Australia’s private equity scene has taken a breather over recent months, in line with global financial markets. Likewise, the private equity jobs scene is also having a quiet spell at the moment, according to recruiters, with the biggest activity on the cards likely to be from private equity firms shedding staff, rather than hiring.
But it seems that even if some staff are lost from the big firms, there’s still enough demand out there from smaller boutique specialists to keep the employment market fairly tight.
Oliver Darkes of Carmichael Fisher comments: “Private equity activity is drying up a lot but we’re seeing some movement, more at the junior level. It’s a couple of analysts and associates here and there, but that’s about it really. Typically they have been from the upper echelon of the banking community who have now become surplus to requirements. A couple of the PE houses have snapped up some good people, but it’s nothing of any note at the moment.”
Simon Tobin, director of Michael Page’s banking and financial services division, notes that smaller firms have been more active in the market. “We’ve seen a few businesses hire as usual, but they seem to be the real private of private equity. These are the smaller, boutique, family private equity firms that have access to the ultra high net worth individuals, not the higher-profile publicly listed companies.”
Tobin adds: “The smaller firms tend to be going about their business almost as normal. Hiring is not in huge amounts but it’s there.”