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There are several reasons why I couldn’t quit. private equityFormer hedge fund executive assistant Carrie Sun’s new memoir is making headlines for its entertaining and thorough details of the assistant’s job.
First, the question lingers as to who exactly she is writing about. The names of the specific people and companies that appear in Sun’s book have been anonymized, so it is impossible to know their exact names. But a close look at the world of venture capital and hedge funds reveals that Sun’s boss (referred to in the book as Boone Prescott, founder of the elite hedge fund Carbon) and Tiger Global.
Sun has refused to confirm whether my assumptions are accurate (Tiger Global also did not respond to my request for comment). And it makes sense. By keeping her name anonymous in her memoir, she revolved her story around her own story, no one else’s. “I wanted to give a perspective from the average employee’s perspective, because I think younger employees deserve to have their stories heard, too,” she told me. I did.
I sat down with Sun to talk about her book and found it thought-provoking, digging deep into questions about the psychological and physical costs of burnout. You can read the full interview here. And below is an excerpt.
Term Sheet: I was a little shocked to read how specific you were in preparing for your boss’s on-stage interview. I was reviewing my boss’s slides and thinking of questions for meetings. Could you tell me more about that part? And was it difficult for any of those things to be less appreciated?
Sun: There’s a little detail in the book that shows he was trying to take credit for me. Sometimes during his off-sites he thought: Oh, Carey did this; Carey did that. But I want more credit than just a shoutout. I think we both deserve to be compensated in a way that reflects the type of value I bring to the company. But if I’m going to add these additional responsibilities to my job description, something else needs to be taken off my plate…
[My boss] I said I was an extension of his eyes, ears, and brain. If I am, let me tell you that being that person is exhausting. In a way, it was thrilling. Because I was able to really understand what it takes to be successful. [in the form of financial] There may be returns, or there may just be a good reputation. I was very interested in the question, “What does it take to make it in America?” What is the model of success that people look up to? And certainly a company called Carbon, when I was there, everyone wanted to work there. However, it was very difficult to get hired. And it was seen as a very elite place…it was thrilling, but completely exhausting. If I’m an extension of him, I feel like I need a break every now and then. There was just no off.
One sentence near the end of this book really struck me. You wrote: “My problem wasn’t with Boone or Carbone, it was with his guys, and then in parentheses, ‘I thought he was the best of his guys.'” Elaborating on what exactly you meant. Can I have it?
You know, I still think he’s the best of his kind. I work with him every day, many hours a day…to get a complete picture of not just his life, but the way he thinks and approaches business. We had many conversations about life philosophy. I really respected what he was doing.
I think he’s created something that people care about, and I think it’s new and exciting in many ways. I think their future success, just in terms of returns, remains to be seen. According to my book, I was there for two and a half years and one of those years they were doing very well and the other they were underperforming the market…that’s all There was something about optimal performance and doing your best. I really respected that approach. And he was very concerned about doing the right thing. So in my book, I tried to show in scenes and story situations: What does it mean to do the right thing? He may think he’s doing the right thing, but I feel like I’m in the water, struggling and asking for help. And he’s doing what’s right for his business.
see you tomorrow,
jessica matthews
twitter: @jessicakmathews
Email: jessica.mathews@fortune.com
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Joe Abrams curated the deals section of today’s newsletter.
venture deal
– Richa Berkeley, Calif.-based developer of AI models and datasets designed for biomedical applications, has raised $35 million in funding. spark capital Led the round with participation from existing investors Insight partner and Air Street Capital and angel investors.
– raila Toronto, Canada-based cryptocurrency exchange, has raised $6.2 million in seed funding from. slow ventures, Round13 Capital, CMCC Globaland quant stamp.
– Tarsusa New York City-based security data platform, has raised $6 million in seed funding. harpoon Ventures and mango capital Led the round and was joined by: Y combinator, abstract ventureand backend capital.
– real sagean AI-powered data insights platform for property managers based in Toronto, Canada, has raised $4 million in seed funding. York, Iowa I led the round and was joined by: kalman ventures, StellifiVC, golden section, Second Century Venturesangel investor.
– QuantmaticsThe Dublin, Ireland-based provider of trade decision-making tools for traders and investors has raised €2.7 million ($2.9 million) in funding from: hello business angel Communication network and enterprise ireland.
private equity
– HIG Capital Agreement to acquire the professional services and payroll and HCM outsourcing businesses of Get off (New York Stock Exchange: Arit)is a Lincolnshire, Illinois-based provider of up to $1.2 billion in health, wealth and human benefits services for employees.
– Andorra Tech Groupis a portfolio company. Equistone Partners Europeobtained Lucassen group, Sittard, a Netherlands-based manufacturer of components for semiconductor, analytical, optical, and other fields. Financial terms were not disclosed.
IPOS
– AunaThe Lima, Peru-based hospital operator plans to raise up to $360 million by offering 30 million shares priced at $12 on the New York Stock Exchange. The company had sales of $1 billion for the year ended December 31, 2023.
– century holdings, a Phoenix, Arizona-based provider of infrastructure services to energy and utility companies, has filed to list on the New York Stock Exchange. The company had sales of $2.9 billion for the year ended December 31, 2023. southwest gas holdings Support the company.
– Ibotta, a Denver, Colorado-based platform that allows consumer goods brands to offer promotions and rebates to customers, has filed to go public with the New York Stock Exchange. The company had sales of $320 million for the year ended December 31, 2023. Clark Jarmolk Founders Fund, koch industriesand walmart I’m going back to work.
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