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PE firms focus on retaining talent

In a bid to retain top talent, as the industry combats a prolonged period of subdues deals activity, private equity firms are offering a range of staff ‘benefits’ including higher base salaries, more paid time-offs, gym discounts, travel insurance, according to a report by Bloomberg.

The report cites a report by Preqin as highlighting that with increased borrowing costs having dampened fundraising and made exits more difficult, PE firms are reassessing their recruitment strategies and prioritising keeping existing staff happy.

The report is based on a survey of 84 private capital firms from around the world.

According to Preqin’s 2024 Private Capital Compensation and Employment Review, salaries have increased across the board but those in junior and mid-level positions have seen the biggest increases. Mid-level professionals got an average increase of about 10% year-on-year, the most among all other levels of seniority, while seniors saw about 9%.

Performance shares, which are usually reserved for upper management, are also becoming increasingly popular, with almost half of the firms surveyed offering them this year, up from 24% in 2022.

Staff are also being offered a range of non-salary benefits including student loan repayments, personal leave, car insurance assistance and more. Employee personal time-offs have increased by two days in the past two years, while vacations increased by a day for all levels except managers, who received two additional days in 2023.

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