infinite. When unexpected outcomes catch us off guard, we strive to learn from our mistakes and apply those lessons to future situations. We believe it pays to keep a long-term view on short-term decisions and that it’s always better to think beyond “quick wins” when helping firms and candidates make critical choices. This approach has guided us from the start and will continue to be our North Star.
It hasn’t been an easy road for our small business, but your support has helped us get up the mountain. We’ve never felt this sentiment more than this past year as we faced the great loss of our co-founder and teammate, Mary Gay Townsend. We wish she could have been here to celebrate this milestone with us. The outreach we have received from the private markets community during this time of loss and transition has touched us deeply. It has also reinforced what we have always believed about recruiting: that the human element - the trust and the relationships we have with our clients and candidates - is the most important part of our roles as recruiters. At the end of the day, our job is to help people achieve their goals. We’re extremely grateful that you have helped us pursue our own dreams here at Norgay, and we will uphold Mary Gay’s legacy by continuing to deliver what you expect from us: honest advice, close partnership, and the delivery of exceptional talent.
Thank you for your partnership.
Chandler Holbrook & Kylie Hart
Co-Founders & Partners
