As part of its 20th anniversary edition, Real Deals spoke to our Managing Director, Gail McManus about the changes she’s seen during two decades of recruiting for the private equity industry.
In the interview with Hannah Langworth, Gail talks about shifts in organisational structure, skills profiles, compensation and risk management and comments on the features of this unique industry that will never change.
More firms, larger fund sizes and a wider diversity of roles have all made the recruitment landscape look very different in recent years, according to Gail. Compensation levels compared to the market have also increased, driven by bigger funds and the pressure to remain competitive with compensation in investment banking.
The job has changed too, Gail says, pointing to larger teams and fewer individual successes and failures. Once defined by its entrepreneurial character, investing in private equity has become more risk averse; after all, there’s more to lose.
While technical skills are very much in demand in today’s market, Gail is adamant that commercial acumen and the understanding that businesses are not spreadsheets, but real living things will always be the key to success in private equity.
For the full interview, see the Real Deals anniversary issue.