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INVESTMENT PROFESSIONALS2023 EDITIONGLOBAL
978978103028£2999.00In today’s ever increasing competitive landscape, the funds that will be most successful are those who hire the right people into leadership roles.
978978103028£2999.0024Meet Wilkinson Partners ......................................... 02Foreword ..................................................................................................... 03Access Alternatives .................................................................. 04Global Overview ........................................................................ 06Global Year-on-Year Analysis .......................... 10North America Overview ........................................ 14North America Year-on-Year Analysis .... 16North America Proles ................................................ 18UK Overview ...................................................................................... 24UK Year-on-Year Analysis ........................................ 26UK Proles .............................................................................................. 26EMEA Overview ........................................................................... 32EMEA Year-on-Year Analysis ............................. 34EMEA Proles ................................................................................... 36Asia Pacic Overview ..................................................... 40Asia Pacic Year-on-Year Analysis ....... 42Asia Pacic Proles ............................................................. 44The Retailisation of PrivateMarkets, Jane Singer .............................................................. 48Talent Consulting ...................................................................... 50Our Publications .......................................................................... 51CONTENTS144032EMEA OVERVIEWASIA PACIFIC OVERVIEWNORTH AMERICAOVERVIEWUK OVERVIEW01w ww.wilkinsonpartners.com
MEET THEPARTN ER TEAMWHO WE ARETOM WILKINSONJAMES CHANNERWILL COLLINSVIVIENNE MACHADOGEORGE R E I LLYHiring the right leaders can be a daunting task, one that requires a deep understanding of the skills and experience needed to achieve both short and long-term goals. At the same time, it’s crucial to attract, retain, and develop future leaders while managing day-to-day operations. That’s why our clients trust our Partner team for their most important hires. Our expertise and research is what truly sets us apart. We have analysed 1,300 Partner moves and offer unparalleled insight and a global understanding of the Partner market. Our unique data-driven approach, combined with an extensive network, allows us to identify the right Partners for your of ce openings, team moves, and strategic hires, worldwide. We take pride in our ability to deliver results that exceed our clients’ expectations and we help to hire the best leaders to complement teams and advance their businesses. Whether you are a rm looking to grow or a Partner looking to move, we would love to hear from you.A recruitment partner whose interests are aligned with ours and who genuinely wants to see our fi rm succeed Partner, Big 4 rmWe’re an award-winning executive search rm that works closely with clients and candidates who want long-term expert support and intelligent advice underpinned by market-leading data. For over a decade, we’ve built our business by pursuing excellence across three market verticals: professional services, alternative investments and portfolio companies. Relationships lie at the heart of everything we do, so we take the time to understand clients’ businesses, teams, culture and aspirations, and candidates’ careers and ambitions for the future. Armed with this knowledge, we shape careers and grow businesses.For more information please visit wilkinsonpartners.comEmailinfo@wilkinsonpartners.comTelephone+44 (0) 20 3369 100002Global 100 Investment Professionals 2023
In 2022, we sawinitiatives on strategicleadership hires andbuilding businessesbecome a top prioritydespite the concernsof economic uncertaintytowards the end ofthe year.For the second year running we have published an annual Global 100 report by meticulously researching and analysing 200 Investment professional hires globally. By analysing the most prominent lateral moves in the market, our aim is to provide valuable data insights and put framework around the otherwise opaque world of senior hires within private markets. We illuminate the key locations and drivers attracting top talent by breaking down demographic, sector, and asset class trends both globally and across four jurisdictions. Overall, this publication helps us get a deeper understanding of the investment professionals being hired within private markets.Wilkinson Partners is proud to have sponsored the launch of Access Alternatives, a UK registered Charity created to provide young women from state schools across the UK, access to private markets. On P4 we talk to Vivienne Machado, the Founder and CEO on the journey so far, the success of the rst cohort and what the future holds for this fantastic foundation. FOREWORDI want to thank everyone who has been involved in this publication, at Wilkinson Partners and beyond. Furthermore, I am grateful to Jane Singer, for providing a feature on ‘The Retailisation of Private Markets’. Gabrielle ShakeshaftPartner03w ww.wilkinsonpartners.com
> Q: Vivienne, congratulations on achieving Charity status. Remind us, what is Access Alternatives and how does it work? We work with State schools across the UK – because we are aware that privately educated candidates – those who typically apply to Private Equity roles, have often had better access to career advice, are more likely to have friends or relatives in nance and may have developed the skills required to network effectively, dress correctly – put themselves forward as condent, capable contenders for top jobs. Bright, numerically competent young women are identied in Year 13 and given coaching, a Private Equity mentor, technical training in the foundations of Corporate Finance and Investment and over the course of their degree take part in two internships at our sponsor PE rms. The aim is to get them on to a level playing eld with their competitors for penultimate year internships and ultimately, a full-time role. > Q: How will Charitable status help the programme expand? There are many avenues of funding that are only open to Registered Charities. Although we charge our Partner rms a nominal fee for each intern they take, it simply covers the costs of that individual’s place on the programme. We would like to do much more, at a larger number of state schools, with a bigger group of interns, run more professional training, perhaps even assist some students from lower income families with bursaries to help them through our programme. We will be approaching any philanthropy foundations and funds that exist within the Private Markets space to seek ‘investment’ into our programme. Last year, we spoke to Vivienne Machado who set up Access Alternatives – an initiative to encourage and facilitate access to Private Equity for bright young women entering university. One year on, Access Alternatives is now a registered Charity and its rst cohort of women are about to embark on their rst work experience/internships at a number of PE rms.An interview with Vivienne Machado, Founder of Access AlternativesG100 INVESTMENT 202304Global 100 Investment Professionals 2023
> Q: How have the rst cohort settled into the programme? Our Cohort of 9 were ofcially signed up to the programme in September last year, once their university places had been conrmed. They are all highly numerate, motivated and keen to commit to shaping their careers early. All were assigned to an individual career coach from our team – who work on soft skills as well as cv preparation, creating professional social media proles and networks, workplace etiquette, presentation skills and condence building. In December, once they had settled into the cadence of university life, we assigned them to a Mentor from one of our Partner organisations (PE rms) and enrolled them for the Foundation Modules of the Securities and Investments (CISI) qualication. Their mentors connect with them once a month to troubleshoot on their studies, or simply to provide context and examples of what they are learning. In addition, they have received workshops covering the basics of Private Markets and the different kinds of Funds that operate in this space. > Q: How does the work experience piece factor in? Our Partner rms all committed to providing a mentor, along with 2 internships. The rst, a short ‘insight’ programme of 2 weeks at Easter. The cohort will be given overviews of their assigned PE rm and spend some time on the desk with their Mentors. In addition there will be networking events, educational seminars and an end of internship evaluation for the whole cohort. We are all very excited about this rst internship module! > Q: Can you describe what will happen next for the cohort? They will continue with their university studies and exams after Easter, still meeting with their mentors and coaches monthly until the Summer, when they will have a well earned break from studying. Coaching and mentoring resume in October and in January 2024 they will sit their CISI Foundation examinations and begin a course of Modelling workshops which will run until the Summer. The last piece of work experience on our programme is a 6-10 week internship at their Partner rm in 2024. This takes place in their penultimate year of university and aligns with the ‘typical’ time undergraduates do summer internships. At this point, they will have (hopefully) passed the CISI Foundation modules, had 2 years of coaching, mentoring and 2 meaningful work experiences to add to their cv. The feedback so far from our Mentors is that the cohort are motivated, bright and working hard to learn. A further litmus test will be the evaluations each will undergo at the end of their Easter internship. > Q: What’s the benet of participating in the programme for your PE Partner rms? Lots! Most PE rms have increased their focus ESG – this is an important social initiative and one that signals their commitment to increasing diversity and opening up access from a socio economic perspective. For the same reasons banks started doing this 20 years ago – their LPs (effectively their clients) are starting to demand it. The optics of engaging in such programmes are increasingly important to young people at the start of their careers, from all walks of life. Young people today increasingly want to know that the organisations they are joining value diversity and equal opportunity Furthermore they want them to demonstrate that they have active policy around their impact on society.I feel better equipped to take the next steps in my career. Moselle Mintah, 2022 CohortInspired by this experience and look forward to continuing the programme! Naveena Vedak, 2022 CohortIf this featured article has sparked your curiosity then please reach out to Vivienne Machado for more information: vivienne@wilkinsonpartners.com 05w ww.wilkinsonpartners.com
64%36%NoYesGENDERPROMOTIONCOMMENTARYGLOBAL OVERVIEWMaleFemale80%20%BUSINESS LINEPRIVATEEQUITYCREDIT81%19%0% 20% 40% 60% 80% 100%PRIVATE EQUITYCREDIT81%19%For Private Equity and Venture Capital, 2021 was a record breaking year, driven by a pandemic-accelerated technology boom that led to record buyouts and valuations.Compared to the highly active market in 2021, Private Equity deal activity decelerated in 2022. Several major PE rms were involved in less than half of the acquisitions they had made in the previous year. The activity among Private Equity parties reduced by approximately one-third year-on-year, as macroeconomic factors began to have an impact. The mood changed in early summer 2022, where banks began to pull back unwilling, or unable to lend. Private markets deal volume plummeted, performance declined, and valuations fell—dramatically in certain sectors. Private markets fundraising in North America was least affected. This is demonstrated by the majority of hires, 41% seen in this region.Consistent with the data from 2021, Private Equity remains to be the main market focus at 81%, with Private Credit accounting for just under one fth of the moves.Although diversity initiatives still remain high on the agenda, the needle hasn’t moved at all when looking at the proportion of male to females hires at the senior level, three quarters of those included in the report are male. It is also worth noting that the gender balance varies substantially from region to region.METHODOLOGYTo produce this report, we evaluated both lateral senior-level moves and new entries into a senior-level position. We looked at moves in the US, UK, EMEA and Asia Pacic to identify the Top 100 most inuential moves. To qualify, individuals had to be hired into one of the following rm classications:• Currently working in either Private Equity or Credit focused roles• Made their move in 2022 • Working at Principal level or higher We have mapped out individuals from the Top 25 Private Equity rms by their funds raised over the last ve years because we expect these rms to be the most active in recruitment.06Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
TYPE OF MOVEHedge FundAdvisoryCorporate12%2%Private EquityPrivate EquityAsset Management1%1%Investment Bank70%14%LOCATION OF HIRENORTH AMERICA41%UK21%EMEA14%ASIA PACIFIC24%The majority of moves take place from PE rms into PE rms at 70%. There is a considerable delta of 56% between the most popular type of move and the second largest move type. Moves from Investment Banks to PE rms was the second highest type of move at 14%. This is closely followed by moves from Corporate rms into PE rms. There is no attrition from PE rms. 07w ww.wilkinsonpartners.com
10%20%30%40%Business & Financial ServicesConsumer & RetailConsumer, Media & LeisureCreditEnergyESG & Impact InvestingGrowthIndustrial, Automotive & ConsumerInfrastructure & TransportLife Sciences, Healthcare & PharmaReal EstateSecondariesSector AgnosticTechnology4%3%1%14%3%6%2%3%16%4%9%4%15%16%UKUSEMEAAsia PacificGlobalUK US EMEA Asia Pacific GlobalMARKET FOCUSINFRASTRUCTURE & TRANSPORT16%On looking at the Market Focus data, there here have been some interesting changes throughout 2022. Previously, Credit was the most prominent focus, in the Alternatives sector, accounting for 26%, this now resides at 14%. Technology has maintained its position at 16% whilst there has been upward movement for those focusing on Infrastructure & Transport and Sector Agnostic (which has doubled).MARKET FOCUS (GLOBAL VS REGIONS)GLOBAL OVERVIEW08Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
YEAR-ON-YEAR GLOBAL ANALYSISGENDER10%20%30%40%50%60%70%Advisory toPrivate EquityAsset Management toPrivate EquityBanking toPrivate EquityCorporate toPrivate EquityHedge Fund toPrivate EquityInvestment Bank toPrivate EquityPrivate Equity toPrivate Equity362181754121211470 ■ 2021■2022 TYPE OF MOVERETENTION RATE80% 60% 40% 20% 0%100% 20%202196% 4%NO ATTRITION ATTRITION2021202220%20%2021202280%80%FEMALE MALEThe retention rate has been tracked for the rst 12 months post hire.09w ww.wilkinsonpartners.com
BUSINESS LINE0% 20% 40% 60% 80% 100%2021202278%81%22%19%Private Equity Credit44%56%NoYes64%36%NoYesPROMOTION20212022YEAR-ON-YEAR GLOBAL ANALYSIS10Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
LOCATION OF HIRE202155%NORTH AMERICAUK202241%202117%202221%20217%202214%202121%202224%ASIA PACIFICEMEA5%10%15%20%25%30%Business & Financial ServicesConsumer & RetailConsumer, Media & LeisureCreditEnergyESG & Impact InvestingGrowthIndustrial, Automotive & ConsumerInfrastructure & TransportLife Sciences, Healthcare & PharmaReal EstateSecondariesSector AgnosticTechnology4%3%1%14%3%6%2%3%16%4%9%4%15%16%202120222021 2022MARKET FOCUSMARKET FOCUS11w ww.wilkinsonpartners.com
NORTH AMERICAOVERVIEW12Global 100 Investment 2023G100 INVESTMENT PROFESSIONALS 2023
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NEW YORK59%MIAMI5%HOUSTON2%AUSTIN2%SAN FRANCISCO10%WASHINGTON7%TORONTO2%LOS ANGELES2%DENVER7%BOSTON2%PENNSYLVANIA2%NORTH AMERICA OVERVIEWBUSINESS LINE0% 20% 40% 60% 80% 100%PRIVATE EQUITYCREDIT80%20%LOCATION OF HIRECOMMENTARYAs expected, most movers in this region were located in New York at 59%, however this is less than the number of hires in the same city last year and has dropped from 73%. San Francisco is responsible for the second highest location for the number of moves at 10% and maintains a similar percentage of moves to the previous year. Denver has seen an increase from 2% to 7% over the last 12 months.North America saw fewer promotions than the previous year’s data, however out of all regions it did see the highest percentage of promotions at 39%.The split of male to female hires still remains low however, despite this. Female hires are 4% lower than the year before.With reference to business line, 80% of Investment professionals are focusing on Private Equity, this aligns with the global trend.14Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
UK EMEA ASIA PACIFICNORTH AMERICA61%39%NoYesGENDERPROMOTIONMaleFemale88%12%TYPE OF MOVEAdvisoryCorporate15%Private EquityPrivate EquityHedge Fund2%2%Investment Bank64%17%5%10%15%20%25%30%Business & FinancialServicesConsumer & RetailCreditEnergyESG & ImpactInvestingGrowthIndustrial, Automotive& ConsumerInfrastructure &TransportLife Sciences,Healthcare & PharmaReal EstateSecondariesSector AgnosticTechnology2%7%12%5% 5%2%5%21%7%2% 2% 2%28%MARKET FOCUS USTECHNOLOGY28%MARKET FOCUSTechnology remains the most prominent market focus in this region, with 28% of professionals specialising in this area. This is also the highest percentage across all regions. Infrastructure & Transport is the second highest market focus 21%, followed in third place by Credit 12%.Following the global data, most of the moves in North America occur between Private Equity rms (64%), this is an uptick of 10% from the previous year. Outside of Private Equity, the sector where the most moves took place was Investment Banks to Private Equity. Moves from the Corporate sector into Private Equity account for the third highest number of moves at 15%.15w ww.wilkinsonpartners.com
2021202212%16%2021202284%88%YEAR-ON-YEARNORTH AMERICA ANALYSISGENDERFEMALE MALE5%10%15%20%25%30%Business & Financial ServicesConsumer & RetailConsumer, Media & LeisureCreditEnergyESG & Impact InvestingGrowthIndustrial, Automotive & ConsumerInfrastructure & TransportLife Sciences, Healthcare & PharmaReal EstateSecondariesSector AgnosticTechnology2%7%0%12%5% 5%2%5%21%7%2% 2% 2%28%202120222021 2022MARKET FOCUSMARKET FOCUS16Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
UK EMEA ASIA PACIFICNORTH AMERICABUSINESS LINE0% 20% 40% 60% 80% 100%2021202273%80%27%20%Private Equity CreditRETENTION RATE80% 60% 40% 20% 0%202195% 5%NO ATTRITION ATTRITION36%64%NoYes61%39%NoYesPROMOTION2021202210%20%30%40%50%60%Advisory to Private EquityAsset Management to Private EquityCorporate to Private EquityHedge Fund to Private EquityInvestment Bank to Private EquityPrivate Equity to Private Equity35162254215217642021 2022 ■ 2021■2022 TYPE OF MOVE80% 60% 40% 20% 0%202195% 5%NO ATTRITION ATTRITIONThe retention rate has been tracked for the rst 12 months post hire.17w ww.wilkinsonpartners.com
NORTH AMERICA PROFILESPR E V IO U S EMPLOYERFOCUS LOCATIONAASHISH DHAKADAres ManagementMANAGING DIRECTORBank of America Consumer Food & Retail New YorkADAM WALTZBlackRockMANAGING DIRECTORMorgan Stanley Infrastructure New YorkALEXANDER GREENBAUMEQT GroupPARTNERGIC Infrastructure New YorkANDRE BURBAPartners GroupMANAGING DIRECTORGlobal Infrastructure Partners Infrastructure DenverANDREW OLIVERAudax GroupMANAGING DIRECTOR Partners Group Industrial, Consumer DenverANGELA JHANJIEQT GroupMANAGING DIRECTORGrant Thornton ESG & Sustainability New YorkBENJAMIN BREIERPartners GroupPARTNERKindred Healthcare & Life Sciences DenverBENJAMIN GUILFORDBlackstoneMANAGING DIRECTORGolub Capital Technology New YorkBOGDAN CENANOVICPSGMANAGING DIRECTOROntario Teachers'Software and Technology ServicesTorontoBRAD LIFFApollo Global ManagementMANAGING DIRECTORGemspring Capital Credit New YorkBRIAN RADICThomas H. Lee PartnersDIRECTORLLR PartnersSoftware and Technology ServicesPennsylvania18Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
UK EMEA ASIA PACIFICNORTH AMERICAPR E V IO U S EMPLOYERFOCUS LOCATIONCADE MCNOWNThe Carlyle GroupMANAGING DIRECTORKayne Anderson Capital AdvisorsReal Estate Los AngelesCHRIS JOSEPHBlackstoneMANAGING DIRECTORGoldman Sachs Sustainable Resources New YorkCHRISTINA KIMBrookeld Asset ManagementMANAGING DIRECTORPrudential Private Capital Infrastructure New YorkCRAIG HARRISBlackstoneSENIOR MANAGING DIRECTOR3Bear Energy Energy HoustonDANIEL HAHNThe Carlyle GroupMANAGING DIRECTORSafanad Credit New YorkDAVID LORCHCerberus Capital ManagementMANAGING DIRECTORKohlberg & Company Technology New YorkDENNIS CORNELLApollo Global ManagementPARTNERMoelis & Company Credit New YorkGREGORY GALLIGANVista Equity PartnersSENIOR MANAGING DIRECTORAres Management Credit New YorkJENNIFER DAVISBain CapitalMANAGING DIRECTORGoldman Sachs Consumer & Retail New YorkKEITH ALLMANOnexMANAGING DIRECTORMUFG Transportation New YorkKONNIN TAMApollo Global ManagementPARTNERBlackRock Secondaries New York19w ww.wilkinsonpartners.com
NORTH AMERICA PROFILESPR E V IO U S EMPLOYERFOCUS LOCATIONLAURA JOHNSONBlackstoneMANAGING DIRECTORORIX Corporation Credit San FranciscoMATTHEW CROSSPSGMANAGING DIRECTORAudax Private EquitySoftware and Technology ServicesBostonMATTHEW WHITMAN Arsenal Capital PartnersPARTNERWindham Venture Partners Healthcare New YorkMICHAEL SCARDIGLI Oaktree Capital ManagementMANAGING DIRECTORFirst Reserve Energy New YorkNICHOLAS APOSTOLATOSBrookeld Asset ManagementMANAGING DIRECTORBarclays Investment Bank Healthcare New YorkPATRICK KENNEDYSycamore PartnersMANAGING DIRECTORH/2 Capital Partners Consumer & Retail New YorkPETER MUNZIGTPGPARTNERGeneral Atlantic Business Services San FranciscoR. SCOTT SPELLMEYERCerberus Capital ManagementMANAGING DIRECTORTracker Capital Management Technology WashingtonROSS DEVORThoma BravoPARTNERInsight Partners Growth Equity MiamiRYAN SELWOODThe Carlyle GroupPARTNERCPP Investments Sector Agnostic New YorkSHERVIN GERAMICerberusCapitalManagementMANAGING DIRECTORTeleWorld Solutions Technology Washington20Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
UK EMEA ASIA PACIFICNORTH AMERICAPR E V IO U S EMPLOYERFOCUS LOCATIONSUAAD SAIT Great Hill PartnersGROWTH PARTNERSharpSpring / Constant ContactSoftware and Technology ServicesAustinTERESA MATTAMOUROSEQT GroupMANAGING DIRECTORSCF Partners Infrastructure New YorkTOM RAKUSANCerberus Capital ManagementMANAGING DIRECTORTracker Capital Management Technology WashingtonTYLER PARKEREQT GroupMANAGING DIRECTORThe Carlyle Group Technology San FranciscoVITTORIO LACAGNINAApollo Global ManagementPARTNERPartners Group Infrastructure MiamiWES DICKOnexMANAGING DIRECTOR - HEAD OF ONEX TRANSPORTATION PARTNERSBBAM Transportation San FranciscoWINSTON SONGPAI PartnersPARTNERVestar Capital Partners Food and Consumer New YorkZACHARY GUTThomas H. Lee PartnersMANAGING DIRECTORBrighton Park CapitalSoftware and Technology ServicesNew York21w ww.wilkinsonpartners.com
UKOVERVIEW22Global 100 Investment 2023G100 INVESTMENT PROFESSIONALS 2023
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UK OVERVIEWCOMMENTARYLondon, unsurprisingly, dominated the location of hires in the UK. The UK was the only region not to mirror the global trend for business line. Credit only accounted for 10% of the movers, compared to circa 20% in the other three regions. Promotions were also low in the region, with only 29% citing an uplift in title. However, it is positive to report that the UK had the most balanced gender split. This is fantastic progress from the previous year when only 12% of hires were female, making it the least gender balanced region – a leap forward of 21%.LOCATION OF HIRELONDON100%BUSINESS LINE0% 20% 40% 60% 80% 100%PRIVATE EQUITYCREDIT90%10%24Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
UK EMEA ASIA PACIFICNORTH AMERICA5%10%15%20%Consumer, Media &LeisureEnergyESG & ImpactInvestingInfrastructure &TransportLife Sciences,Healthcare & PharmaReal EstateSecondariesSector AgnosticTechnology5% 5%19% 19%5%14%9%19%5%MARKET FOCUS UKUKSECTOR AGNOSTIC19%MARKET FOCUSPreviously, the most popular market focus in the UK was Credit (40%), however there has been a signicant shift in 2022, where top three areas of market focus were ESG & Impact Investing, Infrastructure & Transport, and Sector Agnostic each accounting for 19% of moves. Interestingly, Credit doesn’t feature in the UK focus at all. Infrastructure & transport has maintained its market focus year on year, whilst in comparison ESG and Impact Investing has increased, Sector Agnostic is a new focus that didn’t feature in 2021 moves. Yes71%29%NoPROMOTION GENDERMaleFemale67%33%Mirroring the type of move globally, in the UK most moves occur between Private Equity rms, 85%. This is the highest percentage of this type of move across all regions. AssetManagementCorporate5%Private EquityPrivate Equity5%Investment Bank85%TYPE OF MOVE5%25w ww.wilkinsonpartners.com
202120222021202288%67%YEAR-ON-YEARUK ANALYSISGENDERFEMALE MALE10%20%30%40%50%Business &Financial ServicesConsumer & RetailConsumer, Media &LeisureCreditEnergyESG & ImpactInvestingGrowthIndustrial,Automotive &ConsumerInfrastructure &TransportLife Sciences,Healthcare &PharmaReal EstateSecondariesSector AgnosticTechnology0% 0%5%0%5%19%0% 0%19%5%14%9%19%5%202120222021 2022MARKET FOCUSMARKET FOCUS26Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
UK EMEA ASIA PACIFICNORTH AMERICABUSINESS LINE0% 20% 40% 60% 80% 100%2021202276%90%24%10%Private Equity Credit100% 80% 60% 40% 20% 0%2021100% 0%NO ATTRITION ATTRITION59%41%NoYes71%29%NoYesPROMOTION2021202220%40%60%80%Advisory to Private EquityAsset Management toPrivate EquityBanking to Private EquityCorporate to Private EquityInvestment Bank toPrivate EquityPrivate Equity to PrivateEquity6 6 6126645 5 5852021 2022 ■ 2021■2022 80% 60% 40% 20% 0%202195% 5%NO ATTRITION ATTRITIONRETENTION RATETYPE OF MOVEThe retention rate has been tracked for the rst 12 months post hire.27w ww.wilkinsonpartners.com
UK PROFILESPR E V IO U S EMPLOYERFOCUS LOCATIONADAM PETRIEApollo Global ManagementPARTNERAMP Capital Infrastructure LondonADRIAN LETTSBrookeld Asset ManagementMANAGING DIRECTOROVO Energy Energy LondonALEXANDER WALSHBlackstoneSENIOR MANAGING DIRECTORTowerBrook Capital Partners Consumer, Media and Leisure LondonALI IMRAANKKR & Co.MANAGING DIRECTORLaSalle Investment ManagementReal Estate LondonCHARLES MILLER-JONESPartners GroupMANAGING DIRECTOROMERS Private Equity Credit LondonCHRISTINA DIXBain Capital MANAGING DIRECTORBank of America Healthcare LondonCHRISTINA FORSINGDALBlackRock DIRECTORCopenhagen Infrastructure PartnersESG & Impact Investing LondonELLY THIOEQT GroupMANAGING DIRECTOR TPG ESG & Impact Investing LondonGABRIELLE DALEBlackstoneMANAGING DIRECTORMacquarie Group Infrastructure LondonJAMES KIMAres ManagementPARTNERApollo Global Management Generalist LondonJIRI ZRUSTCVC Capital PartnersPARTNER Macquarie Group Infrastructure LondonLINDA ZHANGTDR CapitalDIRECTORLone Star Funds Generalist London28Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
UK EMEA ASIA PACIFICNORTH AMERICAPR E V IO U S EMPLOYERFOCUS LOCATIONLOUISE BOOTHBYGlendower Capital PARTNERColler Capital Secondaries LondonMATT BARKERGI PartnersMANGING DIRECTOR3i Group Digital Infrastructure LondonMATT JONESTPGCO-MANAGING PARTNERPantheon Ventures Secondaries LondonMATTHIEU SAGNIERPSGDIRECTOROMERS Private Equity Software LondonMICHAEL JENKINSONAres ManagementMANAGING DIRECTORHenderson Park Capital PartnersReal Estate LondonPETE WILSONIK PartnersPARTNER3i Group Retail and Consumer LondonSEBASTIAN ZILLESApollo Global ManagementPARTNER PIMCO Real Estate LondonSIMON HAYDENBlackstoneSENIOR MANAGING DIRECTOREIG Global Energy Partners ESG & Impact Investing LondonVIVIANA KANEEQT GroupMANAGING DIRECTORHg ESG & Impact Investing London29w ww.wilkinsonpartners.com
EMEAOVERVIEW30Global 100 Investment 2023G100 INVESTMENT PROFESSIONALS 2023
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COPENHAGENSTOCKHOLMFRANKFURTMADRIDDUBLINPARISMILANDUBAIEMEA OVERVIEWLOCATION OF HIREDENMARK7%IRELAND7%I TA LY14%SPAIN14%SWEDEN14%GERMANY14%FRANCE30%BUSINESS LINE0% 20% 40% 60% 80% 100%PRIVATE EQUITYCREDIT79%21%COMMENTARYMoves over EMEA have been documented across six different countries, the majority have taken place in Paris, France at 30%. The market focus in EMEA is more distilled than the other regions. Sector Agnostic is now at the forefront, which has more than doubled since the 2022 report. Those specialising in Credit has increased to 21%. An area that had previously featured which doesn’t appear this year are professionals with a focus on Life Sciences, Healthcare & Pharma.Promotions were also lower in 2022, with 36% of the moves achieving a step up. Furthermore, there has been a considerable set back in terms of gender balance with only 7% of those hired, being female.32Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
UK EMEA ASIA PACIFICNORTH AMERICA64%36%NoYesGENDERPROMOTIONMaleFemale93%7%Asset ManagementCorporate7%Private EquityPrivate Equity7%Investment Bank21%65%TYPE OF MOVE10%20%30%40%CreditIndustrial, Automotive& ConsumerInfrastructure &TransportReal EstateSector AgnosticTechnology21%7%14%7%37%14%MARKET FOCUS EMEASECTOR AGNOSTIC37%MARKET FOCUSMirroring the global trend the majority of moves in the region take place between Private Equity rms, accounting for 65%. As with the US region, there are a substantial number of moves that take place with those moving from Investments Banks to PE rms (just over one fth of the moves).33w ww.wilkinsonpartners.com
202120227%43%2021202257%93%YEAR-ON-YEAREMEA ANALYSISGENDERFEMALE MALE10%20%30%40%CreditESG & ImpactInvestingGrowthIndustrial,Automotive &ConsumerInfrastructure &TransportLife Sciences,Healthcare &PharmaReal EstateSecondariesSector AgnosticTechnology21%0% 0%7%14%0%7%0%37%14%202120222021 2022MARKET FOCUSMARKET FOCUS34Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
UK EMEA ASIA PACIFICNORTH AMERICA100% 80% 60% 40% 20% 0%2021100% 0%NO ATTRITION ATTRITIONBUSINESS LINE0% 20% 40% 60% 80% 100%2021202286%79%14%21%Private Equity Credit100% 80% 60% 40% 20% 0%2021100% 0%NO ATTRITION ATTRITION43%57%NoYes64%36%NoYesPROMOTION2021202210%20%30%40%50%60%Asset Management toPrivate EquityCorporate to Private EquityInvestment Bank toPrivate EquityPrivate Equity toPrivate Equity43 43147 721652021 2022 ■ 2021■2022 RETENTION RATETYPE OF MOVEThe retention rate has been tracked for the rst 12 months post hire.35w ww.wilkinsonpartners.com
EMEA PROFILESPR E V IO U S EMPLOYERFOCUS LOCATIONALEXANDER THAMSKKR & Co.DIRECTORPictet Alternative Advisors Real Estate StockholmDR. THOMAS SCHNEIDERCVC Capital PartnersDIRECTORLincoln International Chemicals FrankfurtFLORENT TRICHETBlackstoneMANAGING DIRECTORBlackRock Credit ParisJEREMY HADDAKArdianDIRECTORMorgan Stanley Infrastructure ParisJOHANNES ÅKERMARKNordic CapitalDIRECTORKlarna Generalist StockholmMANUEL BELDARRAINAres ManagementDIRECTORMacquarie Capital Advisers Infrastructure MadridMARCO CONTEApax PartnersDIRECTORTrilantic EuropeTMT, Retail, Healthcare, and ServicesMilanMAX CANTORNordic CapitalDIRECTORSolix Technology CopenhagenMINA KARAGYOZOVAEQT GroupDIRECTORGlobal Infrastructure Partners Infrastructure Milan36Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
UK EMEA ASIA PACIFICNORTH AMERICAPR E V IO U S EMPLOYERFOCUS LOCATIONNIALL O'SULLIVANNeuberger BermanMANAGING DIRECTORMercer Investments Sector Agnostic DublinPEDRO PASQUÍNArdianDIRECTORPortobello CapitalFood Value Chain, Healthcare, TMT and ServicesMadridRICHARD NORTONGoldman SachsMANAGING DIRECTORKKR & Co. Technology & Media ParisSIMON CHRIST BridgepointDIRECTORABN AMRO Bank Credit FrankfurtSTANISLAS PANHARDApax PartnersPARTNERFlandrin CapitalHealthcare, Consumer and ServicesParis37w ww.wilkinsonpartners.com
ASIA PACIFICOVERVIEW38Global 100 Investment 2023G100 INVESTMENT PROFESSIONALS 2023
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SHENZHENSINGAPORESEOULMUMBAITOKYOHONG KONGCHINA4%HONG KONG37%SINGAPORE17%SOUTH KOREA4%JAPAN21%INDIA17%LOCATION OF HIREASIA PACIFIC OVERVIEWBUSINESS LINE0% 20% 40% 60% 80% 100%PRIVATE EQUITYCREDIT75%25%COMMENTARYIn Asia Pacic, the majority of moves took place in Hong Kong, at 37%. As anticipated, three quarters of movers in the region specialise in Private Equity. That being said, Credit has the highest representation of all the regions at 25%. This reects a 16% uplift in Credit focused moves versus last year in Asia Pacic. Real Estate has also had a notable increase to 17%, and those who are Sector Agnostic has remained similar.Following the global trend, there have been fewer uplifts in title in 2022 with 38% of professionals achieving promotions. When looking at comparisons across all regions, Asia Pacic is the region with the second highest proportion of promotions. It is pleasing to report that this region is the second most gender balanced with 29% being female hires.40Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
UK EMEA ASIA PACIFICNORTH AMERICA62%38%NoYesGENDERPROMOTIONMaleFemale71%29%5%10%15%20%25%30%Business & FinancialServicesCreditGrowthInfrastructure &TransportReal EstateSecondariesSector AgnosticTechnology13%25%4%8%17%4%21%8%MARKET FOCUS ASIA PACCREDIT25%MARKET FOCUSPrivate EquityPrivate EquityInvestment Bank12%71%TYPE OF MOVE17%There are few types of moves detailed in the region, with all professionals moving into PE rms. Comparatively, it has the second highest number of moves between PE rms (71%) and from Corporate companies into PE rms (17%). The moves taking place between PE rms is particularly interesting as this has changed substantially from our 2021 data where on 33% of moves of this kind occurred. Previously, moves from Asset Management to PE rms represented close to one quarter of the moves, which have not featured at all over the last 12 months.Corporate41w ww.wilkinsonpartners.com
2021202229%29%2021202271%71%YEAR-ON-YEARGENDERFEMALE MALE5%10%15%20%25%30%Business &Financial ServicesCreditESG & ImpactInvestingGrowthIndustrial,Automotive &ConsumerInfrastructure &TransportLife Sciences,Healthcare & PharmaReal EstateSecondariesSector AgnosticTechnology13%25%0%4%0%8%0%17%4%21%8%202120222021 2022MARKET FOCUSMARKET FOCUS42Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
UK EMEA ASIA PACIFICNORTH AMERICABUSINESS LINE0% 20% 40% 60% 80% 100%2021202290%75%10%25%Private Equity Credit80% 60% 40% 20% 0%202194% 6%NO ATTRITION ATTRITION52%48%NoYes62%38%NoYesPROMOTION2021202220%40%60%Asset Management toPrivate EquityBanking to Private EquityCorporate to Private EquityInvestment Bank toPrivate EquityPrivate Equity toPrivate Equity2452414331712712021 2022 ■ 2021■2022 80% 60% 40% 20% 0%202195% 5%NO ATTRITION ATTRITIONRETENTION RATETYPE OF MOVEThe retention rate has been tracked for the rst 12 months post hire.43w ww.wilkinsonpartners.com
ASIA PACIFIC PROFILESPR E V IO U S EMPLOYERFOCUS LOCATIONALBERT SHYYEurazeo Investment ManagerMANAGING DIRECTORBurda Principal Investments Insurance Technology SingaporeAMI MOMAYAKKR & Co.DIRECTORNational Investment and Infrastructure FundInfrastructure MumbaiBING GUKKR & Co.MANAGING DIRECTORBain Capital Credit Hong KongBRYAN SOUTHERGILLAres ManagementPARTNERKKR & Co. Real Estate Hong KongCHLOE ZHUThe Carlyle GroupDIRECTORHuatai Financial HoldingsTelecommunications, Consumer & Retail and Real Estate Hong KongDAIGO HIRAIBlackRockMANAGING DIRECTORBlackstone Real Estate TokyoDANIELLE LAUAres ManagementMANAGING DIRECTOR Hong Kong Monetary AuthoritySecondaries Hong KongDENGZHAO PANKKR & Co.MANAGING DIRECTORTaconic Capital Advisors Credit Hong KongELIZABETH SIMEQT GroupDIRECTORPlatinum Equity Generalist SingaporeETHAN LINBlackstoneMANAGING DIRECTORAngelo Gordon Real Estate Hong KongGAGAN JOSHIAdvent InternationalDIRECTORTrue North Co Financial Services MumbaiHI JOO HONGKKR & Co.DIRECTORUnison Capital Inc.Retail, Financial Services, IndustrialsSeoul44Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
UK EMEA ASIA PACIFICNORTH AMERICAPR E V IO U S EMPLOYERFOCUS LOCATIONJEFFREY LAUPrimavera Capital Group CEO/CIOVillage Roadshow Entertainment GroupCredit Hong KongKENSUKE KUDOKKR & Co.DIRECTORFortress Investment Group Real Estate TokyoMANABU KABURAKIThe Carlyle GroupMANAGING DIRECTORLone Star Funds Generalist TokyoMANJESH VERMABlackRockMANAGING DIRECTOR Citi Credit SingaporeMEI LING LIMApollo Global ManagementMANAGING DIRECTORStandard Chartered Bank Credit SingaporeNICHOLAS NGClayton Dubilier & RiceMANAGING DIRECTORChina Ping An Insurance OverseasBusiness & Financial Services Hong KongPRATEEK ROONGTABlackstoneMANAGING DIRECTOR Boston Consulting Group Fintech & Financial Services MumbaiSATOSHI IBUKUROEQT GroupDIRECTORBlackstone Infrastructure TokyoSERENA BIANCVC Capital PartnersDIRECTORAdvent International Technology Hong KongSTEVE POONThe Carlyle GroupMANAGING DIRECTORPING AN Credit ShenzhenVISHAL GUPTATA AssociatesDIRECTORSoftBank Growth MumbaiYASUHIRO HASEGAWAPAGMANAGING DIRECTOR Elliott Advisors Asia Limited Generalist Tokyo 45w ww.wilkinsonpartners.com
You’ve worked in the private wealth investment landscape for over 8 years now, talk us through that period and what has driven the recent uptick in private market activity building teams.We have to go back to the GFC in 2008 to see the emergence of investors exploring greater diversication and returns through their allocation to private markets. Investors in private markets were still mainly institutions and large family ofces. There were signicant barriers to entry into private markets for private wealth investors including high minimums, lengthy lock-up periods, and importantly, regulation that understandably existed to protect this investor base from the illiquidity and intricacy that can often go hand in hand with this asset class. One of the main challenges was creating structures for retail investors to access private markets without curtailing performance.Recently, there have been new fund structures that offer improved mechanisms for redemption, shorter term vehicles, and open-ended funds. THE RETAILISATION OF PRIVATE MARKETS INTERVIEW WITH JANE SINGER, FAMILY OFFICE INVESTOR RELATIONS There has also been an increase in education for retail investors. Terminology such as the J-curve, 2 and 20 is a mystery to the non-professional investor. It is vital that they are provided with the education and resources. This should also be expanded to the private banks and platforms that have onboarded these funds so that they are able to explain complex themes and structures to their clients. We have additionally seen the harnessing of technology in the investing process to provide a more efcient and harmonious onboarding experience. Retail investors are also being more proactive themselves in learning about private markets. They too have embraced new technology platforms in the quest to discover new ways to increase their returns. In the last eight years, there has been greater regulation supporting retail investors investing in long term, illiquid assets. The Alternative Investment Fund Managers Directive was launched several years ago to provide more regulation in the industry. More recently, in the UK there has been the introduction of the LTAF regime (Long-Term Asset Fund) and in the EU, the ELTIF regime (European Long-Term Investment Fund). This has covered the introduction of increased redemption periods, stronger liquidity management, and higher levels of disclosure and transparency. Jane began her nance career at Actis, a global investment rm focused on private equity, infrastructure, and real estate in the Investor Relations Team. Whilst still unsure of where her path would take her, she moved to New York to undertake a role at the Guggenheim Museum working with corporate sponsors and partners. Although the subject of the work was different, her client skills and collaborative abilities were developed. In 2015 Jane joined The Blackstone Group, becoming part of the Family Capital team within Private Wealth Solutions. Attracted by the idea of being part of a new team and building something from scratch, her career since this point has focussed on private wealth solutions for alternatives. In September 2021, she joined Lansdowne Partners, one of Europe’s oldest and most successful hedge fund and investment managers. The unique opportunity offered the chance to lead and expand the rm’s offerings by diversifying the investor base both geographically and by type. She has also been fortunate to be involved in launching new funds, managing client communications, and broader aspects of the business.46Global 100 Investment Professionals 2023G100 INVESTMENT PROFESSIONALS 2023
What are the biggest challenges facing the democratisation of private markets?One of the challenges that still remains is the liquidity mismatch between private assets and the understood requirement of retail investors. The focus of these investors is often on short-term investing and with the option to redeem on a monthly or quarterly basis. When nancial situations change, the reality of a lock-up period can be a new experience for the retail investor. Whilst the secondary market is an option for a distressed seller, it will likely be at a discount.Lack of data can also be a hurdle for retail investors, who need to acclimate being somewhat removed from the invested company. This is not the same as buying a property. To a degree, retail investors also have a perceived lack of control which can take a while to get comfortable with.A lack of transparency is equally prevalent, particularly around fees and performance as it develops over the fund’s life cycle. Where retail clients are investing through platforms, they may be hit with further fees as these feeder funds combine commitments into a larger pool that meets the minimal threshold for investment. Regulation, which has made great strides in opening up private markets to retail investors, continues to evolve. Regulators will need to monitor and develop this course of direction, with the protection of investors remaining at the centre. It is important to remind ourselves that retail doesn’t mean everyone. Denitions of this investor base can differ. In the US, it is dened as non-accredited investors with up to $1 million in assets or an annual salary of up to $200,000. Together with high fees, it still makes investing in private markets difcult for most people to access. Apart from the obvious, what are the dierences between institutional and retail investors in the context of private markets?It is important to remember that at the end of the day, retail investors are investing their own money and therefore the act of investing is more emotional. They are making decisions on their personal nancial goals, risk tolerance, and market trends. Institutional investors invest on behalf of others, have greater sums to invest, and more often have a higher level of expertise. Their size can provide greater bargaining power in order to negotiate on fees and terms, and also provide greater access to investment teams. The gap in private market opportunities available to both institutional and retail investors is still wide. It is dependent on the resource and expertise to create appropriate fund structures. Opportunities such as co-investments can also remain out of reach for retail investors.47w ww.wilkinsonpartners.com
UNDERSTANDING THEMARKETThe Global 100 series is a result of the thorough research carried out by our Talent Consulting team.In today’s ever increasing competitive landscape, the rms that will be the most successful are those who hire the right people into leadership roles.Our Talent Consulting business was launched speci cally to address this critical need; to better understand the talent market and ultimately to make more informed decisions.
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