Private Equity Hiring Trends Signal the Next M&A Wave

Why Hiring Signals Predict Deal Flow in Private Equity

Private equity is entering a new era. Deal activity may be muted, but leading firms are actively repositioning, and the clearest signal of that shift is in how they’re hiring.

Aura’s latest Top 100 PE Firms Jobs Report provides early indicators of where the next wave of M&A is likely to emerge. The data points to a market preparing for opportunity, not retreating from it.

See your position in the next M&A wave. Request a demo of Aura’s platform to compare your firm and portfolio against the Top 100.

Hiring Patterns Reset the Deal Cycle

Aura’s hiring data shows a clear pattern of episodic spikes in recruiting and hiring activity. In April and July, job postings more than doubled relative to their five-year averages. Even during periods of deceleration, overall volumes remain structurally higher than historical norms.

Private Equity Hiring Trends Over Time

Rather than reflecting contraction, this volatility suggests firms are nimbly responding to key moments. Hiring activity is increasingly aligned with portfolio optimization, divestiture preparation, and expansion into adjacent markets. These aren’t signals of retrenchment, but certainly mark recalibration.

Mid-Market Firms Lead PE Hiring Growth

General Catalyst continues to lead in absolute job volume, with over 3,300 open roles. But firms like TCMI and Thrive Capital are outpacing the market in growth velocity. TCMI’s postings rose 198% month-over-month. Thrive followed closely at 176%.

Private Equity Firms With the Most Open Roles 

This signals a shift in market momentum. Mid-market firms are executing high-agility growth strategies and building operational capacity in anticipation of increased deal activity. These organizations are positioning themselves to lead in execution and scale.

Operational Roles Dominate PE Hiring in 2025

The most in-demand roles in private equity today are not just financial or investment-oriented. These include Customer Success Specialists, Web Developers, and UX Designers, topping the list, followed closely by Corporate Strategy, Software Engineering, and Data Science.

Operational Roles Now Lead Private Equity Hiring

This hiring trend reflects a broader transformation across the industry. As access to capital tightens, value creation is shifting from leverage to operations. Firms are bringing in talent with the expertise to drive transformation, optimize performance, and strengthen the customer experience inside portfolio companies.

Where PE Hiring Is Growing Fastest by State

California and New York remain the top hiring markets, but growth is accelerating in unexpected places. Florida leads all states in percentage growth, followed by Illinois and North Carolina.

Top States by Private Equity Job Volume

Where Private Equity Hiring Is Growing Fastest

These patterns suggest a broadening of the talent and deal ecosystem. While traditional hubs retain dominance in scale, emerging markets are playing a larger role in growth strategy. Firms may be purposefully hiring closer to potential acquisition targets, creating more agile execution teams, and rethinking geographic concentration.

Associate Hiring Remains Concentrated at the Top

At the associate level, hiring remains competitive and top-heavy. BlackRock and General Catalyst lead significantly, with 147 and 114 postings, respectively. Other firms trail far behind.

Top Firms for Associate Hiring in Private Equity

This concentration reflects where firms are placing bets on long-term talent. It also signals that while mid- and senior-level hiring may be more cautious, junior investment roles remain a priority for firms anticipating a future wave of deal flow.

Readiness Beats Reactivity in the Next Deal Cycle

The traditional private equity model is under pressure, but the fundamentals haven’t disappeared. Firms still hold record dry powder. Deal opportunities are emerging in smaller, more complex scenarios. And infrastructure, secondaries, and credit strategies are accelerating.

The data from Aura’s tracker shows that the firms gaining ground now are those investing in talent before the wave hits. They are scaling operations, diversifying hiring strategies, and positioning for execution.

Private equity’s next chapter will reward readiness over reactivity. Aura’s hiring intelligence continues to illuminate where that readiness is taking shape.

The firms that will win the next M&A wave are staffing ahead of it. Use Aura’s AI platform to spot operational build-outs, state-level surges, and role mixes that signal near-term deals. Get a custom benchmark for your firm and portfolio. Request a demo.