30 years at the heart of private markets
As PER celebrates its 30th anniversary, founder Gail McManus sat down with Sarah Butcher at eFinancialCareers to reflect on three decades of change in private equity and private markets recruitment.
Having helped shape the careers of thousands of investment professionals since founding PER in 1996, Gail shared her perspective on the industry's evolution, the future of hiring and the enduring importance of trust, judgement and potential.
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A people business at heart
With a career spanning the growth of private equity from a niche asset class to a global industry, Gail has witnessed first-hand how hiring priorities have evolved. Yet despite advances in technology and changing market dynamics, she believes recruitment remains fundamentally a people business.
“Jobs in this industry are all about trust and judgement and potential,” she said, adding that people remain “gloriously diverse, difficult, charismatic, challenging, awkward and entrepreneurial. This is why I love it.”
“Jobs in this industry are all about trust and judgement and potential,” she said, adding that people remain “gloriously diverse, difficult, charismatic, challenging, awkward and entrepreneurial. This is why I love it.”
Witnessing the growth
of private equity
Gail also shared her unique perspective on the development of private equity itself. Having worked at 3i during the industry's early years, she witnessed first-hand the rapid growth of buyout investing and the increasing demand for talent. As private equity became a more established career destination, she observed that “the flywheel from banking to PE started in the early 2000s and the number of junior roles increased dramatically.”
Hiring in the age of AI
One of the most interesting insights from the conversation was Gail’s view on how hiring is evolving in the age of AI. While technical skills remain important, she believes the ability to think critically and make sound investment judgements is becoming even more valuable. Discussing the role of case studies in recruitment processes, she explained that they allow candidates to demonstrate “that you can identify what is important to making an investment decision and you can ask the right questions to assess the opportunity."
Looking ahead
As Gail steps back from day-to-day leadership following last year's management buyout, the interview offers a timely reflection on both her career and PER's enduring impact on the industry. Thirty years after its founding, the firm continues to connect exceptional talent with leading private markets investors, guided by the same principles of trust, judgement and long-term relationship building that have defined PER since day one.