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Private equity professionals of the world may have sounded a downbeat note at last month’s conference in Munich, but they’re still hiring in Asia.

Stephen Small, director at headhunters Pelham Search Pacific, says strong execution focused bankers are most in demand for the PE community: “Associate to VP-level executors from an investment banking background, who can run the execution process autonomously with Mandarin language skills, are the priority.”

Small adds that some start-up funds are also looking for more senior candidates at principal to partner level. He says senior bankers should have a strong track record in the regions they cover, as well as a deep relationship pool.

Analyst and associate-level candidates at private equity firms normally earn at a similar level to their investment banking counterparts with a slight discount, says Small. However, he adds that at some larger private equity funds there isn't a discount at all. “It is highly unusual for an analyst to get any carried interest but it is becoming more normal for associates to get some equity as ‘phantom carry’ rather than true carried interest,” he adds.

Last month, Reuters reported that JPMorgan Chase & Co. was investing $750m to set up a private equity unit in Asia. According to sources, 10 staff from TVG Capital Partners will be brought in-house to run the investments, with JPMorgan expecting to add to that quickly. And, also according to Reuters, private equity firm Blue Ridge has raised a $1.45bn fund for investment in companies in China.

Vietnam may also be fertile ground for future expansion. Global asset manager Franklin Templeton Investments recently acquired a 49% stake in Vietnam’s Vietcombank Fund Management, an investment management firm focused on private equity investment in Vietnam.

Currently, approximately 9% of Franklin Templeton’s assets under management are from investors in the Asia Pacific region and Vietnam is seen as a key part of its Asian expansion plans. Mark Browning, managing director, Asia, at Franklin Templeton International, says: “We see great opportunity in Vietnam, with rising income levels among Vietnamese investors and a low penetration rate for mutual fund investments.”