Hiring outlook mixed as we review our favorite career sites

Following several years of go-go recruiting, chinks are beginning to show in the PE hiring market’s armor.

While hiring remains active it is slower than last year, Laurie Thompson, founder and executive recruiter of fundraising and investor relations specialist Willow Hill Advisors, told Private Equity Career News. Thompson’s survey of 95 hiring managers last fall found about 13 percent of respondents expecting to actively recruit in 2024. That was down from about 27 percent in 2023.

“It’s important to keep in mind that these are year-over-year comparisons and the past several years were the most active hiring market on record,” Thompson wrote in an email. “Given the challenging fundraising environment and how much movement we’ve already experienced, firms are smart to be more selective and focus on quality.”

Slowing Market: Similarly, Paige Scott, a senior partner and leader of the asset management practice at executive recruiter Kingsley Gate, said that the hiring market across private markets became much quieter last year coming off the heels of massive hiring years in 2020 through 2022.

To Be Sure: Scott also pointed to sectors where hiring remains strong, including private secondaries/co-investments, wealth management and private credit. “Right now direct lending and investment grade are looking really good for a lot of allocators and will continue to be, because there’s a need that the private markets managers are addressing the banks are not addressing anymore,” Scott told Private Equity Career News recently. “That’s going to spell continued jobs and opportunities for people in private credit.” Last May, Private Equity Career News put the spotlight on private credit hiring, as well as earlier this month in a story about proliferating job openings at pension funds.

Influential Move: The PE industry can also expect plans by the California Public Employees’ Retirement System to expand its private markets portfolio to lead to job creation, both directly and indirectly. The $491 billion pension fund said this week that it would increase its target allocation to private equity from 13 percent to 17 percent, giving it room to invest another $14.7 billion in the asset class. It also raised its target allocation to private credit from 5 percent to 8 percent. At press-time, we hadn’t heard back from executives at CalPERS about whether they planned to hire additional staff to manage the larger portfolios.

Tracking Job Openings: In analyzing the career pages of 18 private equity, private credit and specialized money managers we found about 824 job openings. A star next to some of our favorite career pages listed below indicates we included them in our count. We’ll plan to track these 18 over time to help determine the direction of industry hiring.

  • Apollo Global Management *: Candidates can search by keyword and select a location and job category. (There were about 144 jobs listed during a recent search.)
  • Ares Management Corporation *: Selections include location, if the position is full time, and the job category, and you can add keywords for a more specific search. (79)
  • Bain Capital *:Location, time type and job profile are among selection options, as is the keyword search bar. (27)
  • Blackstone Group *: The site has a keyword search option and selections for locations, full time jobs and business units. (148)
  • Brookfield Asset Management: Opportunities are organized by country, with positions listed alphabetically by job title. Career seekers can narrow the job display by selecting from among listed locations, business groups and departments. (59)
  • Brown Brothers Harriman (BBH): Job candidates can use a keyword search and select a location, full or part time jobs and job type. (153)
  • Carlyle Group *: You can search keywords and select a business site location and line of business. (71)
  • General Atlantic *: Current job openings are listed with corresponding departments and offices, and there are options to narrow searches by selecting a specific department or office. (7)
  • Goldman Sachs *: You can find jobs with a keyword search and filter selections by location, region, area of the firm and skillset. Search results can be sorted by relevance or posting date. (123 jobs found after a “private equity” search)
  • Hamilton Lane *: A keyword search bar is included on the career page, along with options to select a location, time type and job type. (21)
  • HarbourVest Partners *: The site allows for a keyword search and filters for location, full time or part time, job category and if the job is a regular role or an intern position.(61)
  • Intermediate Capital Group (ICG) *: Searches can be done by keywords, location selection, full or part time selection, job category and job type. (14)
  • KKR *: Job openings are shown on a list organized alphabetically by department. (41)
  • LGT Capital Partners *: You can search by keywords and narrow selections by location, full time or part time, job categories and job types. (18)
  • LLR Partners *: You can filter listed positions by city or state. (2)
  • Macquarie Group: A keyword search is available, and you can narrow the list by selecting a location or job category and level. (281)
  • NextGen Growth Partners *: Job listings are organized by category, such as operations, and include locations. There is an option to search for current open roles at portfolio companies. (4)
  • Neuberger Berman: Job seekers can make keyword searches and filter by location or job category. (73)
  • Oaktree Capital Management *: Options include a keyword search, location selection and filters for full time positions as well as job type. (32)
  • PSP Investments: A keyword search is included, along with filters for location, full or part time opportunities, job categories and if the role is permanent or temporary. (33)
  • PineBridge Investments: Tools include a keyword search and ways to narrow selections based on location, if they are full time or part time and job type. (23)
  • Riverside Company *: The list displays job titles, departments and locations. You also can search for opportunities at portfolio companies. (4)
  • The TCW Group *: The site offers a search bar option along with selections from among category and location. You also can sort results by job ID, job title, department, position summary and type. (17)
  • Vista Equity Partners *: You can select a business within the firm or portfolio companies, as well as by job function or location. (11)

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