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Are you working for a zombie fund? If so, you'd better run!

13 July 2025 at 11:31
A business man running from a group of zombies
There are many definitions of zombie fund

Getty Images; Tyler Le/BI

  • Zombie funds are on the rise as private equity dealmaking and distributions slow.
  • We asked recruiters about the reputational impact of working at a zombie fund.
  • They suggested looking for an exit, especially if you're an investor or fundraiser.

Have you heard the news? A new contagion is turning formerly healthy private equity firms into the walking dead. It's not fungal, like in "The Last of Us," a virus, like in "28 Days Later," nor a magical reanimation like the original Haitian Vodou Zombis.

Instead, it's the result of a dealmaking slump, pickier investors, and macroeconomic conditions that have turned some private-equity firms into glorified estate sales, auctioning off their dusty holdings before closing up shop.

There are many definitions of a zombie fund β€” but no matter how you slice it, it can be bad for your career.

To some, a zombie fund is one that's passed its investment deadline, but is still holding onto capital to invest. Others say it's a firm that can't raise new money and is stuck managing and selling off its current portfolio. Zombie fund can also refer to a fund that has invested capital but is delaying the process of returning money to investors while it continues to collect management fees.

The phrase has picked up steam amid a multiyear lag in M&A and IPOs that has slowed private equity dealmaking and distributions to investors.

Private markets data firm PitchBook said the number of US funds that haven't made an investment in a year, despite raising money in the last six years, is up 50% from 2021 to June 2025, to 651. Internationally, they're up 40% in the same period to 1203.

We spoke to recruiters about the rise of the zombie funds and what that means for people working for them. Here is what they said.

When to run

Recruiters said employees, especially in certain roles, should start job-hunting at the first sign of zombification, though they warned that not every slowdown signals trouble.

"If they are working at a firm that has no plans to fundraise for the foreseeable future, that is usually their sign to go straight to exploring the market," Jessica Xu, head of investor relations recruiting at Selby Jennings, told Business Insider.

This is especially true for people in fundraising roles, where success means growing the firm's assets under management and building strong and deep relationships with investors.

Bill Matthews, partner at BraddockMatthewsBarrett, said it's also true for people in investment roles because a zombie fund will drag down your investment track record.

"Folks have to pick their head up and move," he said, adding, "On the investment side, you want to have a track record of doing deals and exiting deals, and if there's a zombie fund, that's not going to be the case."

Of course, fundraising has slowed across the board and isn't necessarily a death knell. It's important to differentiate between a slowdown due to market conditions and one caused by dissatisfied investors. Just make sure you're keeping busy during the slowdown, said Lisa Steele, a partner at BraddockMatthewsBarrett.

"You're maintaining relationships and keeping current LPs up to date, which is also critically important to these long-term partnerships," she said, referring to limited partners, the industry's catchphrase for fund investors.

You should also be developing new relationships, which Steele said will prove "hugely valuable when you go back to market."

How to interview

A candidate running from a zombie fund may feel tempted to hide their current situation in a bid to make the candidacy more enticing. That would be a mistake, recruiters said.

Matthews said hiring firms tend to know which of their peers are zombie funds from conversations with investors and other intermediaries.

"It's important for candidates to be as transparent as possible with potential employers about their reasons for wanting to leave their current firm, and working at a zombie fund is an understandable reason," Xu said.

The trick is to do it smartly. Recruiters warned against badmouthing the current employer or divulging confidential performance information. Focusing on personal gain is key, they said.

"Many candidates in these situations feel constrained in their ability to drive growth and create meaningful value for their investors," said Xu, adding that they are "seeking environments where they can contribute more strategically."

By focusing on how you'd benefit from moving to a better-performing fund, you come across as a good player on a bad team. And it's worth remembering that there are worse situations to be in.

"A hiring firm's biggest fear is unknowingly hiring another firm's castoff," Matthews said. "A zombie fund situation is obviously a good and valid reason why someone would want to leave."

Read the original article on Business Insider

19 college majors where the typical graduate is making at least $100,000 by the middle of their careers

10 July 2025 at 14:43
Students at Harvard University's commencement, wearing graduation caps and gowns
Mid-career college graduates with one of 19 majors typically earn at least $100,000 a year, per a New York Fed analysis.

Josh Reynolds/For The Washington Post via Getty Images

  • The New York Fed analyzed the mid-career wages of college graduates with a bachelor's degree.
  • Graduates aged 35 to 45 in 19 areas of study had a median wage of at least $100,000 a year.Β 
  • Ten of those 19 college majors were related to engineering.

When undergraduate college students choose their majors, there can be several factors that go into their decisions.

But if maximizing one's future earnings is high on their priority list, some areas of study have a better track record than others.

A New York Fed analysis of 2023 American Community Survey data found that college graduates who majored in one of 19 areas of study had a median mid-career wage of at least $100,000 a year. The New York Fed defined mid-career as people between the ages of 35 and 45. The analysis of 73 majors and groups of study only included people with a bachelor's degree β€” no additional graduate school education β€” and used what's noted as people's first major.

One general area of study accounted for 10 of the 19 spots: engineering.

Aerospace engineering majors had the top median mid-career wage of $125,000, per the analysis. Three other engineering fields followed behind β€”Β computer, chemical, and electrical.

Jaison Abel, the head of microeconomics at the New York Fed, told Business Insider that engineering is a great example of the type of college major that has the quantitative skills businesses tend to want.

"There is a bit of a premium on the demand side, and also these are relatively challenging majors to get through," Abel said. "When you've got quite a bit of demand for the skills and not as much supply of the types of people who are coming in, that's going to make wages overall go up and be high."

Computer science, economics, and finance were the three non-engineering majors with the highest mid-career median wages. Across all the majors analyzed, the median mid-career wage was $83,000 a year.

While the prospect of high mid-career earnings is likely attractive to many students, this appeal hinges on actually landing a job in their field of study β€” a feat that has become increasingly difficult for some college graduates.

A New York Fed analysis of unemployment data showed 5.8% of recent college graduates in the labor force between the ages of 22 and 27 were unemployed in March, up from 3.9% in October 2022. Absent the pandemic-related spike and its recovery over the next year, that's the highest rate since 2013.

Student loans and the cost of college may affect how a degree is valued

AsΒ college tuition rates have risen in recent decades, many Americans have taken on a considerable amount of student debt. In 2024 dollars, the average price for tuition and fees at private nonprofit, four-year schools has increased 30% from the 2004-05 academic year to $43,350 for the 2024-25 academic year. Public, four-year in-state schools are much cheaper, but their average cost has also climbed during that timeframe. Housing and food expenses make the cost of school even higher.

The average American consumer with student loans had a debt balance of about $35,000 as of the third quarter of last year, per Experian data. That's a decline from the average in the third quarter of 2023.

This changing landscape has caused some people to question whether college is a worthwhile investment. In response to these concerns, some high school graduates have gone straight to the workforce, while others have opted for alternative paths, like community college or trade schools.

Not all job openings require someone to have a particular level of education. However, sometimes a college degree is preferred for a job seeker. Automaker Stellantis said in a previous statement that "most non-bargaining unit positions (salaried) require an associate's or bachelor's degree," but also noted that "for some positions, a degree might be a preferred qualification which would open those up to people who can demonstrate proficiency in other ways."

College graduates who majored in early childhood education had the lowest median mid-career wage, at $49,000 a year. Other types of education majors had relatively low mid-career median wages, such as secondary education.

Read the original article on Business Insider

VC firm Redpoint tells startups to buckle up for a hiring showdown. Here's the 13-slide deck it shared with founders.

7 July 2025 at 09:00
Redpoint Ventures head of network Atli Thorkelsson.
Redpoint Ventures' head of talent network, Atli Thorkelsson.

Redpoint Ventures

  • Tech is hiring again, but the roles and skills in demand look different this time around.
  • Atli Thorkelsson, head of network at Redpoint Ventures, put together a slide deck on hiring trends.
  • The top of the market is "the most competitive it's been in years," Thorkelsson said.

The tech industry is now split between two starkly different job markets.

On one side, there's a stalled job market where more workers are staying put. On the other there is a rapidly expanding artificial intelligence sector that's reshaping the talent landscape.

To help founders understand the situation, Atli Thorkelsson, head of talent network at Redpoint Ventures, created a slide deck on the state of tech hiring. He presented it at the firm's third annual InfraRed Summit, which brings together founders of up-and-coming companies in cloud infrastructure.

The deck includes data cobbled together from Pave, a compensation management tool; TrueUp, a tech jobs marketplace; and SignalFire, an early-stage venture capital firm.

Thorkelsson notes that the charts throughout the deck represent fast-growing tech firms. Since Redpoint used data from vendors that mainly serve tech clients with open roles, those companies end up overrepresented.

Here's an exclusive look at the 13-slide deck that Redpoint shared with founders.

Tech is hiring again, but the roles and skills in demand look different this time around.
Title slide.

Redpoint Ventures

The top of the market is "the most competitive it's been in years," Thorkelsson said.
Slide

Redpoint Ventures

Throkelsson said more employees are staying put in a tougher job market.
Slide

Redpoint Ventures

Retention is key. An analysis of pay data suggests companies are burning more equity and cash to keep people happy.
Slide
Data from Pave.

Redpoint Ventures

The companies that are hiring are hiring across the board.
Slide
Data from TrueUp.

Redpoint Ventures

The bulk of new hires have gone to AI companies.
Slide
Data from Pave.

Redpoint Ventures

Entry-level hiring is on the decline. An efficiency drive means leaner teams packed with battle-tested veterans.
Slide
Data from SignalFire.

Redpoint Ventures

AI companies tilt toward technical talent more than their peers at the same stage.
Slide
Data from Pave.

Redpoint Ventures

Premium talent is landing at AI firms, and with that comes premium paychecks.
Slide
Data from Pave.

Redpoint Ventures

Machine learning engineers are pulling in more cash and equity than their software engineering counterparts.
Slide
Data from Pave.

Redpoint Ventures

Red lines show individual contributors; white lines indicate managers.

Interviews are getting more AI-focused. Candidates are being asked about their AI skills far more often than a year ago.
Slide

Redpoint Ventures

In recent years, some HR teams toyed with shorter or front-loaded vesting schedules. Now, most are reverting to the standard linear vest, sticking with what candidates already understand, Thorkelsson said.
Slide
Data from Pave.

Redpoint Ventures

San Francisco still leads for AI jobs, but New York City is gaining ground as a tech hub.
Slide
New York City's job postings data from TrueUp; AI job posting data from Pave.

Redpoint Ventures

Read the original article on Business Insider

After visiting 2 of Iceland's famous lagoons, there's only one I'd return to on future trips

6 July 2025 at 13:12
jamie in the hot springs at sky lagoon
I visited two lagoons during trips to Iceland.

Jamie Davis Smith

  • During trips to Iceland, I visited both the Blue Lagoon and Sky Lagoon.
  • The Blue Lagoon was otherworldly, but the popular tourist attraction was very busy.
  • The Sky Lagoon is only a 15-minute drive from downtown Reykjavik, but it felt very peaceful.

In the past year, I've been to Iceland three times.

There's so much I love about the country, but one of the highlights of each of my trips has been soaking in the lagoons that Iceland is known for.

I've been to two different lagoons, but there's only one I want to visit again and again.

The Blue Lagoon is one of Iceland's most popular destinations.
jamie at blue lagoon
The Blue Lagoon was pretty crowded when I went.

Jamie Davis Smith

During my first trip to Iceland, I visited the Blue Lagoon, one of the country's most famous tourist attractions. With its milky-blue waters set in a black lava field, it's easy to see why it draws so many visitors β€” the landscape truly feels otherworldly.

Plus, it's close to Iceland's international airport, making it a convenient stop for travelers who need to kill time after landing or before departure.

The cost of admission varies depending on the time of day and package booked, but starts at about $124. My ticket came with a silica mud mask that I wore in the water.

I was also interested in enhancing my experience by visiting the onsite spa, which includes a multistep wellness ritual. However, full-day admission starts at over $1,300 per couple, which was too pricey for my budget.

The Blue Lagoon is beautiful, but I probably won't be going back.
jamie with a face mask on at blue lagoon
The Blue Lagoon offers a signature face mask.

Jamie Davis Smith

Although the lagoon is undeniably pretty, it's big and often crowded. In fact, I was left with the impression that the Blue Lagoon might be a victim of its own success.

I still had a nice experience and can see why it's so popular. However, after going to other lagoons and hot springs in Iceland, it isn't my first choice for a return visit.

I also visited the Sky Lagoon, which has an upscale feel.
jamie at sky lagoon
Visiting the Sky Lagoon was a relaxing experience.

Jamie Davis Smith

The Sky Lagoon is only a 15-minute drive from downtown Reykjavik, so it was more convenient to access during my trip.

Unlike at the Blue Lagoon, I immediately felt a sense of calm when I walked in. It has a serene atmosphere that I thought felt closer to a traditional spa, incorporating elements of Iceland's unique natural environment throughout.

Basalt lava rocks and moss-covered hills surround the warm waters, and even the swim-up bar is camouflaged by natural elements.

This spot has the feel of an infinity pool with stunning views of the Atlantic Ocean, and the beautiful, wild Icelandic landscape I flew across an ocean to experience.

My admission to the Sky Lagoon felt like a great value.
jamie davis smith at sky lagoon
I'd definitely go back to the Sky Lagoon.

Jamie Davis Smith

I would've been happy just sitting back, enjoying the view, and soaking up the peaceful atmosphere at the Sky Lagoon.

However, admission (which starts at about $133) also comes with access to the Skojl Ritual, which is a seven-step process that draws on Iceland's history of wellness practices. It includes a series of alternating hot and cold circuits, including a cool-mist rain shower and a sauna with stunning views.

I don't usually enjoy saunas because the heat makes me feel lightheaded. However, I pushed my limits and stayed to enjoy the view. I also really enjoyed the salt scrub.

For me, the Sky Lagoon stands out as my favorite.
jamie in the hot springs at sky lagoon
I want to visit other similar spots, but for now, the Sky Lagoon is my favorite.

Jamie Davis Smith

For me, the one downside to visiting the Sky Lagoon is that children under 12 aren't allowed in. That means I couldn't go when I visited Iceland with my children.

However, the nearly adult-only atmosphere is a definite plus for many people and adds to the upscale environment that helps the Sky Lagoon stand out.

I hope to one day visit some of Iceland's other lagoons, but for now, the Sky Lagoon is my top pick.

Read the original article on Business Insider

The strong June jobs report was fueled by a lot of teachers and nurses

3 July 2025 at 18:23
A teacher.
Local and state government education bolstered payrolls.

Getty Images

  • Education and healthcare roles drove unexpected job growth in June.
  • But employment in state and local government education and healthcare masked weakness in other sectors.
  • White-collar job seekers face challenges as professional services shed roles from May to June.

Sharpen your pencils and shine your stethoscopes: If you're looking for the drivers of the resilient labor market, they might be behind a desk at your local school or staffing your local hospital.

They were largely responsible for a June jobs report that came in hotter than expected, with the country adding 147,000 jobs β€” far outpacing the consensus forecast of 111,000 β€” and unemployment unexpectedly ticking down.

Payroll additions in state and local government education, as well as private healthcare and social services, masked weakness elsewhere. Those sectors alone added about 122,000 jobs in June. White-collar job seekers are facing a struggle, as roles feel increasingly scarce and hundreds of applications lead to dead ends.

"If you're not a teacher, if you're not a nurse, and you're not a doctor, you're not seeing those opportunities," Cory Stahle, an economist at the Indeed Hiring Lab, said. An industry breakdown of payrolls shows that professional and business services, a white-collar sector, shed roles from May to June.

The gains in education and healthcare might be in part because schools were more hesitant to let folks go this summer, perhaps due to ongoing teacher labor shortages.

"Probably what's going on here is that there were smaller-than-expected summer layoffs in the education sector, which could be about teachers or it could also be about support staff, like school bus drivers or custodial staff," Daniel Zhao, lead economist at Glassdoor, said.

If that is the case, Zhao said, "we might get an equivalently sized drop in the fall when schools reopen due to a smaller-than-expected hiring." He added that the new data is likely a seasonal quirk, rather than a sustainable increase in roles.

The private sector, which encompasses roles outside government employment, added 74,000 jobs in June, missing the expected 105,000. Within that, employment in the healthcare and social assistance sector increased by 58,600.

Stahle said that with healthcare, social assistance, and state and local government making up much of the job growth in June, "that's not necessarily reflective of a robust labor market that's benefiting everybody."

For workers who already have the qualifications for teaching and healthcare, which often require degrees or specialized training, June's numbers may be a good sign. But for everyone else, the job market is still looking murky.

"If you're already in the labor market, you're in pretty good shape," Stahle said. "But if you're out of it and you're looking for work, things are going to feel a lot different right now."

Are you a white-collar professional looking for work, or are you trying to get into education or healthcare? Contact these reporters to share your story at [email protected] and [email protected].

Read the original article on Business Insider

After 27 years, engineer discovers how to display secret photo in Power Mac ROM

27 June 2025 at 21:32

On Tuesday, software engineer Doug Brown published his discovery of how to trigger a long-known but previously inaccessible Easter egg in the Power Mac G3's ROM: a hidden photo of the development team that nobody could figure out how to display for 27 years. While Pierre Dandumont first documented the JPEG image itself in 2014, the method to view it on the computer remained a mystery until Brown's reverse engineering work revealed that users must format a RAM disk with the text "secret ROM image."

Brown stumbled upon the image while using a hex editor tool called Hex Fiend with Eric Harmon's Mac ROM template to explore the resources stored in the beige Power Mac G3's ROM. The ROM appeared in desktop, minitower, and all-in-one G3 models from 1997 through 1999.

"While I was browsing through the ROM, two things caught my eye," Brown wrote. He found both the HPOE resource containing the JPEG image of team members and a suspicious set of Pascal strings in the PowerPC-native SCSI Manager 4.3 code that included ".Edisk," "secret ROM image," and "The Team."

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