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Private equity recruitment is only just keeping its head above water in Australia, but opportunities are still out there for those bold enough to switch jobs.

The liquidity crisis has made debt harder to come by and this is putting a dampener on growth and hiring within private equity, according to Tony Garrett, a corporate finance partner at Deloitte.

“At the moment, most PE fund managers are going back to their portfolios to make sure everything is looked after. Any new deals would need to be extremely good opportunities. Firms aren’t really focusing on expanding or contracting, but maintaining the status quo. Growth orientated recruitment is probably not a big priority,” he says.

But because PE firms are taking a cautious approach to recruitment, the jobs on their books are likely to be interesting ones. Garrett explains: “Now could be a good time to move on, if you can find a job. Opportunities are there if you’re familiar with portfolios, have sector expertise and have a real reason to move.”

Firms raising new funds are the main hirers in the current sluggish market. Candidates with expertise in topical sectors, such as mining support services, are likely to be sought after. “They need people who can add value to the business, not just those with execution skills,” says Garrett.

Bankers are currently being careful about moving to PE, but there are opportunities for those with about four years’ experience, says Steven Casey, an executive recruiter at Manpower Professional.

Banking-sector PE recruits largely come from international banks or Macquarie, which is strong in corporate finance, rather than the local commercial banks. But ANZ, with its own PE team, is bucking this trend.

Casey adds: “Investment analysts and investment manager-level jobs are the traditional route into PE. Funds want people with transactional experience, operational awareness and the confidence to get involved with investee companies.”