Short-Staffed? Outsource With Some Number-Crunching Temps

As M&A slowly picks up, a new advisory firm has launched to meet the needs of short-handed PE firms, a year after many of them laid of junior level staff.

New York-based Accordion Partners has launched with the plan to provide outsourced mid-level analytical services to buyout firms. Meaning, when time and resources are tight, Accordion’s team of Six Sigma Ninjas will shower your firm with models, credit analyses, and sector research when you need it.

Co-founder Nicholas Leopard started the business this month to meet the needs of firms who reduced their staff but are now crunched for time as deal flow and fundraising activity begins to increase. Beyond that, as LPs push to reduce management fees, firms are even more pressured to keep personnel levels down. “We consider ourselves in-house outsourcers” Leopard said.

I take this as a sign to mean the job market for entry-level private equity jobs hasn’t improved. The only hiring PE firms seem to be doing is on the investor relations side, where professionals are working harder than ever to keep investors happy. So while the PE firms continue to make do with smaller deal teams, Accordion Partners will provide temporary number-crunching services.

Accordion Partners and has around 20 professionals ranging from analyst to VP to unleash on any time-stretched private equity situation. Leopard said the firm is especially focused on middle market funds, looking to advise funds with targets of between $50 million and $500 million in commitments.

The firm launched officially on November 2 with backing from a group of high net worth individuals. Leopard, who previously worked at BHC Interim Funding LP, founded the firm.  Andy Blechman, a former analyst at J.L. Berkowitz, joined the firm as part of the founding team.