If you’re only hiring people who are actively applying, you’re fishing in the shallow end.
The strongest Associates, VPs and Directors in M&A, Private Equity, Credit and Tech advisory are not updating their CVs.
1. They’re executing.
2. They’re trusted.
3. They’re being promoted.
And they’re not browsing LinkedIn jobs at 10pm. Yet many hiring processes still revolve around who’s “available.”
Available does not equal exceptional.
Busy beats available
When we map a market properly, the pattern is obvious:
The people who drive value are:
- In live deals
- Running workstreams
- Managing portfolios
- Being relied upon internally
- They’re not frustrated.
- They’re not desperate.
- They’re not sending their CV to five recruiters.
- They’re selective.
- And they only move when the opportunity is materially better — not marginally different.
Most firms underestimate this
There’s a dangerous assumption in growth phases: “If the platform is good, the best people will apply.”
They won’t.
Top performers need:
- A clear strategic story
- Genuine responsibility
- Cultural alignment
- Long-term upside
Comp alone rarely moves them. Title inflation doesn’t move them either. What moves them is trajectory.
The hidden cost of a “quick” hire
When firms scale — new fund, new strategy, new vertical — speed becomes the priority.
But in investment environments, a mis-hire isn’t just expensive.
It impacts:
- Deal quality
- Execution speed
- Internal morale
- LP perception
- Your reputation in a tight talent market
The wrong Associate can slow a team down.
The wrong VP can create invisible friction for years.
And undoing it is rarely quick.
The uncomfortable truth
The best candidate for your role probably:
- Isn’t applying
- Isn’t speaking to multiple recruiters
- Hasn’t told their team they’re open
- And doesn’t “need” to move
They need to be approached properly;
- With credibility.
- With context.
- With discretion.
- That takes work.
It takes targeted mapping, informed conversations and a clear articulation of why your platform is genuinely better — not just different.
Why this is where Circle Square adds value
At Circle Square, we don’t rely on inbound flow or broad advertising.
- We map markets properly.
- We identify the outperformers.
- We approach selectively and credibly.
Because we operate exclusively across M&A, Private Equity, Family Office and Credit, we understand the nuance of platform quality, fund cycles, team dynamics and what genuinely motivates top performers to move.
If you’re building a team and want access to the people who aren’t on the market — but should be on your radar — let’s have a conversation.
The difference between available talent and exceptional talent is rarely luck. It’s approach.
