What makes a great Private Equity Vice President can vary from firm to firm, depending on each firm's unique challenges and objectives. However, there are key traits and factors that consistently define top-performing Private Equity Vice Presidents.

<h3><span style="color: #e03e2d;">Key Areas Defining a Top Private Equity Vice President&nbsp;</span></h3>
<h3><span style="color: #e03e2d;">1. Strong Investment Acumen&nbsp;</span></h3>
<p>The "great" Vice Presidents can source, analyze, and execute investment opportunities effectively. They need to be EXPERTS in financial modeling, valuations, and due diligence. Also needing a deep understanding of industry trends and market research. We&rsquo;ve compiled valuable market research for you, <span style="color: #ecf0f1;"><strong><a style="color: #ecf0f1;" href="https://www.raw-selection.com/market-reports/">click here to see more.</a></strong></span></p>
<h3><span style="color: #e03e2d;">2. Experience in Deal Sourcing and Execution&nbsp;</span></h3>
<p>A-player Private Equity Vice Presidents have completed several deals and have been involved in all stages, from sourcing the deal to executing the exit strategy. They are experts in deal structuring and execution, with strong knowledge of capital structures, financing, and risk assessment.</p>
<h3><span style="color: #e03e2d;">3. Strong Portfolio Management and Value Creation Experience&nbsp;</span></h3>
<p>Vice Presidents will be able to work closely with portfolio company executives to drive operational improvements, optimize performance, and increase revenue. Their ability to influence and guide teams will be a huge part of the portfolio's success!<span style="color: #000000;"><strong> <span style="color: #ecf0f1;"><a style="color: #ecf0f1;" href="https://youtu.be/uYvPvkyNydo?si=9HM_r8B-GXMTeRih">Watch this Private Equity Podcast epsiode to hear more about portfolio management and value creation.</a></span></strong></span></p>
<h3><span style="color: #e03e2d;">4. Leadership and Mentoring</span></h3>
<p>Great Vice Presidents demonstrate strong leadership skills, guiding and mentoring associates and analysts within their team. They provide strategic insights and ensure high-quality work is produced. Their ability to lead by example sets them apart.</p>
<h3><span style="color: #e03e2d;">5. Ability to Take on Responsibility and Play a Versatile Role</span></h3>
<p>Top-performing Vice Presidents continuously seek more responsibility and have the ability to work across different levels of the deal team. They adapt to <span style="color: #ecf0f1;">ensure the success of each deal.</span></p>
<h3><span style="color: #e03e2d;">Looking for your next Vice President Role?&nbsp;</span></h3>
<p>We place Vice Presidents in Private Equity firms across Europe and North America, if you are looking for your next Vice President then reach out to us!&nbsp;</p>
<p>Haleema Hussain is the Vice President of our Private Equity division, reach out to her on the following details:</p>
<p><strong>Email: haleema.hussain@raw-selection.com</strong></p>
<p><strong>Phone: +1 754 218 8690</strong></p>

What Makes a Great Vice President: Key Leadership Skills

Chief Operating Officers (COOs) in the HVAC services industry are responsible for driving operational efficiencies, scalability, and profitability. However, despite their strategic role, many HVAC COOs make critical resume mistakes that can weaken their positioning. Here are some of the most common mistakes we’ve identified and how to correct them.

<h3 data-start="473" data-end="518"><span style="color: #e03e2d;">1. Failing to Highlight Strategic Impact</span></h3>
<p>Many HVAC COOs list tasks like "managed field technicians" or "oversaw service operations," but fail to demonstrate their strategic contributions to the business. Instead, it&rsquo;s crucial to highlight specific achievements that showcase your impact on company performance.</p>
<p><span style="color: #e03e2d;"><strong data-start="791" data-end="806">What to do:</strong></span><br data-start="806" data-end="809">Focus on operational improvements that resulted in measurable outcomes. For example:</p>
<ul data-start="895" data-end="1048">
<li data-start="895" data-end="986"><strong data-start="897" data-end="986">Implemented an operational restructuring that improved service response times by 30%.</strong></li>
<li data-start="987" data-end="1048"><strong data-start="989" data-end="1048">Scaled operations to support a 50% increase in revenue.</strong></li>
</ul>
<p>HVAC is an efficiency-driven industry, so numbers matter. A COO&rsquo;s resume should reflect how they drove cost savings or revenue growth.</p>
<h3 data-start="1186" data-end="1222"><span style="color: #e03e2d;">2. Lack of Quantifiable Metrics</span></h3>
<p>Another common mistake is not showing concrete data that backs up a COO's success. In the HVAC industry, it&rsquo;s important to demonstrate how your actions contributed to tangible business results, whether it&rsquo;s in reducing costs or increasing revenue.</p>
<p><span style="color: #e03e2d;"><strong>What to do:</strong></span><br data-start="1488" data-end="1491">Ensure you include measurable metrics that demonstrate your impact. Examples include:</p>
<ul data-start="1578" data-end="1865">
<li data-start="1578" data-end="1661">Cost savings: Reduced operational costs by 15% through process optimizations.</li>
<li data-start="1662" data-end="1762">Revenue growth: Expanded service coverage to increase revenue from $25 million to $50 million.</li>
<li data-start="1763" data-end="1865">Customer service improvement: Improved NPS score from 60 to 85 by streamlining service dispatch.</li>
</ul>
<p>These quantifiable metrics showcase your ability to drive real change and growth.</p>
<h3 data-start="1950" data-end="2003"><span style="color: #e03e2d;">3. Overlooking Talent and Leadership Development</span></h3>
<p>HVAC businesses heavily rely on skilled technicians and strong leadership. Yet many COOs fail to highlight their efforts in technician training, leadership development, and workforce retention.</p>
<p><strong>What to do:</strong><br data-start="2215" data-end="2218">Demonstrate how you&rsquo;ve made a difference in growing and developing the workforce. Examples include:</p>
<ul data-start="2319" data-end="2522">
<li data-start="2319" data-end="2407"><strong data-start="2321" data-end="2344">Workforce expansion</strong>: Increased technician workforce by 40% to meet service demand.</li>
<li data-start="2408" data-end="2522"><strong data-start="2410" data-end="2434">Training initiatives</strong>: Implemented a technician upskilling program, resulting in a 25% reduction in turnover.</li>
</ul>
<p>A strong COO not only manages the operational side of the business but also invests in the growth of the team.</p>
<p>By avoiding these mistakes and focusing on your strategic contributions, quantifiable achievements, and leadership development efforts, you&rsquo;ll set yourself apart as a COO who has made a lasting impact on the business.&nbsp;</p>
<p>If you are looking for a Chief Operating Officer role, we specialise in connecting Private Equity firms and their portfolio companies with top talent and we we would love to help you find your next role.&nbsp;</p>

Common Resume Mistakes of Chief Operating Officers in the HVAC Services Industry

Private Equity Partners and Managing Directors are expected to demonstrate top-tier financial acumen, strategic leadership, and investment expertise. However, many fail to effectively showcase these qualities in their resumes, leading to missed opportunities.

<p>Below are some of the most common mistakes seen in Private Equity Partner and Managing Director-level resumes, along with actionable ways to fix them.</p>
<h3><span style="color: #e03e2d;">1. Failing to Provide Quantifiable Results</span></h3>
<p>One of the biggest mistakes is listing responsibilities without quantifying achievements. Private equity firms want to see what you&rsquo;ve accomplished, not just what you&rsquo;ve done. For example, instead of stating that you&rsquo;ve completed several investments, highlight the IRR percentage or value creation post-acquisition. Providing concrete metrics demonstrates your direct impact on investments.</p>
<h3><span style="color: #e03e2d;">2. Listing Responsibilities Instead of Impact</span></h3>
<p>A strong resume should highlight value creation, not just job duties. Instead of writing generic statements like, <em>"Managed deal sourcing and due diligence,"</em> specify the results:<br>✅ <em>"Sourced and led the acquisition of X company, resulting in a 40% EBITDA increase post-acquisition."</em><br>This approach makes it clear how your contributions drive business success.</p>
<h3><span style="color: #e03e2d;">3. Not Showcasing Investor Relations and Fundraising Experience</span></h3>
<p>At the partner level, competition is intense. Failing to highlight LP relationship management and fundraising experience can cost you opportunities. If you've played a role in capital raising, managed investor relations, or secured commitments from LPs, explicitly include these details in your resume.</p>
<h3><span style="color: #e03e2d;">4. Using a Generic Resume for All Opportunities</span></h3>
<p>A one-size-fits-all approach won&rsquo;t work, especially for generalist investors. Each private equity firm has a unique investment strategy, and your resume should reflect the experience that aligns best with the firm&rsquo;s focus. Tailoring your resume ensures you highlight relevant skills and deal experience for each opportunity.</p>
<h3><span style="color: #e03e2d;">5. Poorly Showcasing Deal Experience</span></h3>
<p>Instead of mentioning one or two deals without details, create a dedicated deal sheet. Include key transactions, your role, and their impact. Highlight MOIC, EBITDA growth, and other performance metrics to illustrate your track record effectively. A well-structured deal sheet provides a clearer picture of your investment expertise.</p>
<h3><span style="color: #e03e2d;">Final Thoughts</span></h3>
<p data-pm-slice="1 1 []">Your resume is a crucial tool in securing your next role. By avoiding these common mistakes and focusing on quantifiable achievements, investor relations, and tailored applications, you can stand out in the competitive private equity market.</p>
<p data-pm-slice="1 1 []">If you are looking for a new role within private equity or hiring for your team then reach out to us at Raw Selection -&nbsp;</p>
<p data-pm-slice="1 1 []">T: <span style="mso-fareast-language: EN-GB;">+1 754 218 8690</span></p>
<p data-pm-slice="1 1 []">E: <span style="mso-fareast-language: EN-GB;"><a href="mailto:haleema.hussain@raw-selection.com">haleema.hussain@raw-selection.com</a></span></p>

Common Resume Mistakes Private Equity Partners and Managing Directors Make (and How to Fix Them)

Interviewing for an Operating Partner role at a Private Equity firm? The right questions can reveal whether the firm values your expertise, understands your role, and has a clear framework for success. Here are three key questions to ask:

<h3><span style="color: #e03e2d;">1. What Does Success Look Like in This Role?</span></h3>
<p>This is a must-ask question for any interview, regardless of job title. A strong answer should clearly define what success looks like for an Operating Partner within the firm.</p>
<ul data-spread="false">
<li>Does the firm have a structured understanding of what they expect from you?</li>
<li>Have they mapped out what "good" or "great" performance looks like?</li>
</ul>
<p>Be cautious of firms that struggle to answer this. It could indicate a lack of preparation or a firm that is still figuring out how to integrate Operating Partners effectively. This role is still evolving in many firms, but they should clearly know the outcomes they want you to drive.</p>
<h3><span style="color: #e03e2d;">2. How Do You Measure an Operating Partner's Contributions at Both the Private Equity and Portfolio Company Levels?</span></h3>
<p>At the portfolio company level, measuring success is relatively straightforward&mdash;implementing playbooks, driving value creation, increasing EBITDA, and ultimately improving exit multiples. However, the real insight comes from how the firm values your contribution at the Private Equity level.</p>
<p>Many Operating Partners express frustration about feeling like a "second-class citizen" in the firm. Instead of asking directly, use this question to gauge:</p>
<ul data-spread="false">
<li>Does the firm integrate Operating Partners into its strategic decision-making?</li>
<li>Are Operating Partners valued beyond just execution work at the portfolio level?</li>
<li>Will you have a seat at the table for due diligence, investment decisions, and firm-wide strategy?</li>
</ul>
<p>A weak or dismissive answer could signal a lack of appreciation for your role.</p>
<h3><span style="color: #e03e2d;">3. What Is the Process for Developing and Deploying the Value Creation Plan?</span></h3>
<p>Your job is to execute value creation, but this question helps uncover:</p>
<ul data-spread="false">
<li>Does the firm have a structured approach, or is it driven by individual investors?</li>
<li>Are Operating Partners given a voice in shaping strategy, or are they simply executing pre-set mandates?</li>
<li>Is decision-making centralized with a managing partner, slowing down execution?</li>
</ul>
<p>Some PE firms still operate with a highly centralized structure, where even minor value-creation initiatives require approval from senior leadership. This can lead to inefficiencies and frustration. Understanding the firm&rsquo;s process will help you assess whether you&rsquo;ll have the autonomy and influence needed to drive real impact.</p>
<h3><span style="color: #e03e2d;">Final Thoughts</span></h3>
<p>Asking the right questions ensures you&rsquo;re stepping into a role where you can succeed. If you&rsquo;re an Operating Partner exploring new opportunities, reach out to Raw Selection, we specialize in connecting top talent with leading Private Equity firms!&nbsp;</p>

3 Essential Interview Questions Every Operating Partner Should Ask a Private Equity Firm

Having interviewed hundreds of operating partners, I’ve noticed several common mistakes that don’t make it onto their resumes—but should.

<h3 data-pm-slice="1 1 []"><span style="color: #e03e2d;">Common Resume Mistakes Operating Partners Make &ndash; And How to Fix Them</span></h3>
<p data-pm-slice="1 1 []">Having interviewed hundreds of operating partners, I&rsquo;ve noticed several common mistakes that don&rsquo;t make it onto their resumes&mdash;but should. If you&rsquo;re an operating partner looking to stand out to private equity firms, here&rsquo;s what you need to include:</p>
<h3 data-pm-slice="1 1 []"><span style="color: #e03e2d;">1. Not Listing the Portfolio Companies You&rsquo;ve Worked With</span></h3>
<p data-pm-slice="1 1 []">The most common mistake I see is not actually including the portfolio companies that you&rsquo;ve worked with. Private equity investors want to know which businesses you&rsquo;ve had hands-on experience with, so make sure to list them.</p>
<h3 data-pm-slice="1 1 []"><span style="color: #e03e2d;">2. Not Highlighting the Impact of Your Value Creation Strategies</span></h3>
<p data-pm-slice="1 1 []">It&rsquo;s not enough to say you implemented value creation strategies&mdash;you need to show their impact. Did you improve EBITDA? By how much? If confidentiality restricts you from sharing exact figures, use percentage increases instead. Detail the ERP implementations you led and how you supported portfolio companies in achieving their goals. List the playbooks you deployed and be as specific as possible about the value you drove.</p>
<h3 data-pm-slice="1 1 []"><span style="color: #e03e2d;">3. Not Specifying the Industries You&rsquo;ve Operated In</span></h3>
<p data-pm-slice="1 1 []">Private equity investors like similarity. They want to know that if you&rsquo;re stepping into a new role, you understand the industries and have experience in those spaces. Even if you were a consultant or CXO before becoming an operating partner, they want to see what industries you&rsquo;ve been engaged in over the past 5, 10, or 15 years. If applicable, also list the specific products or services you&rsquo;ve worked with.</p>
<h3 data-pm-slice="1 1 []"><span style="color: #e03e2d;">4. Not Including Interim Assignments</span></h3>
<p data-pm-slice="1 1 []">Operating partners are regularly pulled into portfolio companies for interim leadership roles. Private equity firms appreciate this because it saves them the cost of hiring interim executives, which can be expensive. If you&rsquo;ve taken on any short-term assignments, list them&mdash;along with the impact you had during your time in those roles.</p>
<p>Making these changes can significantly strengthen your resume and make you more attractive to private equity firms.</p>
<p>If you&rsquo;re an operating partner and found this helpful, <span style="color: #ecf0f1;"><a style="color: #ecf0f1;" href="https://www.youtube.com/@RawSelection"><strong>subscribe to our YouTube channel</strong></a></span>&nbsp;to get notified about upcoming content tailored for you!&nbsp;</p>

Common Resume Mistakes Operating Partners Make – And How to Fix Them

Every Operating Partner should be able to answer these 3 questions in Private Equity Interviews 

<h3 data-pm-slice="1 1 []"><span style="color: #e03e2d;">3 Questions Every Operating Partner Must Be Able to Answer in Private Equity Interviews&nbsp;</span></h3>
<p data-pm-slice="1 1 []">Having worked with private equity firms across Europe and North America to secure the very best operating partners, these are the three questions you should be able to answer.</p>
<h3 data-pm-slice="1 1 []"><span style="color: #e03e2d;">1. How do you identify key constraints within each portfolio company?</span></h3>
<p data-pm-slice="1 1 []">The very best executives in any private equity-backed portfolio company can pinpoint the key constraints holding the business back. If resolved and focused on consistently, these constraints would deliver the highest return on investment, driving revenue, EBITDA, and overall growth.</p>
<p>As an operating partner, your ability to answer this question is critical. Not every portfolio company has top-tier executives who can identify these constraints themselves. That&rsquo;s where your playbook comes in&mdash;how you support those executives in recognising and tackling these roadblocks is key.</p>
<p>The crucial caveat? This must be data-led. If you don&rsquo;t have the data, that is the place to start.</p>
<h3 data-pm-slice="1 1 []"><span style="color: #e03e2d;">2. How do you build strong relationships with your portfolio companies?</span></h3>
<p data-pm-slice="1 1 []">One of the biggest challenges operating partners face is the breakdown of relationships with portfolio company leadership. CEOs, CFOs, and COOs often see the operating partner as the &ldquo;snitch&rdquo; for the private equity firm&mdash;there to catch them out rather than support them.</p>
<p>The best operating partners build strong relationships with portfolio companies and bridge the gap between investor and operator. They help private equity firms foster better engagement with their portfolio businesses and, in turn, strengthen the company&rsquo;s leadership team.</p>
<p>Your ability to communicate how you bridge this gap, build trust, and back executives is vital. Of course, this must be balanced&mdash;if the wrong executive is in place, you need to gain buy-in from the portfolio company to make the necessary leadership changes and drive the business to a successful liquidity event.</p>
<h3 data-pm-slice="1 1 []"><span style="color: #e03e2d;">3. How do you document and deploy your playbooks?</span></h3>
<p data-pm-slice="1 1 []">A major focus in private equity is value creation, and the best value creation strategies are executed through well-documented playbooks. These playbooks stem from an operating partner&rsquo;s experience&mdash;tried and tested during their operating or consulting career and further refined in private equity.</p>
<p>When an operating partner doesn&rsquo;t have documented playbooks and keeps everything in their head, it raises concerns for private equity firms. Not only does this make it harder to articulate strategies clearly, but it also limits the ability to scale and deploy those strategies effectively across portfolio companies.</p>
<p>Another key challenge? Ensuring operating partners don&rsquo;t do the work for the executive team. While not every private equity-backed business has a top-tier leadership team, and some may be in transition, the best operating partners empower teams to execute initiatives themselves. They tailor playbooks to each business, build consensus with the leadership team, and support execution with structured interventions at key phases to ensure the right course of action.</p>
<p data-pm-slice="1 1 []"><strong>If you&rsquo;re an operating partner exploring your next career step in private equity, please reach out to us. We&rsquo;d love to play our small part in helping you navigate your next move.</strong></p>

3 Questions Every Operating Partner Must Be Able to Answer 

3 Essential Traits Every Private Equity Operating Partner Must Have

<h2><span style="color: #e6332a;">3 Essential Traits Every Private Equity Operating Partner Must Have</span></h2>
<h4><span style="color: #e6332a;">Number One: A Coaching Mentality</span></h4>
<p><span style="color: #000000;">Many operating partners remain stuck in operating mode. This is especially common in the lower middle market, where operating partners are often ex-CXOs transitioning to working directly with private equity firms. The role of an operating partner is akin to a board role but with additional responsibilities at the private equity level.</span></p>
<p><span style="color: #000000;">However, if you remain stuck in operator mode, you risk alienating the CXOs within the portfolio companies. This approach can significantly affect the exit multiple potential because the expertise remains with you, instead of empowering others. This undermines the effective role of an operating partner and forces you to essentially function as a CXO in a portfolio company.</span></p>
<p><span style="color: #000000;">Operating partners need to hone the skill of coaching. They must develop their people, improve how they operate, and ensure responsibilities are effectively managed by the portfolio company&rsquo;s executives.</span></p>
<h4><span style="color: #e6332a;">Number Two: Documented Playbooks</span></h4>
<p><span style="color: #000000;">The best operating partners have exceptional playbooks. Over my seven and a half years of role selection, the most effective executives I&rsquo;ve worked with are those who have documented playbooks they can deploy into portfolio companies. These playbooks are designed to guide C-suite executives in their implementation.</span></p>
<p><span style="color: #000000;">For example, if it&rsquo;s a financial reporting playbook, the operating partner supports the CFO in executing it. If it&rsquo;s an operational improvement playbook, the CLO receives support to implement it. These playbooks drive EBITDA improvements, enhance baseline fundamentals, and boost exit multiples by reducing key person risk&mdash;whether from the private equity firm or the C-suite team. Processes become embedded into the business, creating long-term stability and growth.</span></p>
<h4><span style="color: #e6332a;">Number Three: Staying Out of the Limelight</span></h4>
<p><span style="color: #000000;">Transitioning from CXO to operating partner means stepping away from the spotlight. It&rsquo;s no longer about what you&rsquo;ve done or achieved. Instead, your role is about implementing processes and improvements in the business and training executives to drive these changes. Success becomes about making the executives in your portfolio companies shine.</span></p>
<p><span style="color: #000000;">In a private equity podcast, I interviewed Jeffrey Stark, who transitioned from chief executive (four times over in private equity-backed exits) to operating partner. He described his role as being about making the chief executive look as good as possible. His mentor had taught him that his role involved:</span></p>
<ul>
<li><span style="color: #000000;">Preparing the chief executive for board meetings, ensuring they can handle tough questions effectively.</span></li>
<li><span style="color: #000000;">Anticipating challenges and coaching the chief executive through them.</span></li>
<li><span style="color: #000000;">Supporting the chief executive without stepping into the limelight.</span></li>
</ul>
<p><span style="color: #000000;">Jeffrey&rsquo;s role was to make the executive&rsquo;s success the focus. Think of the coach who guided Mike Tyson to his first world title. Most people remember Tyson&rsquo;s victory, but few remember the coach behind it. That&rsquo;s the essence of being an operating partner&mdash;empowering others to achieve exceptional results.</span></p>
<p><span style="color: #000000;">If you&rsquo;re an operating partner exploring new opportunities within a private equity setting, please reach out to us at Raw Selection. We handle numerous appointments every year and would love to assist you in securing your next step.</span></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>

Despite the pause in deal-making in 2022, strong corporate deal activity is expected to rebound for the rest of 2023 and 2024, particularly in the pharmaceutical and medical technology segments. The potential for growth, coupled with the patent cliff in biopharma, makes these sectors promising candidates for future M&A.

<p>In 2022, corporate healthcare deal activity experienced a decline due to companies exercising caution in the face of uncertainties within debt and equity markets. While the provider sector saw an increase in deal value, the pharmaceutical, payer, and medical technology sectors observed a decrease in total deal value.</p>
<p>Despite this pause in deal-making, strong corporate deal activity is expected to rebound throughout the rest of 2023 and into 2024, particularly in the pharmaceutical and medical technology segments. The potential for growth and the patent cliff in biopharma make these sectors promising candidates for future M&amp;A.</p>
<h3><span style="color: #e03e2d;">Healthcare Private Equity Resilience:</span></h3>
<p>Historically, healthcare private equity has exhibited resilience during economic downturns, often yielding compelling returns. However, the current macroeconomic landscape presents unique challenges, including inflationary pressures and credit constraints. The healthcare private equity sector is navigating these challenges, with a specific focus on the provider space, where the impact is most pronounced.</p>
<h3><span style="color: #e03e2d;">Shortchanged Patients and Market Consolidation:</span></h3>
<p>The concerns surrounding private equity&rsquo;s financial incentives and their potential impact on patients, market consolidation, and care costs are a hot topic. Expert panelists have discussed studies that indicate the adverse effects of private equity ownership in certain healthcare sectors. Concerns extend to issues such as short-term mortality rates, patient well-being, and operational changes that may not align with patient interests. The potential for market consolidation due to private equity investments has also been explored, raising concerns about antitrust issues and market power.</p>
<h3><span style="color: #e03e2d;">Private Equity Benefits and Challenges:</span></h3>
<p>While concerns exist, panelists also recognize the potential benefits of private equity investments in healthcare. These include access to growth capital for innovation, scalability of businesses, and the ability to enhance efficiency. However, these advantages must be weighed against potential downsides, including negative patient outcomes and antitrust considerations.</p>
<h3><span style="color: #e03e2d;">Regulatory Considerations:</span></h3>
<p>The discussion points to regulatory considerations, including the need for increased ownership transparency in healthcare-related private equity operations. The complexity of ownership structures in private equity ventures has led to calls for more transparency, especially in industries like nursing homes.</p>
<h3><span style="color: #e03e2d;">Conclusion:</span></h3>
<p>As the healthcare landscape evolves, private equity&rsquo;s role in the sector is under scrutiny. While private equity has shown resilience and potential benefits, concerns about patient care and market dynamics persist. Policymakers are urged to carefully evaluate the effects of private equity investments on patient outcomes, market competition, and regulatory frameworks.</p>
<h3><span style="color: #e03e2d;">Acknowledgments&nbsp;</span></h3>
<p>This report has been comprised using several&nbsp;reports, articles, and research that has been conducted and written in 2023. All data is accurate as of publication.</p>
<p>Sources used:</p>
<ul>
<li>Bain and Company</li>
<li>BMJ</li>
<li>Bakertilly</li>
<li>Private Equity International</li>
</ul>
<p>Raw Selection favors a meticulous approach to talent research. Our process for selecting the right talent means we can boast a 100% success rate for all our retained and engaged C-Suite clients, with 96% of placed candidates still in their roles after 12 months.</p>

Corporate M&A Trends: Healthcare

In Private Equity, a CEO’s ability to lead can significantly impact the success or failure of a portfolio company. While experience and knowledge matter, the very best CEOs possess traits that set them apart from the average. Below are five critical traits that can make a difference.

<div class="elementor-element elementor-element-d2d7e12 ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-heading ob-harakiri" data-id="d2d7e12" data-element_type="widget" data-settings="{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_harakiri_text_clip&quot;:&quot;none&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}" data-widget_type="heading.default">
<div class="elementor-widget-container">
<h3 class="elementor-heading-title elementor-size-default"><span style="color: #e03e2d;">SELF-AWARENESS</span></h3>
</div>
</div>
<div class="elementor-element elementor-element-653876d ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor ob-harakiri" data-id="653876d" data-element_type="widget" data-settings="{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}" data-widget_type="text-editor.default">
<div class="elementor-widget-container">
<p>A standout CEO knows their strengths and weaknesses inside out. They make informed decisions based on this self-awareness, assembling strong teams to complement their skills. Beware of leaders who think they&rsquo;re infallible; adaptability and humility are key to navigating the complexities of private equity.</p>
</div>
</div>
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<h3 class="elementor-heading-title elementor-size-default"><span style="color: #e03e2d;">PASSION AND DRIVE</span></h3>
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<p>The best CEOs exude passion for what they do. They inspire others with their energy and commitment, leaving a lasting impact on everyone they meet. Look for candidates who leave you energized after a conversation&mdash;a sign of genuine drive that fuels continuous growth.</p>
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<h3 class="elementor-heading-title elementor-size-default"><span style="color: #e03e2d;">RESILIENCE</span></h3>
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<p>In the turbulent waters of private equity, setbacks are inevitable. A resilient CEO doesn&rsquo;t just bounce back; they thrive amidst challenges, rallying their team with unwavering determination. Their ability to persevere through adversity is a hallmark of effective leadership.</p>
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<h3 class="elementor-heading-title elementor-size-default"><span style="color: #e03e2d;">DECISIVE NATURE</span></h3>
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<p>Time is money in private equity. CEOs who can make tough decisions swiftly and confidently are invaluable. Avoid leaders who procrastinate or shy away from difficult choices&mdash;delayed decisions can stunt growth and hinder progress.</p>
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<h3 class="elementor-heading-title elementor-size-default"><span style="color: #e03e2d;">CONSTRUCTIVE FRUSTRATION</span></h3>
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<p>A somewhat unconventional trait, constructive frustration denotes CEOs who challenge the status quo with purpose. They push boundaries, driving ambitious growth agendas and questioning norms for the sake of progress. While their fervor may occasionally test patience, it often propels the business to new heights.</p>
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<h3 class="elementor-heading-title elementor-size-default"><span style="color: #e03e2d;">CONCLUSION</span></h3>
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<p>Identifying and nurturing these qualities in potential CEOs can significantly enhance a portfolio business&rsquo;s success in the competitive realm of private equity. These traits go beyond technical skills, shaping leaders who not only manage but inspire and innovate.</p>
<p>For more insights on securing top-tier talent in private equity and venture capital, reach out to Alex Rawlings at Raw Selection. Let&rsquo;s propel your portfolio business towards unparalleled growth and success.</p>
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The 5 Traits of Exceptional CEOs in Private Equity

Embarking on an exploration of the growth trajectories of five leading Private Equity firms—Blackstone Group, CVC Capital Partners, KKR, The Carlyle Group, and Warburg Pincus

<p>Embarking on an exploration of the growth trajectories of five leading Private Equity firms&mdash;Blackstone Group, CVC Capital Partners, KKR, The Carlyle Group, and Warburg Pincus&mdash;this blog investigates their workforce dynamics and market positioning. Through an examination of these pivotal metrics, we aim to shed light on the intricate strategies driving expansion and talent management in the Private Equity sector, providing indispensable insights for industry observers and stakeholders navigating this dynamic landscape.</p>
<p>Blackstone Group: With a workforce of 7039 employees, Blackstone has witnessed commendable growth rates of 26% over two years, 11% over one year, and 4% in the last six months. Yet, the median tenure of 2.7 years hints at a workforce that, while growing, experiences considerable churn.</p>
<p>CVC Capital Partners: Boasting a workforce of 1120, CVC&rsquo;s growth metrics are staggering, showing increases of 45% over two years, 18% over one year, and 7% over six months. However, with a median tenure of 2.4 years, questions arise regarding the sustainability of such rapid expansion.</p>
<p>KKR: With 1120 employees, KKR stands out with its meteoric rise, nearly doubling its workforce over two years with a growth rate of 91%. The 43% increase over one year and 21% over six months further underscore this trend. However, the median tenure of 1.8 years raises concerns about employee retention amidst such rapid scaling.</p>
<p>The Carlyle Group: Employing 2605 individuals, Carlyle showcases more modest growth rates of 17% over two years, 4% over one year, and 1% over six months. Yet, its median tenure of 4.2 years suggests a stable workforce despite slower expansion.</p>
<p>Warburg Pincus: With 1308 employees, Warburg Pincus displays the most conservative growth rates among the analyzed firms, with increases of 6% over two years, 2% over one year, and 1% over six months. Notably, even during the peak of 2022&rsquo;s M&amp;A boom, growth remained subdued. The median tenure of 4.8 years reflects a commitment to retaining talent amidst restrained expansion.</p>
<p>So, what do these numbers reveal?</p>
<p>Firstly, the recent slowdown in hiring across the board aligns with broader market trends. Factors such as challenging fundraising environments, sluggish M&amp;A activity, global economic uncertainties, and the specter of a U.S. election year contribute to a cautious approach to expansion.</p>
<p>However, within this broader narrative, individual firms exhibit distinct growth trajectories. While some, like KKR, pursue aggressive scaling strategies, others, such as Warburg Pincus, prioritize stability and retention over rapid expansion.</p>
<p>Moreover, the data underscores the critical importance of talent retention in an industry where human capital is paramount. Median tenure figures offer valuable insights into firms&rsquo; ability to cultivate a loyal and experienced workforce&mdash;a factor that directly impacts operational efficiency, deal execution, and long-term success.</p>
<p>In conclusion, these metrics not only provide a snapshot of current industry dynamics but also serve as barometers for strategic decision-making within Private Equity firms.&nbsp;</p>

Analyzing Growth Trends in Top Private Equity Firms

In the world of Private Equity, the concepts of “value creation” and “financial engineering” are crucial, yet it’s the role of Operating Partners that truly stands out as the catalyst for sustainable growth and differentiation.

<p>In the world of Private Equity, the concepts of &ldquo;value creation&rdquo; and &ldquo;financial engineering&rdquo; are crucial, yet it&rsquo;s the role of Operating Partners that truly stands out as the catalyst for sustainable growth and differentiation. In an era marked by expensive debt, heightened competition in deal origination, and the challenges of fundraising, the ability to unlock genuine value in portfolio companies has become more crucial than ever.</p>
<p>Value creation in PE transcends mere financial manipulation; it entails driving tangible, long-term growth that outpaces industry benchmarks and delivers real market returns. Achieving this requires a strategic focus on organic growth and the meticulous execution of value-enhancing initiatives. At the heart of this endeavor lie high-quality Operating Partners&mdash;seasoned executives with the acumen, experience, and vision to steer portfolio companies towards success.</p>
<p>So, how does one identify and enlist these invaluable allies in the pursuit of value creation? Here&rsquo;s a comprehensive guide:</p>
<p><span style="color: #e03e2d;"><strong>Define Your Needs:</strong></span>&nbsp;Before embarking on the search for Operating Partners, it&rsquo;s imperative to clearly define the specific expertise and skill sets required to complement your investment strategy and portfolio objectives.</p>
<p><span style="color: #e03e2d;"><strong>Tap Into Networks:</strong>&nbsp;</span>Leverage your existing network within the industry, including fellow investors, industry associations, and executive search firms specialized in PE. Seek referrals and recommendations from trusted sources with a track record of success.</p>
<p><span style="color: #e03e2d;"><strong>Evaluate Track Records:</strong></span>&nbsp;Look beyond impressive resumes and delve into the actual track records of potential Operating Partners. Scrutinize their past engagements, assessing their ability to drive operational improvements, foster growth, and maximize value within portfolio companies.</p>
<p><span style="color: #e03e2d;"><strong>Assess Cultural Fit:</strong></span>&nbsp;Cultural alignment between Operating Partners and your firm&rsquo;s values, vision, and investment philosophy is paramount. Evaluate candidates not only based on their expertise but also on their compatibility with your organizational culture and strategic objectives.</p>
<p><span style="color: #e03e2d;"><strong>Conduct Rigorous Due Diligence:</strong></span>&nbsp;Perform thorough due diligence on prospective Operating Partners, scrutinizing their professional background, reputation, and references. Assess their ability to navigate challenges, execute strategic initiatives, and deliver tangible results.</p>
<p><span style="color: #e03e2d;"><strong>Emphasize Partnership:</strong></span>&nbsp;Foster a collaborative partnership between Operating Partners and investment professionals within your firm. Encourage open communication, mutual respect, and shared accountability to maximize the impact of value creation initiatives.</p>
<p><strong><span style="color: #e03e2d;">Invest in Development</span>:</strong>&nbsp;Recognize that even the most seasoned Operating Partners can benefit from ongoing professional development and training. Invest in programs that enhance their skills, broaden their perspectives, and keep them abreast of emerging trends and best practices.</p>
<p><span style="color: #e03e2d;"><strong>Empower Autonomy:</strong></span> Empower Operating Partners with the autonomy and resources needed to drive meaningful change within portfolio companies. Provide them with the flexibility to implement tailored strategies and initiatives aligned with the unique needs and growth opportunities of each investment.</p>
<p>In conclusion, the role of Operating Partners in Private Equity extends far beyond financial engineering&mdash;it embodies the essence of true value creation.</p>

A Blueprint for Success with Operating Partners in Private Equity

In an inspiring episode of the Private Equity Podcast, host Alex Rawlings sits down with Ted Clark, an individual whose career trajectory embodies the essence of determination and strategic growth. Clark, who began his journey as a shipping clerk, eventually ascended to the CEO position of a company that he led to a staggering $1.4 billion enterprise value. This episode offers valuable insights into Clark’s approach to business growth, the power of Private Equity, and the importance of adaptability in one’s career.

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<h3 class="elementor-heading-title elementor-size-default"><span style="color: #e03e2d;">Ted Clark's Ascent: Key Takeaways</span></h3>
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<p>Ted Clark&rsquo;s story is not just about career progression; it&rsquo;s a testament to the transformative power of vision, dedication, and strategic partnerships. Throughout the podcast, Clark shares several nuggets of wisdom that are invaluable for aspiring leaders and entrepreneurs.</p>
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<h3 class="elementor-heading-title elementor-size-default"><span style="color: #e03e2d;">The Power of Strategy and Private Equity</span></h3>
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<p>One of the most compelling aspects of Clark&rsquo;s narrative is his strategic approach to business growth. After ascending to the CEO position in a company that specialized in sealants and adhesives, Clark embarked on a mission to expand the business. He meticulously developed a business plan, focusing on a buy-and-build strategy in the fragmented adhesives and sealants industry. Clark&rsquo;s vision attracted Private Equity backing, which was crucial in scaling the business from $110 million to an impressive $500 million, eventually leading to a sale for just under $1.6 billion to HB Fuller.</p>
<p>Clark&rsquo;s journey underscores the importance of a well-thought-out strategy and the transformative impact of Private Equity investment. His ability to articulate a clear vision and align it with the right financial partners played a pivotal role in the company&rsquo;s exponential growth.</p>
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<h3 class="elementor-heading-title elementor-size-default"><span style="color: #e03e2d;">The Importance of Learning and Adaptability</span></h3>
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<p>Another theme that resonates throughout the episode is the significance of continuous learning and adaptability. Starting as a shipping clerk, Clark did not let the lack of a formal college education deter him from pursuing higher positions. Instead, he leveraged every opportunity to learn and grow within the industry. His story is a powerful reminder that success is not confined to a single path and that practical experience combined with a relentless pursuit of knowledge can lead to remarkable achievements.</p>
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<h3 class="elementor-heading-title elementor-size-default"><span style="color: #e03e2d;">Strategic Acquisition and Integration</span></h3>
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<p>Clark&rsquo;s approach to acquisitions and integration offers critical lessons for businesses looking to expand through mergers and acquisitions. He emphasizes the importance of a disciplined strategy, focusing on acquisitions that align with the company&rsquo;s core markets and technologies. Moreover, Clark highlights the need for meticulous integration plans, ensuring that new acquisitions are seamlessly incorporated into the company&rsquo;s culture and operations.</p>
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<h3 class="elementor-heading-title elementor-size-default"><span style="color: #e03e2d;">Leadership and Governance</span></h3>
</div>
</div>
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<div class="elementor-widget-container">
<p>Finally, Ted Clark&rsquo;s reflections on leadership and governance provide valuable insights into effective management and board dynamics. His experiences illustrate the importance of fostering a culture of transparency, accountability, and shared vision. Clark also discusses the significance of board governance in Private Equity-backed companies, emphasizing the role of the board in providing strategic guidance while empowering the management team to execute the vision.</p>
</div>
</div>
<div class="elementor-element elementor-element-087ce72 ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-heading ob-harakiri" data-id="087ce72" data-element_type="widget" data-settings="{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_harakiri_text_clip&quot;:&quot;none&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}" data-widget_type="heading.default">
<div class="elementor-widget-container">
<h3 class="elementor-heading-title elementor-size-default"><span style="color: #e03e2d;">Conclusion</span></h3>
</div>
</div>
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<div class="elementor-widget-container">
<p>Ted Clark&rsquo;s journey from a shipping clerk to the CEO of a Private Equity-backed company that achieved a $1.4 billion enterprise value is not just inspiring; it is instructive. His story highlights the importance of strategy, the transformative potential of Private Equity, and the power of learning and adaptability in achieving career and business success. For aspiring leaders and entrepreneurs, Ted Clark&rsquo;s insights offer a roadmap for navigating the complexities of business growth and personal development.</p>
</div>
</div>
<div class="elementor-element elementor-element-c83febf ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-heading ob-harakiri" data-id="c83febf" data-element_type="widget" data-settings="{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_harakiri_text_clip&quot;:&quot;none&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}" data-widget_type="heading.default">
<div class="elementor-widget-container">
<h3 class="elementor-heading-title elementor-size-default"><span style="color: #e03e2d;">If you haven't already...</span></h3>
</div>
</div>
<div class="elementor-element elementor-element-61b1dd5 ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor ob-harakiri" data-id="61b1dd5" data-element_type="widget" data-settings="{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}" data-widget_type="text-editor.default">
<div class="elementor-widget-container">
<p>You can listen to the podcast&nbsp;<a href="https://podcasts.apple.com/gb/podcast/how-to-grow-from-%2430m-to-%241-4bn-enterprise-value-from/id1541134935?i=1000642623242">here</a>.</p>
</div>
</div>

From Shipping Clerk to PE-Backed CEO: Ted Clark’s Journey to a $1.4 Billion Enterprise Value

The Private Equity industry in New York is a thriving ecosystem, particularly in the exclusive healthcare-focused sector. In this blog, we’ll delve into some fascinating facts and figures that shed light on the landscape, including the number of firms, professionals, and the role of women in the deal teams.

<h3><span style="color: #e03e2d;">Exclusive Healthcare-Focused Private Equity Firms: A Snapshot</span></h3>
<p>The Tristate area boasts an impressive 48 exclusive healthcare-focused private equity firms. Among these, Windrose Health Investors, Regal Healthcare Partners, and OrbiMed lead the pack, each with a robust headcount exceeding 45 professionals.</p>
<h3><span style="color: #e03e2d;">The People Behind the Numbers</span></h3>
<p>The industry is fueled by the expertise of around 630 exclusive healthcare-focused private equity professionals in the Tristate area. This skilled workforce plays a pivotal role in shaping the region&rsquo;s healthcare investment landscape.</p>
<h3><span style="color: #e03e2d;">Women in Private Equity</span></h3>
<p>Breaking down the numbers, we find that out of the 650 professionals, 113 are women, underlining the increasing representation of women in this traditionally male-dominated industry. Among these trailblazers, 65 women hold key positions in deal teams, showcasing their substantial influence in strategic decision-making.</p>
<h3><span style="color: #e03e2d;"><strong>Leaders in Diversity: Women at the Helm</strong></span></h3>
<p>Several firms stand out for their commitment to diversity, with women holding prominent roles in deal teams. Archimed, Athyrium Capital Management, Biospring Partners, Oberland Capital Management, and Windrose Health Investors are at the forefront, setting an example for fostering an inclusive environment in the private equity sphere.</p>
<h3><span style="color: #e03e2d;">Key Players in New York&rsquo;s Healthcare-Focused Private Equity Scene</span></h3>
<p>The top exclusive healthcare-focused private equity firms in the Tristate area include Windrose Health Investors, Regal Healthcare Partners, OrbiMed, Oberland Capital Management, Intandem Capital Partners, Hildred, Great Point Partners, Deerfield, Consonance Capital Partners, Biospring Partners, Avista Capital Partners, Athyrium Capital Management, Amulet Capital Partners, Altaris, and Archimed.</p>
<h3><span style="color: #e03e2d;">Conclusion</span></h3>
<p>As New York continues to be a hub for private equity activity, particularly in the healthcare sector, the numbers tell a compelling story of growth, diversity, and innovation. The presence of dedicated firms and professionals, coupled with the increasing role of women in deal teams, paints a promising picture for the future of healthcare investment.</p>
<p>In this dynamic landscape, firms like Windrose Health Investors, Athyrium Capital Management, and Biospring Partners are not only making waves with their substantial headcounts but also with their commitment to gender diversity. As the industry evolves, these key players are shaping the future of healthcare investment in New York and beyond.</p>
<p><em>All the information cited was extracted from our CRM system.</em></p>

Navigating the Landscape: Private Equity Powerhouses in New York’s Healthcare Sector

As we approach 2024, the private capital industry stands at a critical juncture, shaped by a confluence of global economic shifts, monetary policy changes, and evolving market dynamics. Reflecting on Warren Buffet's adage about the revealing nature of a receding tide, the sector now faces a reality check after a prolonged period of cheap debt and high returns. Our latest Global Perspectives piece delves into the current state of the private capital industry and its prospects as we look towards 2024.

<p>As we approach 2024, the private capital industry stands at a critical juncture, shaped by a confluence of global economic shifts, monetary policy changes, and evolving market dynamics.</p>
<p>Reflecting on Warren Buffet&rsquo;s adage about the revealing nature of a receding tide, the sector now faces a reality check after a prolonged period of cheap debt and high returns.</p>
<p>Our latest Global Perspectives piece delves into the current state of the private capital industry and its prospects as we look towards 2024.</p>
<h3><span style="color: #e03e2d;">Economic Context and Market Dynamics</span></h3>
<p>The landscape of 2022, characterised by a rapid increase in interest rates in response to surging inflation, set the stage for the current scenario. Central banks, notably the US Federal Reserve, have made significant policy shifts, moving away from near-zero interest rates to a more hawkish stance, marking the fastest rate hikes in modern history to a level that hasn&rsquo;t been seen in 22 years. These changes have profoundly impacted market volatility and asset valuations, leading to a sell-buy side gap.</p>
<p>Globally, the economic growth projections for 2024 remain cautious. Advanced economies are bracing for modest growth while emerging markets show more resilience. The long-term impacts of COVID-19, especially in China, continue to influence global trade and economic stability, alongside the persistent geopolitical tensions stemming from the Russia-Ukraine and Middle East conflicts.</p>
<h3><span style="color: #e03e2d;">Private Capital Industry Outlook</span></h3>
<p>Against this backdrop, the private capital industry has had to navigate many challenges. Market performance across tangible assets, stocks, and bonds has been mixed, with many assets undergoing significant repricing.</p>
<p>Private equity has witnessed a transformation, challenged by high interest rates and inflation. LPs have seen a liquidity crunch as portfolio company holding periods mature beyond the usual five-year investment horizon in a moribund exit market. With too few exits, the standard cash recycling model has slowed, leading to asset allocation limits being tested and a shortage of new liquidity available to meet fundraising targets.</p>
<p>The brake on returns applied by the testing macroeconomic environment has seen firms increasingly rely on sophisticated tools like continuation funds, NAV loans and deferred consideration solutions to manage market timing and liquidity issues, safeguarding high-value assets from untimely disposals. Another innovation in an area traditionally regarded as a succession planning tool has emerged by way of LP interest in GP stakes.</p>
<p>These tools have evolved from resilience and recovery mechanisms to a strategic portfolio management approach, enabling companies to realise their full potential.</p>
<p>Investment trends within the industry are also shifting. There&rsquo;s a growing focus on sectors like AI, energy transition, food security, med-tech and infrastructure, and supply chain diversification, reflecting a broader trend towards more sustainable and resilient economic models. Data centres, energy and private credit are also in favour of contrarian investors. The tightening of bank financing has opened new opportunities for private credit. With first-lien security and equity-type returns, there is a strong incentive to fill the gaps left by traditional lenders.</p>
<h3><span style="color: #e03e2d;"><strong>Investor Sentiment and Expectations</strong></span></h3>
<p>Investor expectations are adjusting to the new normal. The stellar returns of previous years are giving way to more tempered forecasts. However, this recalibration is positive. Investors are becoming more discerning, seeking opportunities that offer sustainable financial returns and align with broader economic and social goals.</p>
<h3><span style="color: #e03e2d;">Regulatory and Policy Development<strong>s</strong></span></h3>
<p>Regulation, particularly in the United States, has become more interventionist, focusing on Private Equity deals. In July, the FTC proposed changes that would automatically trigger regulatory scrutiny of PE involvement in transactions valued above $111.4 Mn. Again, in the US, CFIUS has been clearing fewer deals.</p>
<p>In the UK, the National Sensitive Investment (NSI) Act has been widened to include 17 categories of sensitive investment subject to government scrutiny.</p>
<p>In Europe, 18 of the 27 EU nations now have substantive FDI screening requirements, and new measures to address sustainability have been introduced through the Sustainable Finance Disclosure Regulation (SFDR).</p>
<p>Central banks&rsquo; policies, particularly around interest rates and monetary measures, are critical in influencing the private capital industry. Any shifts in these policies as economies stabilise or face new challenges will directly impact investment strategies.</p>
<p>The regulatory and policy changes highlighted above could redefine the operating landscape for private capital firms, emphasising the need for agility and foresight in investment decisions and requiring a re-appraisal of geographical and sector allocations.</p>
<h3><span style="color: #e03e2d;">Risk Assessment and Future Projections</span></h3>
<p>The risk of recessions in major economies like the US and Europe is a looming concern. Whilst many favour the soft-landing scenario, the industry must prepare for potential downturns, ranging from short and shallow to prolonged and deep.</p>
<p>Looking ahead the private capital industry appears poised to adapt and evolve. The possible end of the rate-tightening cycle offers some hope for stabilisation and recovery.</p>
<p>In conclusion, as we edge closer to 2024, the private capital industry is navigating a complex and rapidly evolving landscape. While challenges abound, from economic uncertainties to shifting investor expectations, the industry&rsquo;s adaptability and innovative approach position it to weather the current storm.</p>
<p>The focus on sustainable investment trends and the strategic use of portfolio management tools signals a resilient and forward-looking industry ready to embrace the opportunities and challenges of the coming year.</p>
<p>Do you want to re-arm your team and prepare for success in 2024? We supply top A-players to Private Equity firms and the businesses in their portfolio. Please contact Alex Rawlings at alex.rawings@raw-selection.com if you are a Private Equity professional seeking your next big move or if you are a company seeking your next top talent.</p>

Reflecting on 2023 and revving up for 2024

It’s 2024. It is time to build a team that can GUARANTEE you success. Raw Selection is a specialist search and selection firm, partnering exclusively with lower to middle-market Private Equity firms and their Portfolio companies We partner with Private Equity firms such as Blackford Capital, MiddleGround Capital, Archimed, Ventoux Industrial Holdings, Drum Capital, and many lower to middle-market firms. At Raw Selection, we stand behind our work and offer a unique guarantee. We only take a small upfront deposit which is 100% refundable if you aren’t satisfied with our work for ANY reason. Private Equity firms are turning to Raw Selection due to our unrivalled level of service, focus on delivery, and the low risk involved.

<p>It&rsquo;s 2024. It is time to build a team that can <strong><span style="color: #e03e2d;">GUARANTEE</span></strong> you success.</p>
<p>Raw Selection is a specialist search and selection firm, partnering exclusively with lower to middle-market Private Equity firms and their Portfolio companies</p>
<p>We partner with Private Equity firms such as Blackford Capital, MiddleGround Capital, Archimed, Ventoux Industrial Holdings, Drum Capital, and many lower to middle-market firms.</p>
<p>At Raw Selection, we stand behind our work and offer a unique guarantee. We only take a small upfront deposit which is 100% refundable if you aren&rsquo;t satisfied with our work for ANY reason. Private Equity firms are turning to Raw Selection due to our unrivaled level of service, focus on delivery, and the low risk involved.</p>
<h3><span style="color: #e03e2d;">Raw Selection&rsquo;s Guarantee:</span></h3>
<ul class="wp-block-list">
<li>Our guarantee is unique in the executive search market.</li>
<li>Track record of delivery on portfolio executive searches is second to none.</li>
<li>If you are not happy with our service, we will refund your upfront deposit.</li>
<li>Despite the offer, we have never had a client request a refund.</li>
</ul>
<h3><span style="color: #e03e2d;"><strong>Guarantee Details:</strong></span></h3>
<figure class="wp-block-table">
<table style="width: 53.2551%; height: 116px; border-collapse: collapse; border-color: #000000; border-style: solid;" border="1">
<thead>
<tr style="height: 20px;">
<td style="width: 68.6685%; border-color: #000000;"><span style="color: #e03e2d;"><strong>Services</strong></span></td>
<td style="width: 15.863%; border-color: #000000;"><span style="color: #e03e2d;"><strong>Contingent</strong></span></td>
<td style="width: 12.6941%; border-color: #000000;"><span style="color: #e03e2d;"><strong>Engaged</strong></span></td>
</tr>
</thead>
<tbody>
<tr style="height: 20px;">
<td style="width: 68.6685%; border-color: #000000;">Free replacement up to&hellip;</td>
<td style="width: 15.863%; border-color: #000000;">8 weeks</td>
<td style="width: 12.6941%; border-color: #000000;">6 months</td>
</tr>
<tr style="height: 20px;">
<td style="width: 68.6685%; border-color: #000000;">Candidate retention rate after 12 months</td>
<td style="width: 15.863%; border-color: #000000;">97.5%</td>
<td style="width: 12.6941%; border-color: #000000;">100%</td>
</tr>
<tr style="height: 20px;">
<td style="width: 68.6685%; border-color: #000000;">Upfront deposit money-back guarantee</td>
<td style="width: 15.863%; border-color: #000000;">N/A</td>
<td style="width: 12.6941%; border-color: #000000;">Yes</td>
</tr>
<tr style="height: 36px;">
<td style="width: 68.6685%; border-color: #000000;">Executive Search members working on your project</td>
<td style="width: 15.863%; border-color: #000000;">1</td>
<td style="width: 12.6941%; border-color: #000000;">3</td>
</tr>
</tbody>
</table>
</figure>
<h3><span style="color: #e03e2d;">Your Investment:</span></h3>
<p>Because of our outstanding track record with guaranteed proactive search (Engaged Service), we offer our clients a discount.</p>
<figure class="wp-block-table">
<table style="border-collapse: collapse; border-color: #000000; border-style: solid;" border="1">
<thead>
<tr>
<td style="border-color: #000000;"><span style="color: #e03e2d;"><strong>Services</strong></span></td>
<td style="border-color: #000000;"><span style="color: #e03e2d;"><strong>Contingent</strong></span></td>
<td style="border-color: #000000;"><span style="color: #e03e2d;"><strong>Engaged</strong></span></td>
</tr>
</thead>
<tbody>
<tr>
<td style="border-color: #000000;">Fee</td>
<td style="border-color: #000000;">35%</td>
<td style="border-color: #000000;">32%</td>
</tr>
<tr>
<td style="border-color: #000000;">Upfront deposit</td>
<td style="border-color: #000000;">0</td>
<td style="border-color: #000000;">$10,000</td>
</tr>
</tbody>
</table>
</figure>
<p>Do you want to re-arm your team and prepare for success in 2024? We supply top A-players to Private Equity firms and the businesses in their portfolio. Please contact Alex Rawlings at <a href="mailto:alex.rawings@raw-selection.com">alex.rawings@raw-selection.com</a> if you are a Private Equity professional seeking your next big move or if you are a company seeking your next top talent.</p>

The New Year means new careers

In the expansive realm of private capital, private equity and venture capital have long been the focal points of extensive research. However, a lesser-explored territory, growth equity, has recently garnered attention for its unique position between the two. A recent study, examining over 1,500 private UK companies from 2000 to 2021, sheds light on the impact of growth equity on these businesses. The findings are intriguing, revealing both the positive contributions and potential pitfalls associated with this form of investment.

<p>In the expansive realm of private capital, private equity and venture capital have long been the focal points of extensive research. However, a lesser-explored territory, growth equity, has recently garnered attention for its unique position between the two. A recent study, examining over 1,500 private UK companies from 2000 to 2021, sheds light on the impact of growth equity on these businesses. The findings are intriguing, revealing both the positive contributions and potential pitfalls associated with this form of investment.</p>
<h3><span style="color: #e03e2d;">The Upside: A Catalyst for Remarkable Growth</span></h3>
<p>The study unequivocally indicates that growth equity investment has a transformative effect on the UK economy. The research employs a difference-in-differences approach, showcasing a robust pattern of substantial growth in companies that received growth equity funding. These firms outperform their non-growth equity-backed counterparts in key metrics, including sales, assets, employment, and earnings.</p>
<p>Growth equity emerges as an appealing option for companies that have outgrown traditional venture capital but are not yet ready to succumb to the full spectrum of private equity or go public. This investment serves as a financial catalyst, injecting capital into well-established companies eager to fuel further growth. It&rsquo;s essentially a late-stage venture capital or a minority mid-market private equity infusion.</p>
<h3><span style="color: #e03e2d;">The Downside: Navigating the Perils of Increased Leverage</span></h3>
<p>However, the study doesn&rsquo;t shy away from acknowledging the darker side of growth equity financing. The remarkable growth observed in these companies is accompanied by increased access to credit and a substantial rise in firm leverage. Growth equity-backed firms exhibit a significant surge in leverage compared to their non-growth equity-backed counterparts, heightening the risk of financial distress.</p>
<p>Companies leveraging growth equity are more susceptible to bankruptcy if the anticipated growth fails to materialize. The study underscores the inherent risk, cautioning that when running with the wolves, companies might indeed get bitten.</p>
<h3><span style="color: #e03e2d;">Investor Dynamics: Exit Strategies and the Risk-Return Balance</span></h3>
<p>The study unveils an interesting facet of growth equity investment&mdash;investors exit over 70% of their investments during the study period. However, a notable revelation is that almost 20% of exited growth equity-backed companies file for some form of insolvency. This intriguing statistic hints at the delicate balance that growth equity investors must navigate, showcasing the fine line between aggressive growth and financial stability.</p>
<p>Despite the elevated risk of insolvency, troubled growth equity-backed companies are more likely to opt for insolvency rather than outright liquidation when facing financial distress. This nuanced approach suggests that, even in challenging times, growth equity investors are willing to explore alternative strategies to salvage value and mitigate losses.</p>
<p>As the study by Paul Lavery, William Megginson, and Alina Munteanu highlights, growth equity is a double-edged sword. While it propels companies to new heights of growth and economic contribution, the associated risks, particularly in terms of increased leverage and the potential for insolvency, cannot be ignored.</p>
<p>For both companies and investors, navigating the growth equity landscape demands a delicate balance between ambition and prudence. As growth equity continues to evolve and gain prominence in the private capital arena, further research and insights will be crucial to unravelling the full spectrum of opportunities and challenges inherent in this dynamic financial landscape.</p>
<p>Do you want to re-arm your team and prepare for success in 2024? We supply top A-players to Private Equity firms and the businesses in their portfolio. Please contact Alex Rawlings at <a href="mailto:alex.rawings@raw-selection.com">alex.rawings@raw-selection.com</a> if you are a Private Equity professional seeking your next big move or if you are a company seeking your next top talent.</p>

Unpacking Growth Equity: A Double-Edged Sword for Companies and Investors

Venture Capital Trusts (VCTs) have shifted their annual fundraisings to the autumn, with many becoming oversubscribed before the year's end. However, potential investors must tread carefully as rising interest rates and other economic factors pose risks to VCT investments.

<p>Venture Capital Trusts (VCTs) have shifted their annual fundraisings to the autumn, with many becoming oversubscribed before the year&rsquo;s end. However, potential investors must tread carefully as rising interest rates and other economic factors pose risks to VCT investments.</p>
<ol class="wp-block-list">
<li><strong>Impact of Interest Rates:</strong>&nbsp;Higher interest rates have affected the valuations of both listed and unlisted growth companies, including those held by VCTs. Unlisted companies, valued based on multiples, have seen declines that outweigh their underlying growth due to a fall in publicly listed peers&rsquo; multiples.</li>
<li><strong>Challenges in Valuation:</strong>&nbsp;Valuation of young businesses, often done through a price/sales multiple, has suffered due to rising interest rates. Despite operational success, small businesses&rsquo; valuations have declined as multiples fall faster than sales grow.</li>
<li><strong>Opportunities Amidst Challenges:</strong>&nbsp;Despite economic challenges, certain sectors like business-to-business (B2B), data, and artificial intelligence have shown resilience. Companies with recurring revenue and essential software offerings have performed well, providing potential investment opportunities.</li>
<li><strong>Potential Performers:&nbsp;</strong>Several VCTs have been identified as potential performers in the current climate. British Smaller Companies VCTs, Octopus Apollo VCT, Triple Point Venture VCT, and Pembroke VCT are among those focusing on areas with long-term structural tailwinds.</li>
<li><strong>Assessing Risks and Benefits:</strong>&nbsp;Investors should be aware of the high-risk nature of VCTs, particularly during periods of economic uncertainty. Smaller companies are more vulnerable to funding challenges and cost inflation. However, patient investors holding VCT shares for at least five years can benefit from 30% income tax relief.</li>
<li><strong>Time Horizon and Considerations:</strong>&nbsp;While shorter-term performance may be uncertain, VCTs are long-term investments, and innovative disruptors can thrive independent of GDP growth. Investors are compensated for higher risks with tax relief, but a realistic time horizon of seven to ten years is suggested to assess the full potential of VCTs.</li>
<li><strong>Manager Selection and Diversification:&nbsp;</strong>Choosing VCTs with experienced managers, distinctive and repeatable processes, and broad-based portfolios is crucial. Diversifying across multiple VCTs can help mitigate risks and enhance the overall portfolio&rsquo;s resilience.</li>
</ol>
<p>Venture Capital Trust investments present both opportunities and challenges in the current economic landscape. As with any investment, thorough research, a clear understanding of risks, and a strategic approach to manager selection and portfolio diversification are essential for potential investors considering VCTs.</p>
<p><em>To secure exceptional talent for your private equity firm or portfolio company, please reach out to Raw Selection&rsquo;s Managing Partner, Alex Rawlings, at&nbsp;<a href="mailto:Alex.Rawlings@Raw-Selection.com">Alex.Rawlings@Raw-Selection.com</a>&nbsp;to discuss your requirements and how we can help you identify the best talent.</em></p>

Navigating Risks in Venture Capital Trust Investments

Private Equity interviews can be intense and highly competitive, but there's one crucial question that can set the tone for the entire interview: "Why Private Equity?" Your answer to this question holds significant weight and plays a pivotal role in determining whether you move on to the next stages of the interview process. In this article, we'll delve into the importance of this question, the reasoning behind it, and provide you with strategies to craft the perfect response to secure your dream PE job.

<p>Private Equity interviews can be intense and highly competitive, but there&rsquo;s one crucial question that can set the tone for the entire interview: &ldquo;Why Private Equity?&rdquo; Your answer to this question holds significant weight and plays a pivotal role in determining whether you move on to the next stages of the interview process. In this article, we&rsquo;ll delve into the importance of this question, the reasoning behind it, and provide you with strategies to craft the perfect response to secure your dream PE job.</p>
<h3><span style="color: #e03e2d;">Understanding the Significance</span></h3>
<p>In the world of PE, the &ldquo;Why Private Equity&rdquo; question is not just a formality; it&rsquo;s a make-or-break moment. If you can&rsquo;t provide a compelling answer, your chances of landing the job plummet. While your response doesn&rsquo;t have to be revolutionary or one-of-a-kind, it&rsquo;s essential to get it right to move forward in the interview process.</p>
<p>Unlike investment banking or consulting interviews, where a remarkable answer to &ldquo;Why this field?&rdquo; can earn you offers, PE firms have a different perspective. They&rsquo;re not in the business of charity; they&rsquo;re here to make money. They will only hire you if they believe you&rsquo;ll add substantial value to their team and help them generate profits. Thus, your &ldquo;Why PE&rdquo; answer is your opportunity to demonstrate that you&rsquo;re a valuable asset they can&rsquo;t afford to miss.</p>
<h3><span style="color: #e03e2d;">Why PE Interviews Ask &ldquo;Why Private Equity&rdquo;</span></h3>
<p>PE interviewers aren&rsquo;t asking this question to identify the best reason and hire accordingly; it&rsquo;s more about filtering out candidates with the wrong motivations. Many individuals enter PE with misconceptions about the job, only to realize it&rsquo;s not what they expected, leading to decreased productivity and team morale, or even mid-way resignations. PE firms aim to avoid these scenarios by ensuring you&rsquo;re genuinely interested in the field for the right reasons.</p>
<h3><span style="color: #e03e2d;">Structuring Your Answer</span></h3>
<p>Your response to &ldquo;Why Private Equity&rdquo; should be concise, lasting 3-5 sentences. Overexplaining can be counterproductive and might make you appear long-winded. Remember, you don&rsquo;t receive extra points for an elaborate story. Instead, focus on conciseness, as your goal is to check the interviewer&rsquo;s box and keep the conversation moving.</p>
<h3><span style="color: #e03e2d;"><strong>Sample Answers</strong></span></h3>
<p>Below are two sample answers that effectively address the &ldquo;Why Private Equity&rdquo; question:</p>
<p>Sample Answer 1: &ldquo;I want to work in private equity because I&rsquo;m passionate about learning all aspects of a business beyond just the P&amp;L. Coming from an investment banking background, I believe that working closely with portfolio companies will enhance my understanding of businesses, setting me up well for a career in investing.&rdquo;</p>
<p>Sample Answer 2: &ldquo;I want to work in private equity because I genuinely enjoy learning about new businesses and collaborating with management teams over the long term. The opportunity to apply my operational knowledge from consulting to rigorous financial analysis, identify attractive investments, and add value to portfolio companies is incredibly exciting for me. That&rsquo;s why I want to work in private equity.&rdquo;</p>
<h3><span style="color: #e03e2d;"><strong>Comparing to Alternative Fields</strong></span></h3>
<p>PE interviews might also throw follow-up questions about choosing PE over alternative fields such as investment banking, consulting, hedge funds, venture capital, or fund of funds. Here&rsquo;s how to navigate these comparisons:</p>
<p><span style="color: #e03e2d;"><strong>Investment Banking or Consulting:</strong></span>&nbsp;Stress that you want to gain a more comprehensive skill set in PE, involving both financial analysis and operations. Emphasize your desire to be more involved in due diligence processes and long-term partnerships with portfolio companies.</p>
<p><span style="color: #e03e2d;"><strong>Hedge Funds:</strong></span>&nbsp;Highlight that you are keen on understanding how entire businesses operate, as opposed to focusing solely on financial aspects. Mention your interest in conducting in-depth due diligence with private information and developing more holistic soft skills.</p>
<p><strong><span style="color: #e03e2d;">Venture Capital:</span>&nbsp;</strong>Discuss your inclination toward investing in established businesses with a proven track record, your preference for long-term investments, and the importance of being actively involved with post-investment operational work.</p>
<p><strong><span style="color: #e03e2d;">Fund of Funds:</span>&nbsp;</strong>Express your desire to have a broader scope by investing in corporations rather than funds. Mention your aspiration to get actively involved in the due diligence process and post-investment operational work.</p>
<h3><span style="color: #e03e2d;">Conclusion</span></h3>
<p>Crafting a winning response to the &ldquo;Why Private Equity&rdquo; question is essential for acing your PE interview. Focus on the positive aspects of PE that align with your background and long-term goals, and steer clear of negative comparisons with other fields. Keep your answer concise and to the point, emphasizing how you&rsquo;ll bring value to the PE firm. Remember, your &ldquo;Why PE&rdquo; answer is your ticket to demonstrating that you&rsquo;re the right fit and a valuable addition to the team, setting the stage for a successful interview and potentially, your dream career in private equity</p>

Acing Your PE Interview: Nailing the “Why Private Equity” Question

In 2023, the private equity industry has confronted a complex landscape marked by macroeconomic uncertainties and geopolitical challenges. While the crises involving Silicon Valley Bank, First Republic Bank, and Signature Bank were relatively short-lived, they added to an already challenging liquidity environment. Fundraising remains fiercely competitive, and the debate over Environmental, Social, and Governance (ESG) issues in the United States has intensified, resulting in a patchwork of state-level legislation. Additionally, the U.S. Securities and Exchange Commission (SEC) continues to scrutinize private fund practices. In this environment, both sponsors and investors are exercising caution.

<h3 class="wp-block-heading"><span style="color: #e03e2d;">Trends and Developments</span></h3>
<p>In 2023, the private equity industry has confronted a complex landscape marked by macroeconomic uncertainties and geopolitical challenges. While the crises involving Silicon Valley Bank, First Republic Bank, and Signature Bank were relatively short-lived, they added to an already challenging liquidity environment. Fundraising remains fiercely competitive, and the debate over Environmental, Social, and Governance (ESG) issues in the United States has intensified, resulting in a patchwork of state-level legislation. Additionally, the U.S. Securities and Exchange Commission (SEC) continues to scrutinize private fund practices. In this environment, both sponsors and investors are exercising caution.</p>
<p>However, amidst these challenges, deals are still being completed. Lenders are adjusting their balance sheets, and creative financing solutions, like direct lending and co-investments, are filling the gaps left by a decrease in syndicated debt financings. Prominent funds are offering incentives and flexible terms to attract capital, while new managers are raising funds deal by deal. Despite the uncertainties, some bright spots have started to emerge.</p>
<h3 class="wp-block-heading"><span style="color: #e03e2d;">Fundraising</span></h3>
<p>The private equity fundraising landscape in 2023 is characterized by persistent inflation, pressure on public equities, and disruptions in sectors like banking and technology due to bank failures and government interventions. These conditions have made fundraising highly competitive, with sponsors across various sectors and regions vying for investor allocations. Investors, on the other hand, are grappling with the &ldquo;denominator effect&rdquo; and limited liquidity in their portfolios.</p>
<p>Established sponsors with a track record of delivering strong returns are still able to secure a significant share of investor allocations, especially for flagship funds that are less frequently available. However, flagship funds are taking longer to raise and require flexibility in marketing and terms. Emerging managers face tougher fundraising conditions, and many are resorting to raising capital deal by deal.</p>
<p>Sponsors are adapting by offering economic incentives such as loyalty discounts and early closing discounts that extend beyond the fund&rsquo;s initial closing. They are also exploring custom solutions for anchor investors, including raising smaller &ldquo;bridge&rdquo; or &ldquo;annex&rdquo; funds. Additionally, investors are seeking staged commitments to improve cash planning and gain better insight into a fund&rsquo;s early performance.</p>
<p>In the backdrop of a slowdown in the private market, sponsors are also dealing with increased regulatory requirements. The SEC&rsquo;s new Marketing Rule has introduced complexity and cost for sponsors, requiring adaptation to this new paradigm. ESG rules, both at the international, U.S., and state levels, are evolving without uniformity, posing challenges for sponsors and investors in evaluating their impact and implementation on the private fund industry.</p>
<p>The private market continues to grapple with the repercussions of the banking crisis, with liquidity and capital access remaining tight, particularly in the venture, growth, and tech sectors. These sectors are now struggling to replace the capital sources provided by regional banks. The slow fundraising pace is expected to persist in the second half of 2023, making strong performance and creativity essential for attracting capital. Building and maintaining relationships between sponsors and investors is expected to be crucial in this environment.</p>
<h3 class="wp-block-heading"><span style="color: #e03e2d;">Fund Finance</span></h3>
<p>The first half of 2023 has been an intriguing period for the fund finance market. The near-collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank, major lenders in the fund finance space, prompted fund borrowers to navigate covenant restrictions and seek alternative credit sources. Despite this, there is still strong demand for liquidity among funds.</p>
<p>Traditional bank lenders, however, are facing challenges due to macroeconomic events, including interest rate hikes and regulatory changes. They have become more selective in extending credit, favoring syndication efforts and adjusting their balance sheets through swaps and guarantees.</p>
<p>Subscription facilities remain popular, and back-leverage loans and NAV facilities are on the rise as buyout funds seek financing for acquisitions and portfolio management. Insurance companies and similar investors continue to be a source of capital, with rated feeder structures and collateralized fund obligations evolving.</p>
<p>Sponsors are also looking to innovate in the fund finance market to meet their liquidity needs, potentially leading to further developments in this space.</p>
<h3 class="wp-block-heading"><span style="color: #e03e2d;">Funds Regulatory</span></h3>
<p>The SEC&rsquo;s Regulatory Agenda for Spring 2023 and its rule-making activity underscore its rapid pace of rule-making. The agenda includes various proposed and newly adopted rules that impact private funds.</p>
<p><span style="color: #e03e2d;"><strong>Newly Adopted Rules</strong></span></p>
<p>In August 2023, the SEC introduced the Private Fund Adviser Rules, which bring significant changes to the private funds industry by regulating contractual terms and imposing conduct and disclosure requirements on advisers.</p>
<p><span style="color: #e03e2d;"><strong>Newly Proposed Rules</strong></span></p>
<p>The SEC is considering rules related to predictive data analytics, registration for internet advisers, ESG disclosure requirements, cybersecurity, and safeguarding rules. These rules aim to enhance transparency and accountability in the private fund industry.</p>
<p><span style="color: #e03e2d;"><strong>Rules with Expected Adoption Dates</strong></span></p>
<p>Rules related to outsourcing by investment advisers, regulation of best execution, and updates to the accredited investor definition are in the pipeline. These rules may have a substantial impact on the industry and require attention from market participants.</p>
<h3 class="wp-block-heading"><span style="color: #e03e2d;">Private Funds Transactions</span></h3>
<p>While the markets have stabilized compared to the volatility of 2022, high interest rates, infrequent distributions, and challenging fundraising conditions continue to affect the secondaries market.</p>
<p>Single-asset GP-led transactions have been slow due to pricing disparities between secondary investors and sponsors. However, there is optimism that growing liquidity needs among investors will eventually drive an increase in GP-led secondaries volume.</p>
<p>Buyers in GP-led transactions are negotiating for discounts to net asset value (NAV) and lower management fees, leading to a buyer&rsquo;s market. Non-traditional buyers are entering the space, emphasizing asset-level diligence and representation-and-warranty insurance.</p>
<p>LP portfolio sales have surged as investors seek liquidity, particularly in portfolios with diverse holdings. Sponsors are asking buyers of LP interests to make stapled commitments to their newer funds.</p>
<p>Co-investment remains attractive, adapting to economic conditions and evolving deal-making technology. Sponsors are increasingly turning to co-investors for follow-on capital, and private credit has thrived, with sponsors and investors building lending platforms.</p>
<h3 class="wp-block-heading"><span style="color: #e03e2d;">M&amp;A</span></h3>
<p>The private equity M&amp;A landscape in 2023 has yet to witness a significant rebound. Economic uncertainties and regulatory scrutiny have deterred some transformative acquisitions, as sponsors face challenges in securing financing amid prolonged approval processes.</p>
<p>Despite these hurdles, deals are still happening, especially in sectors like healthcare and infrastructure. Direct lenders and co-investments are playing a crucial role in financing acquisitions with acceptable terms, albeit at lower leverage ratios.</p>
<p>Fund-to-fund and continuation fund deals have remained popular, but caution prevails in the current environment. However, as older fund assets come to market, there may be an uptick in deal volume, potentially driven by more agreeable pricing.</p>
<h3 class="wp-block-heading"><span style="color: #e03e2d;">SEC Enforcement</span></h3>
<p>In 2023, the SEC continues to focus on enforcement actions against entities advising and auditing private funds. Notable actions have included cases related to cross-trades, valuation practices, and management-fee calculations.</p>
<p>The SEC brought actions against firms for improper trading, inadequate audit practices, and fee calculation discrepancies. These actions emphasize the SEC&rsquo;s scrutiny of gatekeepers in the private fund industry.</p>
<p>Expectations are that the SEC will continue robust enforcement against private fund advisers, particularly in cases involving conflicts of interest or issues with fee calculations.</p>
<p>In summary, the private equity landscape in 2023 is marked by challenges and opportunities. Fundraising remains competitive, regulatory changes are on the horizon, and market dynamics are evolving. Navigating these complexities will require adaptability, creativity, and a keen focus on compliance and performance.</p>
<p>To secure exceptional talent for your private equity firm or portfolio company please reach out to Raw Selection&rsquo;s Managing Partner Alex Rawlings at Alex.Rawlings@Raw-Selection.com to discuss your requirements and how we can help you identify the best talent.</p>

Private Equity 2023: Navigating Challenges and Opportunities

As the private equity landscape continues to evolve, an increasing number of leaders are assuming the role of CEO within portfolio companies. This unique position comes with a distinct set of challenges and demands. In this playbook, tailored for private equity professionals, we provide guidance for newly appointed CEOs of private equity-owned companies. Drawing from insights and interviews with industry experts, we shed light on the specific nuances and expectations that define this role.

<p>As the private equity landscape continues to evolve, an increasing number of leaders are assuming the role of CEO within portfolio companies. This unique position comes with a distinct set of challenges and demands. In this playbook, tailored for private equity professionals, we provide guidance for newly appointed CEOs of private equity-owned companies. Drawing from insights and interviews with industry experts, we shed light on the specific nuances and expectations that define this role.</p>
<h3><span style="color: #e03e2d;">1- What Makes This Role Different</span></h3>
<p><span style="color: #e03e2d;"><strong>1.1 The CEO&rsquo;s Unique Challenge:</strong></span></p>
<ul class="wp-block-list">
<li>CEOs in private equity-owned companies must excel in traditional CEO responsibilities while operating at an accelerated pace.</li>
<li>Access to guidance for this specialized role is limited, making it crucial to understand its unique demands.</li>
</ul>
<p><strong><span style="color: #e03e2d;">1.2 The Essence of Leadership:</span></strong></p>
<ul class="wp-block-list">
<li>Private equity firms prioritize CEOs who exhibit an ownership mentality.</li>
<li>Nonhierarchical thinking, financial acumen, and exceptional team-building skills are highly valued.</li>
<li>Large PE firms provide extensive support, including operational teams, experts, advisers, and a network of fellow CEOs.</li>
</ul>
<h3><span style="color: #e03e2d;"><strong>2</strong>- The CEO&rsquo;s Role in the PE Ecosystem</span></h3>
<p><span style="color: #e03e2d;"><strong>2.1 Working with a Hands-On PE Board:</strong></span></p>
<ul class="wp-block-list">
<li>Oversight from the PE board is intense and interactive, resembling a &ldquo;super management team.&rdquo;</li>
<li>CEOs should foster strong relationships with board members and leverage their expertise.</li>
<li>Understanding the PE industry&rsquo;s history and language enhances communication with the board.</li>
</ul>
<p><strong><span style="color: #e03e2d;">2.2 An Executable Investment Thesis:</span></strong></p>
<ul class="wp-block-list">
<li>CEOs must align their decisions and actions with the investment thesis.</li>
<li>A deep understanding of financial metrics and value-creating levers is essential.</li>
<li>Silos between departments have no place in a PE-backed company; CEOs should foster a nonhierarchical culture.</li>
</ul>
<p><span style="color: #e03e2d;"><strong>2.3 Speed to Value:</strong></span></p>
<ul class="wp-block-list">
<li>Private equity operates on tight timetables, demanding urgency from CEOs.</li>
<li>Monthly delays can impact returns significantly, emphasizing the need for swift action.</li>
</ul>
<h3><span style="color: #e03e2d;"><strong>3</strong>- Coping with the Pressure</span></h3>
<p><span style="color: #e03e2d;"><strong>3.1 Comparison with Peers:</strong></span></p>
<ul class="wp-block-list">
<li>CEOs in PE-owned companies are compared to their peers across the portfolio.</li>
<li>Quick talent decisions are encouraged, with the honeymoon period being short.</li>
</ul>
<h3><span style="color: #e03e2d;">4- Four Ways to Succeed</span></h3>
<p><span style="color: #e03e2d;"><strong>4.1 Build a Relationship with the Board:</strong></span></p>
<ul class="wp-block-list">
<li>CEOs should engage with the PE board in a hands-on manner.</li>
<li>Understanding board members&rsquo; expertise and perspectives is crucial.</li>
<li>Aim for alignment between stakeholders&rsquo; views and the CEO&rsquo;s plan.</li>
</ul>
<p><strong><span style="color: #e03e2d;">4.2 Quickly Assemble an A-Team:</span></strong></p>
<ul class="wp-block-list">
<li>Effective talent management is vital, as CEOs often need to rebuild the C-suite.</li>
<li>Diversity on the management team and board enhances decision-making and performance.</li>
</ul>
<p><strong><span style="color: #e03e2d;">4.3 Launch an Achievable 100-Day Program:</span></strong></p>
<ul class="wp-block-list">
<li>Develop a feasible plan grounded in a deep understanding of the business.</li>
<li>Continuously assess and adapt the plan, remaining open to opportunities.</li>
<li>Establish comprehensive reporting tools tied to strategy.</li>
</ul>
<p><strong><span style="color: #e03e2d;">4.4 Leverage PE Sponsor Resources:</span></strong></p>
<ul class="wp-block-list">
<li>Identify and integrate key resources provided by the PE sponsor.</li>
<li>Define your leadership style and purpose, focusing on contributions and impact.</li>
<li>Model the leadership behaviors required for success.</li>
</ul>
<h3><span style="color: #e03e2d;">5- The Future of Private Equity-Backed Leadership</span></h3>
<p><strong><span style="color: #e03e2d;">5.1 Evolving Landscape:</span></strong></p>
<ul class="wp-block-list">
<li>Private equity-owned companies are on the rise, necessitating specialized leadership.</li>
<li>Playbooks for this unique leadership role are becoming increasingly important.</li>
</ul>
<p><span style="color: #e03e2d;"><strong>5.2 The Winning Strategies:</strong></span></p>
<ul class="wp-block-list">
<li>This playbook is informed by insights from leading PE professionals.</li>
<li>Embracing these strategies will help CEOs navigate the challenges and rewards of their role.</li>
</ul>
<p>As private equity continues to shape the corporate landscape, the role of CEO within portfolio companies remains distinct and dynamic. This playbook provides a comprehensive guide for private equity professionals in the USA, offering valuable insights and strategies to succeed as a private equity portfolio-company CEO. By understanding the unique demands of this role and leveraging the resources available, CEOs can thrive in this challenging and rewarding environment.</p>
<p>If you need help securing your next CEO role are are looking for exceptional talent for your private equity firm or portfolio company please reach out to Raw Selection&rsquo;s Managing Partner Alex Rawlings at Alex.Rawlings@Raw-Selection.com to discuss your requirements and how we can help you identify the best talent.</p>

A Playbook for Private Equity Portfolio Company CEOs

Salary, training, onboarding, executive search fees. We understand the cost of hiring. Not to mention the hidden costs of a bad hire if something does go wrong.

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Raw Selection is a leading executive search consultancy for lower to middle-market Private Equity firms and their Portfolio Companies. We work across Europe and North America to find exceptional talent and de-risk the executive search process.

Risk and reward may be an inseparable pair in Private Equity but the same doesn’t have to be said for Private Equity executive search. <br><br><b>Founded in 2017</b> with one objective: Offer meticulous executive search risk-free.

While search firms have traditionally looked at the here, now and exit, leaving organisations with average performance, loss of productivity and often, a skills gap, Raw Selection was built on the principles of longevity and excellence.

We work with Private Equity Firms and their Portfolio Companies to find the skills and experience needed today, tomorrow and until exit. It’s this longevity and excellence that we look for in your next hire and in the very unlikely event that we don’t find it, we’ll offer you your money back.

Unlike traditional investing, investing in your human capital with Raw Selection is the only way to get a return on investment with every hire.

Raw Selection continues to invest in candidate assessment processes and raising standards to ascend to be the leading Private Equity executive search partner. We pride ourselves on being the last executive search you will ever have to work with. Partner with us to take the risk out of your next Executive Search assignment. 

Executive Search, without the risk.

<p style="text-align: left;">20% to 30%&mdash;that&rsquo;s how low the success rates can be for hiring the right executives in Private Equity, despite exceptional leadership being critical for portfolio company success.</p><p style="text-align: left;">In How to Hire, Alex Rawlings, Founder and Managing Partner of Raw Selection, shares a definitive guide to mastering executive Executive Search for Private Equity.</p><p style="text-align: left;">Drawing on over a decade of experience and insights from thousands of interviews, Alex uncovers the strategies to hire leaders who deliver results.&nbsp;</p><p style="text-align: left;">This practical, actionable framework is designed to revolutionize your hiring process, boost your success rates, and ensure the right leaders are in the right roles.</p><p style="text-align: left;">If you're serious about de-risking executive Executive Search and driving portfolio success, this book is your essential resource.</p><p style="text-align: left;">Join the waiting list to be among the first to get your hands on this essential guide and take your executive Executive Search to the next level.</p>

How to Hire by Alex Rawlings

<p>20% to 30%&mdash;that&rsquo;s how low the success rates can be for hiring the right executives in Private Equity, despite exceptional leadership being critical for portfolio company success.</p>
<p>In How to Hire, Alex Rawlings, Founder and Managing Partner of Raw Selection, shares a definitive guide to mastering executive Executive Search for Private Equity.</p>
<p>Drawing on over a decade of experience and insights from thousands of interviews, Alex uncovers the strategies to hire leaders who deliver results. This practical, actionable framework is designed to revolutionize your hiring process, boost your success rates, and ensure the right leaders are in the right roles.</p>
<p>If you're serious about de-risking executive Executive Search and driving portfolio success, this book is your essential resource.</p>

HOW TO HIRE 

<h3>Private Equity Executive Search, Without the <span style="color: rgb(228, 52, 42);">Risk</span>.</h3>

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Macroeconomic headwinds, ecosystem losses and geopolitical tensions have all had a huge impact on the investment landscape. There is thought to be a back-log of unsold Portfolio Companies, of four times the value than during the 2008 financial crisis*

Strong portfolio management has never been more crucial. After all, why purchase a great company and then hire ordinary managers to take it to the next level?

Raw Selection specialises in helping Private Equity firms find investment professionals who can unlock access to the most lucrative opportunities. We then help their Portfolio Companies to build exceptional operating teams who know how to seize them.

We can match your Portfolio Company with executives who can navigate economic downturns, build sustainable revenue generation, perfect your organisational structure and up-skill existing teams to ensure your company evolves in a constantly changing market. In the unlikely event that we can’t, we’ll offer you your money back.

That’s how we offer Private Equity executive search, without the risk.

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<p>As we often say, your people are your greatest assets. Here we unfold what you can expect from each of our three levels of service and the investment required.</p>

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Portfolio Companies serve as a launchpad to success, offering unparalleled exposure and autonomy that allow executives to make a big impact.

Typically boasting small teams with flat structures, working within a Portfolio Company means access to stakeholders, a voice in strategic decision making and less bureaucracy.

You can also expect to receive higher compensation with incentive plans and bonuses tied into the long-term performance of the company, something you can help shape into success.

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Private Equity firms are an intellectual playground. They pave an exciting career path for competitive, entrepreneurial and dedicated individuals who are excited by working with some of the brightest investors in the world.

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The 5 Traits of Exceptional CEOs in Private Equity

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