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Private equity is throwing out a limited lifeline to Singapore’s struggling employment market. But while some expansion is on the cards, a surplus of i-bankers means breaking into PE is getting even more difficult.

Demand for private equity professionals will grow by about 10-15% over the next year, says Stanley Teo, a director at Profile Search and Selection. “Funding is drying up in ECM and DCM, while PE investment opportunities are being created by declining prices.”

Mark Thornton, partner and co-head of Asia at 3i, tells us that his firm hasn’t put the brakes on hiring. “We have a team of 23 in Singapore. We have just set up a mid-market buyout team to cover SE Asia and India and expect to grow the team as other new market opportunities arise.”

But small-scale growth isn’t enough to provide jobs for every banker wanting to work in Asian PE. Teo says recent banking sector downsizing means candidate supply will continue to exceed demand. “This makes the entrance barrier into a PE career even tougher and more competitive for most bankers.”

Sought-after skills

So what type of professionals do PE firms want? Investment experience and local knowledge are an essential but elusive combination, says Thornton. In the coming months PE funds are likely to hire more execution people at associate through to junior VP level, adds Teo.

“These are the footsoldiers, the guys on the ground who execute the transactions and manage the deals, who filter through the deals that are potentially of interest to the fund and its objectives. Most origination people are already in place and demand for them will not be as strong,” says Teo.

And the door to PE remains ajar for bankers with the right backgrounds. Teo explains: “Those with a combination of management consulting and investment banking experience would make compelling candidates. Traders are not so in demand as their skill sets are obviously different.”

But is converting you career worth all the effort? Thornton thinks so. “PE is a highly stimulating, challenging job. There is also a huge amount of variety. Most investment bankers would love to move from the sell side to the buy side. The rewards can also be highly attractive through the carried interest that executives get in the investments that they make.”

Moreover, says Teo, if you have built up a three-year track record with a private equity firm you become very marketable. Thornton agrees: “A key challenge for private equity firms is retention because once executives have some good deal experience they become very attractive in the market.”