Private Equity Hiring Update Q3

The Australian private equity hiring market has been steady across 2025. Deal flow remains

patchy across strategies, but competition for strong talent hasn’t eased.

Key Trends:

Investment Teams:

Hiring is active across the mid & lower mid-market. Funds continue to target Associates and

Senior Associates with strong execution and modelling capability. At the same time, there’s

rising demand for mid-level Associate Directors and Investment Managers who can take

genuine deal leadership responsibility, execute transactions end-to-end, and bring

origination skills and networks to source new opportunities.

Expanding Strategies:

We’re seeing a clear trend of firms broadening their mandates. Private credit funds are

launching private equity strategies, buyout funds are moving down into growth equity and

smaller deal sizes, and some PE groups have launched listed strategies. At the same time,

search funds are attracting more attention, with both investors and operators exploring this

model more seriously, creating opportunities for candidates with entrepreneurial or

operational backgrounds.

Candidate Market:

Talent is mobile but cautious. Hiring mid-level AD/IMs with existing PE experience remains

particularly challenging, as the pool of ready candidates is limited. Those candidates are

increasingly weighing culture, deal flow, clear progression paths, and attractive

remuneration structures before making moves. Retention has become as critical as

attraction for many GPs.

Our View:

Hiring is measured but competitive. Most managers are taking an opportunistic approach -

willing to move quickly for standout talent even without an immediate business need. The

market is rewarding firms that invest early in mid-level dealmakers who can execute and lead

transactions, as well as originate new deals. Those who build depth now will be best placed

to capture opportunities when activity accelerates.