Spire Search Partners reveals talent market highlights in the PE sector for 3Q 2024.

Key Trends in Private Equity for Q3-24

The Evolving Role of the PE CFO

There’s been a continued shift for CFOs in private markets as they focus on building their teams and developing frameworks to deliver more robust portfolio analytics and insights. This trend sheds light on the increasing importance of data-driven decision-making and how CFOs are pivotal in driving value creation and ensuring their firms’ long-term success. Never have we heard of more CFOs in the midst of assessing more software options than we do now.

Increased Demand for IR/BD Professionals

The private markets are witnessing a significant uptick in demand for experienced talent in investor relations and business development. This reflects the growing recognition of their crucial role in steering strong investor connections and strategic business expansion. We’re noticing firms leveraging this talent to navigate what has been a difficult environment in which to raise capital and, in some cases, firms expanding their team to capitalize on recent fundraising successes.

New Fund Launches

We’re seeing a number of new fund launches, with 36 new private credit and 35 new private equity funds hitting the market. This yields a rising need for skilled professionals in both the front and back office. In our experience, depending on the size of the launch, the first dozen or so hires usually come from the leadership’s network connections.

Portco CFOs Are More Optimistic

Portco CFOs are feeling more optimistic than they have in the past few years and are planning to raise capital in the next 12 months. Their roles are expanding due to the increasing complexity of today’s business environment. Despite the challenging conditions, 50% of CFOs in a major global portfolio said they plan to return to the capital markets in the next 12 months.

Compliance

Compliance remains a key focus for regulators and LPs in the private markets. In particular, CCOs play a crucial role in ensuring strict adherence to the “Marketing Rule,” as violators are now subject to anti-fraud enforcement. Despite the Private Fund Advisor Rule being vacated, regulators and LPs view it as a template for best practices and procedures. Further, LPs will favor investment managers that provide more detailed disclosures.

Most Popular Posts

1)  A Preqin update shows investor interest in private capital is rebounding after a slow period. Key indicators include increased investment activity by Blackstone, optimistic forecasts from PGIM, and rising Rede Liquidity Index scores. Investors are shifting focus to lower mid-market buyouts, and while confidence in distributions is growing, concerns remain about exit pace and fundraising challenges.

2)  Today’s employees are progressively looking to work at companies that align with their values, making values-based hiring essential for attracting and retaining top talent. Younger generations (Gen X and below) prioritize factors like flexibility and social responsibility over high salaries. This Hunt Scanlon article explores how companies can evaluate their values and use them to build a strong company culture that attracts high performers.

3)  Did you know over 50% of new hires have negative feelings about their company because of a bad onboarding experience? Strong onboarding programs are essential for seamlessly integrating executives in PE firms. This Spire Search Partners article describes 5 best practices for improving engagement, retention, and confidence in new employees.

Notable Market Moves

CFO

  • RoundTable Healthcare Partners promotes Barb Sullivan as the Managing Partner and Chief Compliance Officer. She previously was the Operating Partner, Chief Financial Officer  & Chief Compliance Officer.
  • Atlas Holdings appoints Andy Papadakos as Partner & Chief Financial Officer. He comes from General Atlantic where he was an Advisory Director.
  • Merit Capital Partners promotes Anne Boland to Chief Financial Officer. She previously was the Controller.
  • Fika Ventures promotes Natalie Paz to Chief Financial Officer. She previously was the Controller.
  • Bregal Investments hires Kevin Richardson as the Chief Financial Officer. He previously was the Finance Director at Bregal Sagemount.
  • Byron Anderson joins Standard Crypto as the Chief Financial Officer. He comes from Paradigm where he was the controller.
  • Nueterra Capital promotes David Barnthouse to Chief Financial Officer. He previously was the Director of Accounting.
  • Milestone Partners appoints Emily Cooney as Chief Financial Officer. She comes from PeakEquity Partners where she was the Chief Financial Officer.

COO

  • Mechanism Ventures appoints James Loomos as the Chief Operating Officer. He previously was the Chief of Staff.
  • Decheng Capital hires Hongbo Bao as General Counsel and Chief Operating Officer. He comes from Cooley where he was an Associate.

IR/BD & Capital Formation

  • Frantz Paulus joins Apogem Capital as Managing Director, Head of Private Credit Business Development. He comes from Kartesia where he was the Head of Investor Relations.
  • Natalie Gramins joins Summit Peak Investments as Partner, Head of Capital Formation. She comes from TrueBridge Capital Partners where she was the Head of U.S. Business Development.
  • 4×4 Capital promotes Ana Kertesz to Partner – Head of Capital Formation & Deal Sourcing. She previously was the Operating Partner.

Operating Partners

  • Bregal Sagemount appoints Sean Lenahan as Operating Partner. He previously was the Operating Partner at The Riverside Company.
  • Khosla Ventures hires Brett Browman as Operating Partner. He previously was the Partner at Andreessen Horowitz.
  • Rob Carraway joins Platinum Equity as the Senior Vice President of Portfolio Operations. He comes from The Riverside Company where he was the Operating Executive – Finance.
  • Quad-C Management hires Joseph April as the Managing Director, Portfolio Optimization. He comes from Graham Partners where he was the Senior Operating Partner – Finance.
  • Benford Capital Partners promotes Thomas Schofield as Private Equity Operating Partner. He previously was the Private Equity Senior Associate.
  • Diversis Capital promotes Devin Scott to Operating Partner. He previously was a Vice President.
  • John Routhier joins SNH Capital Partners as Operating Partner. He comes from Aliro where he was the Chief Revenue Officer.
  • Apollo Global Management appoints Jason MacLean as the Operating Partner. He previously was the President – Global Steel Business at WireCo.
  • Rockbridge Growth Equity appoints Gene Chao as Operating Executive & CEO of FormativGroup.
  • Trivest Partners appoints Chris Weldon as Operating Executive. He was the Chief Executive Officer of Produce Source Partners.

Compliance

  • Nautic Partners promotes Samantha Marre to Chief Compliance Officer. She previously was the Director of Compliance.

Talent & HR Leadership

  • Ashley Day joins ON Partners as Partner. She previously was with FFL Partners where she served as an Operating Partner – Human Capital.
  • Norwest Venture Partners promotes Julia Lewis to Co-Head of Talent. She previously was the Vice President of Talent, Growth Equity.
  • OIC promotes Louise Matthews to Managing Director and Head of Talent. She previously was Talent, Engagement and Development Consultant.
  • Julie Nguyen joins Galaxy as the Head of Portfolio Talent. She comes from Truffle Security Co. where she was a Technical Recruiter.
  • Andreessen Horowitz promotes Andreas Papadimitropoulos to Head of Analytics & Systems, Talent Network. He previously was a Data Analyst, Talent Network.

Some of Our Recent Searches

  • Director – Finance/FP&A @ $2.5b Private Markets Firm; adding senior leadership under the CFO
  • Director of Performance & Verification @ Private Markets Consulting; specialty consulting firm catering to Private Markets
  • Senior Compliance Attorney @ Private Markets Consulting; specialty consulting firm catering to Private Markets
  • Head of Marketing Compliance @ Private Markets Firm; building out key compliance capabilities
  • Global Head of IR & Capital Formation @ HRA; recently launched infrastructure fund specialized in aviation, adding a seasoned leader to own investor relationships and raising new capital
  • VP – Fund & Portfolio Management @ $2B Private Credit/Equity Fund; lower mid-market, multi-sector investor
  • VP/Director – Investment & Portfolio Analytics @ $2B Private Markets; building data and portfolio analytic capabilities

Notable Work Anniversaries

We are never prouder than seeing our past placements stay and grow with clients for longer tenures! Please join us in congratulating:

  • James Nolan has reached a significant 16 years at Goldman Sachs
  • Gaizka Otaegi celebrates 10 years at GLG
  • Janet Kwok marks 5 years at SoftBank Investment Advisers
  • Rudy Yang celebrates 2 years at PitchBook