Q3 '24 Quarterly BD Report

A Message from Matt Rooney

I'm excited to release the 3rd edition of the Quarterly BD Report. BD hiring has remained steady throughout the year, with junior roles continuing to account for the majority of new hires in the industry. In Q1, Q2, and Q3, we tracked 46, 37, and 42 total hires, respectively. Of these:

• Junior hires: 26 in Q1, 18 in Q2, 31 in Q3
• VP-level and above: 16 in Q1, 6 in Q2, 11 in Q3

Since narrowing my focus to recruiting exclusively for private equity business development in early 2023, I’ve seen a range of strategies for building out BD teams. Some firms are creating large direct-sourcing teams targeting small business owners in fragmented markets. Others continue to prioritize intermediary coverage, with most of their hiring aimed at expanding coverage.

This report highlights the diverse approaches to BD team building we’ve observed and offers insights to help firms as they evaluate and evolve their BD strategies.

I continue to believe that there’s no one-size-fits-all approach to sourcing in private equity. Every strategy depends on the unique context:

• What types of companies are we targeting?
• How will we build relationships with them?
• What resources can we realistically allocate to BD?

We continue to see firms with similar fund sizes take vastly different approaches to their BD functions. This report provides a snapshot of the current state of BD hiring through Q3 '24 and serves as a foundation for tracking future trends.

With 397 firms now employing dedicated BD professionals, it’s clear the function is on a growth trajectory. Many firms are appointing their first BD professionals (23 firms year to date), while others continue expanding their teams. Our goal with this report—and all our work within PE BD—is to provide data and insights that support the growth across the industry.

Matt Rooney

Managing Partner

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Snapshot:

847 Total Dedicated Business Development professionals in the US & Canada.

93 of these are Heads of Business Development

232 of these are MD, Partner, Head of BD

291 of these are Analysts, Associates, Sr. Associates, Managers

397 Total PE firms with at least 1 dedicated BD professional

My aim, as always with the content I share here, is to peel back some of the layers of BD roles in PE, providing insights for those considering building a BD team or pursuing a role in this space.

Check out our website here!

https://coastalpartners.co/