Private equity’s talent market sent mixed signals last quarter; dealmaking slowed even as deal size and stakes grew, finance talent swung sharply from surplus to shortage, and boards discovered their CHRO succession pipelines weren’t built for what the role demands today. Here we break down the key trends that shaped PE talent strategy in Q2 2026.

Spire Roundtables & Search Intelligence

PE & Human Capital Operating Partner Roundtable

Our Private Equity HR/TA roundtable in New York City last quarter covered how AI is reshaping human resources and talent acquisition – the resources firms are deploying, evolving expectations, and the operational bottlenecks that remain. Read the recap

AI Operating Partner Search: Bridging the AI Execution Gap

Our recent portfolio operations search work surfaced consistent themes from middle-market and large-cap PE executives on what’s actually working in AI implementation right now. Read our write-up

Private Equity Talent Trends

PE is “stuck, not broken” – and the leadership premium has never been higher

Three successive market shocks stalled PE’s recovery in H1, extending hold periods well beyond historical norms and leaving many management incentive plans with little remaining value. Re-underwriting a stalled asset now requires not just a new value-creation plan, but the leadership energy to execute it.

  • Key Takeaway: If your portfolio has stalled assets and your management incentive plans are underwater, waiting on market conditions is not a strategy. The firms moving now on C-suite changes are the ones that will own the exit.

Private Equity dealmaking bifurcated sharply in H1 2026, with fewer deals and much bigger bets

Deal volume dropped 34% in H1 2026 vs. H1 2025, but average deal size rose nearly 4x (PwC’s midyear outlook). Capital is concentrating in high-conviction plays.

  • Key Takeaway: In a market where capital is concentrating in fewer, higher-stakes deals, a wrong leadership hire at a high-conviction portfolio company isn’t just costly, it’s potentially deal-breaking; raise your bar on leadership assessment accordingly.

Finance and accounting talent flipped from surplus to shortage – compensation nearly doubled year-over-year

A May–June 2026 national survey of CFOs and Controllers found the Talent Shortage Index dropped to 77% (from a surplus of 108% in 2025), while the Hiring Index hit 134%.

  • Key Takeaway: If you’re benchmarking F&A compensation against 2025 levels, you’re already behind. Revisit your pay frameworks now or expect to lose candidates late in the process.

Executive search hit $6.69b in fee revenue – PE led the surge

Hunt Scanlon’s April 2026 rankings report found fee revenue at the 50 largest U.S. search firms jumped 11% in 2025, with PE, healthcare, and financial services driving the biggest gains. 75% of firms reported positive growth, nearly half by double digits.

  • Key Takeaway: Search activity tied to PE is expanding fast. The firms locking in relationships with search partners now will have the access and speed advantage when the deal window opens.

Most CHRO development paths were built for a role that no longer exists

Boards aren’t finding what they need internally – not because the talent isn’t there, but because it hasn’t been developed to meet the role’s actual requirements today. The CHRO role has shifted from steward of talent and culture to a key driver of how the entire organization operates. Most development programs haven’t caught up.

  • Key Takeaway: If your CHRO succession plan was built around the traditional talent-and-culture mandate, it’s already obsolete. The role now requires someone who can drive organizational performance; assess your bench against that standard.

Our Recent/Current Executive Searches

  • Head of Investment Strategy & Business Planning – $10b AUM Private Markets
  • Head of FP&A – $5b AUM Alternatives (Real Estate)
  • Operating Advisor – Value Creation (CFO’s Office) – $1b AUM LMM/MM PE
  • CFO – LMM Business Services
  • VP of Portfolio Analytics & Fund Operations – $8b AUM PE
  • Director of Finance – $3b AUM Private Markets (Equity Buyout, Credit)
  • CFO – LMM Consumer Services PortCo
  • Head of FP&A – LMM Industrials PortCo

Notable Market Moves: C-Suite & Executive Appointments

CFO PE/VC

  • Brian Motechin joins Niobrara Capital (AUM $17.1b) as Partner & Chief Financial Officer. He previously was Partner, Chief Financial Officer & Chief Compliance Officer of ZMC Advisors.
  • Mandy de Turck Norris joins Unity Hunt (AUM $3b) as Chief Financial Officer. She previously was President & Chief Financial Officer of A.G. Hill Partners 
  • Sumeru Equity Partners (AUM $3.4b) promoted Pankti Shah to Chief Financial Officer. She previously was Vice President, Finance. 
  • Pratik Gangwal joins Revelation Partners (AUM ~$2.3b) as Chief Financial Officer. He previously was Chief Financial Officer of Altos Ventures.
  • Frank J. Garafalo joins Decera Clinical (Portco of The Riverside Company, AUM ~$16b) as Chief Financial Officer. He previously was Chief Financial Officer of Eden Capital.
  • Pete Lee joins DC Capital Partners (AUM ~$4.3b) as Chief Financial Officer. He previously was Chief Financial Officer & Chief Compliance Officer of NaviMed Capital (AUM ~$450m). 
  • Vanessa Generelli joins Blue Wolf Capital Partners (AUM $11b) as Chief Financial Officer. She previously was Senior Controller at a Single Family Office and Director of Finance at One Rock Capital Partners (AUM ~$7b).

CFO AM

  • ACON Investments (AUM ~$8b) promoted CJ Cimino to Chief Financial Officer, US. He previously was Managing Director of Finance.

HR

  • Alana Zell joins Serent Capital (AUM $5.5b) as Executive Vice President. She previously was Executive Director, Talent Acquisition at Vista Equity Partners (AUM ~$100b). 
  • Ben Passafuime joins Battery Ventures (AUM ~$13b) as Talent Partner. He previously was Vice President at Alpine Investors (AUM ~$17b). 
  • Joe Schuster joins Valor Equity Partners (AUM ~$18b) as Vice President, Talent. He previously was Senior Vice President, Head of Talent at Tide Rock.

Operating Partners and Execs

  • Hunter Crittenden joins Banner Landscaping (Portco of Percheron Capital) as Chief Financial Officer. He previously was Operating Partner, Interim Portfolio Company Chief Financial Officer at New State Capital Partners (AUM ~$1.8b). 
  • Kim Katzenberger joins Brook + Whittle (Portco of Lindsay Goldberg) as Chief Financial Officer. He previously was Operating Partner – Finance at Blue Point Capital Partners (AUM ~$1.8b)
  • Chris Marshall joins Gridiron Capital (AUM $7.97b) as Operating Partner. He previously was an Operating Partner at Altamont Capital Partners (AUM ~$4b). 
  • Giovanni Costamagna joins Bregal Sagemount (AUM ~$7.5b) as Operating Partner. He previously was Operating Partner at Growth Factors. 
  • Amy Lang joins Bain Capital (AUM ~$185b) as Operating Partner. She previously was President, Global Business Operations, CDS at Advantage Solutions: Sales, Marketing, Technology. 
  • Shelly Singh joins Peak XV Partners (AUM ~$9b) as Operating Partner. She previously was Chief Growth Officer at Fractal. 
  • Mason Chapple joins Graham Partners (AUM $4.9b) as Operating Partner. He previously was Senior Vice President, Commercial Excellence at American Securities (AUM ~$18.9b). 
  • Eric Linde joins Bernhard Capital Partners (AUM ~$4b) as Operating Partner. He previously was Principal at Boston Consulting Group.
  • Andrew Rollo joins Sentinel Capital Partners (AUM ~$12b) as Operating Partner. He previously was Chief Financial Officer of New York Bariatric Group.

BD/IR

  • Ava Miner joins BlackRock (AUM ~$12.5t) as Vice President, Global Partners Office. She previously was Vice President, Investor Relations at B Capital (AUM ~$8b). 
  • Tyler Lorberbaum joins Bessemer Venture Partners (AUM ~$20b) as Vice President, Investor Relations. He previously was Vice President, Investor Relations at B Capital (AUM ~$8b). 
  • John Mendell joins Diameter Capital Partners (AUM ~$28.8b) as Managing Director. He previously was Managing Director, Investor Relations at Comvest Partners. 
  • Stripes (AUM ~$7b) promoted Aidan Lynch to Principal. He previously was Vice President, Business Development & Capital Markets. 
  • Kim Carlson joins Avenir (AUM ~$3.5b) as Head of Capital Formation & Investor Relations. She previously was Investor Relations at Stripes (AUM ~$7b). 
  • Melissa Toma Ryan joins BlackRock (AUM $15.3t) as Managing Director, Capital Formation. She previously was Managing Director, Head of Business Development & Investor Relations at Virgo Investment Group (AUM ~$1.1b). 
  • CF Private Equity (AUM ~$15.6b) promoted Mario Virtudes to Managing Director, Head of Secondaries Investor Relations. He previously was Managing Director, Institutional Business Development.