The appetite for new deals is returning to the Australian private equity scene, and this is already translating into more jobs.

The headline act is clearly the mega sale of Healthscope for $2.7bn to a US firm, yet mid-market Australian-based PE firms are leading the recruitment drive, according to a Sydney-based recruiter.

Victoria Biggs, co-founding partner of Platinum Pacific Partners, says there are five firms concurrently in the market for talent.

“This includes roles for investment directors and analysts,” says Biggs, who notes there have only been about 10 PE roles advertised to the market over the past two years.

Breaking into PE

Clearly compensation potential is a major attraction for ambitious bankers who want a PE job, however, the size of a remuneration package depends on the size of the fund.

“PE is a less mature market in Australia, so there is no typical market rate for a certain level. But typically investment directors can earn between $450k to $800k, which includes base and bonus,” explains Biggs.

Good coin indeed, but this pales in comparison with the carry income – or the share of the profits above a fixed rate of return – that PE specialists can earn. “The beauty of a carry income is that there is absolutely no ceiling and it can be millions,” she adds.

Another recruiter, who asked not to be named, says candidates with two to four years’ corporate finance experience, excellent modelling skills, and persuasive personalities are in demand.

“An enthusiasm for commerce, not just doing deals, is essential. Real industry experience such as technology, FMCG, life sciences and a top MBA can also be an attractive background,” he adds.

Bob Olivier, director of global marketing intelligence at Advantage, suggests that while the PE recruitment market is still relatively quiet, a background in insolvency and turnaround might be of interest to PE firms.

“This is because you will have had exposure to asset sales, dealing with the banks, but, most importantly, coal-face business operational experience in some pretty rough situations,” he adds.

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