The 2013 survey requested that participants provide data from 2012 and also collected data from 2011 and 2010 for some questions. Accordingly, it represents an insight into the industry during a period of change. 2012 saw the end of the investment period of most 2007 vintage funds and the resultant news from the fundraising market reflected a bifurcation in the industry in Europe. A select group of funds was able to raise quickly and hit hard caps with a single close. The remainder faced varying degrees of difficulty with many withdrawing from the market.

The employment market has reflected a general contraction in the PE industry which has affected all of the key disciplines. Quite simply the demand for roles has greatly exceeded the number of new positions available.

Few sectors of the employment market have shown momentum but some themes have been present:

• A consistent demand for investment talent to move from GPs to well-funded (pension and sovereign) LP platforms as these players increase their exposure to direct private equity;
• Competition for the services of proven deal doers and fundraisers; and
• A draw for PE professionals with sophisticated credit skills away from pure equity investment platforms towards debt funds (albeit with limited success).