UK Mid-Market PE Hiring: Our Perspective on 2025

2025 was a challenging year for the recruitment sector.

UK mid-market PE deal value was down approximately 40–45% year-on-year across the first three quarters, with volumes also meaningfully lower than 2024. Mid-market transactions dipped around 10-15%, marking some of the lowest levels of sustained activity since the post-COVID recovery period.

Against that backdrop, I’m really proud of what we managed to deliver. We worked with 20% more clients this year, delivered 45 Chair, NED, and executive appointments, and partnered with 35 PE and VC firms. It required a different approach, but the work was there if you knew where to look for it.

A Difficult Start

The first quarter was particularly tough. Tariffs and the impending National Insurance changes made deal completion, and business more generally, very difficult. Q1 was one of our quietest ever quarters for senior hires, mirroring a PE market reporting historically low levels of investment memoranda landing on desks.

That lack of confidence showed up in the processes themselves. Longer timelines, more stakeholders wanting input, a frequent desire to “see one more candidate,” returns to the drawing board, and a higher-than-usual propensity for candidates to change their minds late in the process. The bar was higher, and decision-making was harder for everyone involved.

How We Adapted

With fewer new deals driving traditional CEO and CFO searches, we leaned more heavily into portfolio work. We helped PE-backed businesses build teams that could rejuvenate growth or get them ready for exit. We also partnered with some outstanding businesses undertaking long-term preparation ahead of anticipated PE rounds in 2026, making key appointments to their leadership teams that will help make that happen.

We expanded our PE network and worked across a broader range of leadership roles than ever before. Our senior technology and senior commercial offerings delivered strong results as we partnered with tech-focused investors seeking access to global talent. We also delivered more non-UK searches than ever before, supporting clients in Europe and the US on senior hires.

Finance Team Performance

We are fortunate to have an experienced and high-performing Finance Recruitment team, which bucked wider market trends to deliver a record-breaking Q1 and H1. They worked with high-growth businesses across the North East to build value-adding finance functions in support of growth. FP&A has long been a particular strength, and in a period of challenging trading, we continued to see demand for commercially minded accountants capable of finding the marginal gains that make a difference to the bottom line.

When Activity Returned

A flurry of deal completions and new transaction processes across our PE client base in spring resulted in record levels of NED, NXC, and CFO mandates, making for an exceptionally busy summer. Managing those deals to completion proved challenging against a sluggish economic backdrop and unhelpful doom-mongering around the Autumn Budget, but we were delighted to have supported many businesses through their first PE transaction, building executive and non-executive boards that can deliver ambitious growth plans.

Much of this work involved supporting buy-and-build platforms in legal, accountancy, MSP, and TIC sectors, but we were also pleased to support disruptive technology, manufacturing, and life sciences businesses delivering strong organic growth. Notable mandates included:

• SalesManago (Perwyn/SilverTree): International CEO appointment for a PE-backed software business, delivered in a cautious market and high-competition landscape
• Shoptimised (LDC): Non-Executive Chair appointment supporting an LDC-backed growth business as it scaled leadership capability
• Noted Aromas (NVM/eComplete): CFO appointment strengthening the finance function to support scale and value creation following an MBO
• XTEL (SilverTree): Highly technical leadership hires across sales, presales and client delivery capabilities supporting continued team expansion

What We Learned About the Market

A few clear themes came through as the year progressed:

The value of a Chair became even more pronounced. In difficult deal and trading conditions, our PE clients increasingly turned toward NXCs (Non-Executive Chairs) with smaller portfolios whose growth experience is relatively recent. Having someone around the table whose experience is current, not just historically impressive, mattered more.

Board effectiveness moved up the agenda. Beyond traditional search, we supported leadership teams on value-add initiatives including “NED mentor” appointments, strengthening challenge, pattern recognition, and sector experience around the table without disrupting the existing leadership structure. We expect the wider themes supporting this to be a bigger theme in 2026.

Experience had to translate to the specific challenge. More stakeholders in the room meant more calibration and more diligence. The “one more candidate” dynamic was familiar, and the odd late-stage reset happened. The bar was simply higher across the board.

Looking Ahead

We have reason to be optimistic that PE deal activity will strengthen in 2026. Having worked with 20% more clients this year, we’re excited about supporting them across an increased number of transactions as conditions improve.

The partnerships we formed in 2025 and the insight we gained from navigating a tougher market put us in a good position to move quickly when opportunities arise. If you’re planning a transaction, portfolio build, or leadership appointment in 2026, we’d welcome the opportunity to share what we’re seeing in CFO, CEO, Chair, and NED hiring, including timelines, remuneration ranges, and where processes are currently stalling or gaining momentum.

We’re grateful for the continued trust of our clients and candidates, and looking forward to what 2026 brings.