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Private Equity & Venture Capital Recruiting HUNT SCANLON MEDIA Private Equity & Venture Capital Recruiting The Widening War for Leadership Linking Talent to Growth Leadership is the new bottom line for private equity operating executives seeking top talent for their portfolio businesses. Here’s why. Copyright 2019 Hunt Scanlon Media LLC. All Rights Reserved. TABLE OF CONTENTS We are the preeminent About Hunt Scanlon Media ...................4 executive search firm Index of Sponsors ..........................5 focused exclusively on Index of Advertisers .........................6 recruiting HR leaders. Section 1 – Executive Summary ...............7 Section 2 – Industry Viewpoints ............... 48 We have the speed and agility of a boutique firm and the relationships and sophistication of a large firm. However, it’s not about the model, it’s about the focus of the search consultant. Our focus is on outstanding execution, absolutely crushing the search. We partner with the most iconic companies, and those who are on their way to becoming iconic. LEARN MORE www.hanold-associates.com 1 SHOULD WE ALL STEER CLEAR OF THE SELF- LEADER? With uncommon qualities and characteristics, future-ready leaders will drive organizations to adapt, collaborate and excel in disruptive times. Future-proof yourself at kornferry.com/self-disrupt. INDUSTRY VIEWPOINTS Finding the Right Talent to Grow Effectively: The Emerging Role of CHRO’s & Talent at PE Firms Jason Hanold, CEO & Managing Partner Hanold Associates . 50 Options Group Sees Seismic Shifts in Compensation Protocols Richard Stein, Chief Growth Officer Options Group . 53 Executive search should CEOs in Private Equity Sponsored Companies: be about possibilities – Functional Competencies and Behavioral Attributes Critical for Success not limitations. Keith Giarman, Managing Partner Private Equity and Mike Magsig, Managing Partner Board & CEO Practice DHR International . 56 When it comes to executive search, we know how important it is to find a partner who can understand your needs, recruit best-in-class talent, and counsel you toward a successful conclusion to the search process. EXECUTIVE SEARCH SOLUTIONS IN: Consumer Retail Financial Services Insurance Industrial Private Equity slaytonsearch.com 312-456-0080 3 ABOUT HUNT SCANLON MEDIA Hunt Scanlon Media is the most widely referenced, and marketing, to the global leadership and talent single source for information in the human capital solutions consultants who service them. sector. Our mission is to inform, engage, and Contact Information: connect you — the most avid members of the talent Scott A. Scanlon management community — with daily news and Editor-in-Chief expert commentary. We have assembled a team of (203) 252-7203 trusted, experienced reporters and editors to track scott@huntscanlon com. who is making news and what’s driving the market around the clock. And we have one of the best Stephen Sawicki management teams in the field. Managing Editor Hunt Scanlon Media has been defining and informing (425) 252-8181 the senior talent management sector for over 30 steve@huntscanlon com. years. Our global staffing intelligence data comes Michael S. Hawkins in many forms: daily newswires, annual leadership Director, Marketing & Brand Management and state of the industry reports, market intelligence (203) 496-2009 sector briefings, industry rankings and our flagship michael@huntscanlon com. newsletter Executive Search Review. Our exclusive news briefings, interviews, industry trends reports Christopher W. Hunt and rankings, forecasts and expert commentary offer President unique insight and market intelligence as we track (203) 252-7302 global talent management developments. Since chris@huntscanlon com. our inception, talent management professionals worldwide have turned to Hunt Scanlon Media. Dale M. Zupsansky Contributing Editor Hunt Scanlon Media’s global news network is the (719) 644-0263 most comprehensive in the talent management dale@huntscanlon com. field, and all of our lead stories, rankings tables, news alerts, and thought leadership articles provide Andrew Mitchell the latest thinking in a sector that is highly evolving Director, Digital Platform Communications and in transition. Our editorial team covers news (203) 985-5605 nationally and globally, originating exclusive news andrew@huntscanlon com. briefings each day that provide up-to-the-minute Erik M. Boender coverage of the entire talent management and Director, Operations and Market Intelligence leadership solutions sector. Today, Hunt Scanlon (203) 321-5115 Media interfaces annually with more than 20 [email protected] million human capital professionals in over 191 countries — from CHROs, chief talent officers, talent acquisition specialists, company directors, and top decision-makers in finance, IT, sales, private equity, 4 INDEX OF SPONSORS Search Hanold Associates.........................50 ™ Options Group ............................53 Done Better DHR International..........................56 In a competitive world, many search firms strive to be “different.” Since our inception, we’ve just focused on being better. The thing we love about better is that it focuses us on clients and candidates... not competition. Better keeps us pushing for performance gains for those that entrust their key leadership needs to us. Named by Forbes as one of “America’s Best Executive Search Firms” two years in a row! www.carterbaldwin.com 5 INDEX OF ADVERTISERS Big leaders Hanold Associates..........................1 drive Korn Ferry . 2 Slayton Search Partners . .3 big returns CarterBaldwin Executive Search ...............5 Acertitude.................................6 Opus Advisors Executive Search .............15 Turnkey Search............................16 Signal Partners............................17 We recruit big leaders for big Stanton Chase ............................18 business transformations — to Caldwell . .20 grow, restructure, or go digital. BoardEx . 22 Hogan Assessments . .26 We exist to make your deal a Russell Reynolds Associates.................27 success. To us, that means taking True.....................................28 extreme ownership for Wilton & Bain .............................30 connecting your business with Summit Leadership Partners .................34 the best and brightest people. Censia ..................................35 To make it happen, we execute Ejento ...................................39 with the same fast-pace, Gerard Stewart............................41 intensity, and rigor as you do. Equilar ..................................44 DeWinter Group ...........................45 We are unleashing human potential. Explore how to unleash yours acertitude.com 6 SECTION 1 Executive Summary SECTION 1 Private equity and venture capital firms share many Executive Summary common disciplines and approaches. Both sectors are highly-charged and their portfolio investments are measured by returns in the millions or often even in the billions of dollars. But while PE and VC have much in common, the nuances of portfolio company talent evaluation, acquisition and retention can be quite different, in large part simply because of the differences in asset class. Venture capital start-ups, in short, require a different breed of talent than companies moving forward under PE ownership. These days both continue to thrive. Together, VC and PE are driving growth at recruitment firms across the U.S. Last year, records continued to be broken as upwards of 40,000 deals involving venture capital or private equity financing, mergers or acquisitions were consummated across the country, according to research group PitchBook. Let’s go inside both sectors, with an eye on talent. SECTION 1: EXECUTIVE SUMMARY 8 Last year, the venture industry broke all records with a growing pressure to deliver the goods. Raising the deployment of $130.9 billion in start-ups across the heat is a constant murmur about an imminent the U.S. VC dry powder hit $75.7 billion, making for decline in the economy (not all bad, admittedly, more and bigger deals across the sector, according for an industry that thrives on cheap deals). Many to PitchBook. Meanwhile, venture capital firms raised professionals, meanwhile, are uneasy about the over $55.5 billion across 256 vehicles, a new high mounting stockpiles of unused capital. And though water mark for total capital raised. competition grows ever more fierce there are fewer Among the most eye-popping funding rounds of deals to go around, especially at good prices. 2018 were: Epic Games, $1.25 billion at $15 billion The Search for Talent valuation from KKR, Iconiq Capital, Smash Ventures, At the same time, massive societal change is Vulcan Capital, Kleiner Perkins and Lightspeed underway. Technology is reshaping the face of work, Venture Partners; Uber’s $1.2 billion investment from and forces like artificial intelligence (AI) and machine SoftBank (which carried over from 2017 but officially learning are poised to bring about even greater closed this past January); and e-cigarette developer disruption. “The resulting job displacement could Juul’s $1.2 billion investment from Tiger Global, be massive – think Industrial Revolution massive – Fidelity and others. That was followed late in the year affecting as many as 800 million people globally by by a $12.8 billion investment from Altria, makers of 2030 and requiring up to 375 million of them to switch Marlboro cigarettes, bringing Juul’s valuation (at the occupational categories and learn new skills,” says a time) to $38 billion. recent report
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