Empowering the Freelance Economy

Private equity firms on a tech recruitment drive

Charlie Hunt, director of UK at recruitment firm PER
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Hiring contractors and freelancers can be an excellent way for private equity firms and their portfolio companies to fast-track the most pressing jobs while HR is recruiting for permanent hires

  • 31% of private equity firms confirmed they are either currently recruiting for data analytics, science and programming roles, according to a Private Equity Wire report.
  • 60% of PE CFOs are struggling to recruit millennial and Gen Z employees, with 82% reporting issues with retention
  • 43% of GPs are increasing the scrutiny of their private equity firms’ talent management programmes

For the first time, recruiters are seeing demand in the private equity industry for chief data officers, data scientists and engineers so that firms can gain an edge. Photo by Anna Nekrashevich via Pexels

The private equity industry has experienced record fundraising and attractive returns over the past two years. The number of assets under management (AUM) for many private equity firms is growing year on year and the asset classes they invest in are diversifying, which means larger firms have developed into asset management firms. This means firms require several new teams, according to a news report by Private Equity Wire.

Hiring contractors and freelancers can be an excellent way for private equity firms and their portfolio companies to fast-track the most pressing jobs or projects while HR is recruiting for permanent hires.

“There isn’t a single part of the alternatives industry that hasn’t had a good run, so everyone has been hiring. In the last 20 months, the market has been very buoyant,” Charlie Hunt, director of UK at recruitment firm PER told Private Equity Wire.

Just under a third of private equity firms are currently seeking data analytics, science and programming recruits, according to data from Private Equity Wire’s latest survey.

Tech talent in particular has become a priority, as the back-office finally gets recognition for its value from PE firms, said the report.

Ben Harrison, the founder of DealCloud and president of Financial Services at Intapp,

“Almost all PE firms are looking to operationalise and scale the technology and data they have to benefit investors. For the first time we’re seeing demand for chief data officers, data scientists and engineers so that firms can gain an edge,” said Ben Harrison, the founder of DealCloud and president of Financial Services at Intapp, in the news report.

As private equity firms get more switched on to tech, such as AI and bespoke investor relations tools, firms are seeing that as an advantage because it diminished key-person risk higher up in the organisation, because they are “drawing more value from data and analytics instead of a person’s network or knowledge,” said the report.

There seems to be a lack of candidates in the market, so there will be firms desperate for high-quality talent, even if that talent is freelance or project-based. They will need people to come in and get on with things while they are recruiting. The same goes for the companies these firms invest in.

“Everybody, particularly in the private market space, has money to deploy for hiring, but they’re a little too focused on finding the perfect candidate all the time. Right now, they need bodies on board to help manage these growth initiatives, which might change dramatically if we see another three months of markets sliding like they are,” said Jonathan Doolan, managing partner at Indefi, a global strategy advisor.

Want to learn more about how your skills and experience could benefit the private equity industry? Check out:  The Great Reboot: Why private equity is finally turning to technology.

Looking to work for a private equity firm or a private equity-backed business like TAG or Kantar? Then it is worth checking out freelance job sites such as Yuno Juno, whose CEO tells The Freelance Informer they have “a lot” of freelance job opportunities in private equity-backed businesses. For Freelancers | YunoJuno

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