Industry-first programme to improve Board diversity at private equity-backed companies.

Livingbridge launches industry-first programme in bid to improve Board diversity at private equity-backed companies. One of the leading mid-market private equity (PE) firms, today announced the launch of The Future Board Leaders Programme, with its inaugural cohort commencing the programme on the 16th September.?

Livingbridge , the leading mid-market private equity (PE) firm, created The Future Board Leaders Programme after routinely seeing just 3-5% diversity metrics on portfolio company Boards.

The initiative will support established business leaders from a diverse range of backgrounds to transition into non-executive careers advising PE backed companies – a career path that demands different skill sets and approaches to those required on FTSE 100 Boards.

Industry-first programme to improve Board diversity at private equity backed companies

Data analysis of more than 3,700 PE-backed portfolio companies shows that, in 2022, the average female Board representation was just 13%. While a 2022 sample of over 1,200 PE-backed companies found the average Board representation of underrepresented groups was negligible. Despite making efforts to improve diversity on its portfolio company Boards, Livingbridge still frequently sees 3-5% metrics.

The firm has over 25 years’ experience supporting 170+ companies, and knows that diverse and inclusive Boards deliver improved decision-making and stronger financial performance. It has developed The Future Board Leaders programme as a proactive solution that can tackle PE Boards talent pipeline issue, and raise awareness of the opportunities presented by joining a PE-backed company Board.

The 3-month programme, starting next week, will give leaders the knowledge and skills to become highly effective Board members and become part of the PE NXD network.

Participants will dedicate around 1 day per month to the programme, which will include mentorship from experienced Chairs and support in building a wealth of contacts. There will also be seminars and coaching sessions with leadership development experts, and leaders will have the opportunity to become a shadow Board member of a high-performing PE-backed company.

Plus, to ensure that Board members arrive prepared from day one in their roles, the programme will provide strategic and practical insight on everything from the core principles of an effective board, to identifying, qualifying and securing opportunities best-suited to participants’ individual skills and experience.

The initiative will also help established business leaders transition into non-executive careers advising PE backed companies

The initiative has already received backing from Murray Steele (Octopus Apollo VCT), Niall Wass (Wob, Vay, Jobandtalent, Moonpig) and David Amos (serial CFO) who will be among those offering strategic insights and network-building support for senior executives on the programme.

Applications to join the inaugural cohort on this industry-first programme are now open. Applications from individuals from underrepresented groups, including but not limited to gender, racial, ethnic, LGBTQ+ and differently-abled communities, are strongly encouraged. Applicants’ personal data will be treated with the utmost confidentiality and in compliance with data protection regulations.

Ruby Biring, Livingbridge Head of Talent and programme co-founder, said: “Board diversity remains dire in private equity. We want to talk about this, and we are committed to actively changing the status quo. We sincerely hope that this programme will finally open up PE-backed company Boards and offer a clear route to joining them.

“Being a Board member for a fast-growing, innovative business is incredibly rewarding and a lot of fun. You can move fast, see results fast, and have a lot of impact. We can’t wait to welcome the first cohort of Future Board Leaders onto the programme, and would like to extend our thanks to our industry peers, Chairs and non-executives who have contributed their time and energy to bringing this programme to life.”

The programme follows the immensely successful 10,000 Black Interns initiative, co-founded in 2020 by Livingbridge Managing Partner, Wol Kolade, which helped provide a foundation for more black graduates to pursue careers in business.

Wol Kolade, Livingbridge Managing Partner, said: “We decided to see if we could do something about the very low levels of diversity at Board level in portfolio companies across our industry. This builds on the excellent work of entry and mid level initiatives such as 10,000 Black Interns and Level 20.”

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There’s been a worrying decline in diverse candidates for board positions say HR professionals and remind us that it should never be a box-ticking exercise to cover this up.