European Secondaries Hiring Trends
The European secondaries market has experienced significant growth over the past several years, but what does that mean for hiring activity? Analysis of 147 confirmed hiring moves across the European secondaries market between 2023 and 2025 reveals three important trends that private equity firms, asset managers, and investment professionals should understand.
The data shows 35 confirmed moves in 2023, 50 in 2024, and 45 in 2025. While overall hiring volumes have remained relatively consistent, the composition of the talent market is changing rapidly.
The European Secondaries Market Is Becoming Increasingly Junior Focused
One of the clearest trends we have observed is the growing concentration of hiring activity at Associate and Analyst level. In 2023, just under half of all moves occurred at these junior levels. By 2024 and 2025, that figure had increased to approximately two thirds of all recorded moves. This suggests that leading secondaries platforms are investing heavily in future leadership pipelines. The Associates being hired today are expected to become the deal execution and portfolio management leaders of the next five years.
At the senior end of the market, hiring remains highly selective. Moves typically involve experienced practitioners with established track records who are being brought in to build teams, expand origination capabilities or lead investment functions. For employers, this means competition for high potential junior talent is likely to remain intense. For candidates, it highlights the increasing importance of entering the secondaries market early in their careers.
Investment Banking Remains the Primary Entry Route
The data we analysed highlights where secondaries firms are sourcing talent. Approximately 40% of all recorded moves originated from investment banking and advisory backgrounds. A further 9% came from consulting and Big Four firms. This confirms that investment banking continues to serve as the primary training ground for junior secondaries professionals. Firms value the technical modelling, transaction execution, and analytical capabilities developed within banking environments. However, the picture changes significantly at more senior levels.
When examining Vice President, Principal, Director, and Partner level hires, the majority of moves come from:
- Other secondaries platforms
- Large asset managers
- Institutional investors and LPs
- Established private markets organisations
Senior Talent Operates Within a Relatively Closed Network
Perhaps the most important finding is how different the senior hiring market looks compared with the junior market. While entry level recruitment remains relatively open to professionals from adjacent sectors, senior hiring is far more concentrated within the existing secondaries ecosystem.
Firms searching for leadership talent are typically targeting professionals with:
- Proven secondaries transaction experience
- Existing GP and LP relationships
- Demonstrated origination capabilities
- A track record of fundraising or team leadership
As a result, many senior opportunities never reach the broader market. Instead, they are discussed and executed through established industry networks and specialist recruiters with deep sector relationships. For professionals looking to advance into leadership positions, building visibility and relationships within the secondaries community becomes increasingly important.
What This Means for Firms Hiring in 2026
Three conclusions emerge from the data:
- First, firms are actively investing in junior talent pipelines to support future growth.
- Second, investment banking remains the dominant source of early career talent entering secondaries.
- Third, senior hiring continues to be driven by a highly connected and specialised talent network.
For organisations looking to build high-performing secondaries teams, understanding these dynamics is essential. The most successful hiring strategies recognise that attracting Associates requires a different approach from securing experienced investment leaders. Likewise, professionals evaluating their next career move should recognise that opportunities at different levels of the market are sourced and accessed in very different ways. As the European secondaries market continues to mature, firms that can effectively identify, attract, and retain specialist talent will be best positioned to capture future growth opportunities.
If you are currently looking to discuss hiring trends in the European secondaries market or exploring your next career move, contact us to discuss current market conditions, talent availability, and opportunities across the private equity secondaries landscape.
