EMPOWERING GROWTH WITHIN GLOBAL PRIVATE EQUITY
Executive Search & Advisory for Investment, M&A and Finance Leadership Current Mandates
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Pioneering Excellence in Fund Leadership
Altus Partners Investment Practice works with private market investors, specialising in fund leadership, comprehensive team-building, and strategic advisory services for General and Limited Partners worldwide. Our unique combination of an extensive, unrivalled...
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Leading the Way in Investment Optimisation
Altus Partners Portfolio Practice specialising in Private Equity Portfolio Investment Optimisation. We focus on onboarding and transformational change within PE Portfolio Companies, targeting C-suite and senior roles in PE-backed companies across Europe...
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Altus Partners an LCap Group Company
The LCap Group specialises in Leadership Insights, Consulting, and Executive Search for high-growth companies and investors. Our Leadership Insights offer a multi-dimensional view of leadership, both pre- and post-deal, for Venture, Growth, Mid and Large Cap funds....
News and insights
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FROM WINDSOR KNOT TO FLIP FLOPS - A TALE OF TWO CULTURES
15 days agoFROM WINDSOR KNOT TO FLIP FLOPS - A TALE OF TWO CULTURESFor the last half century, a visitor could spot the private equity professional at fifty paces: double-breasted suit, side parted hair, and a Hermès tie cinched in an impeccable Windsor knot. Their world was quiet, exclusive and, frankly, rather pleased. Partners cultivated relationships in oak-panelled dining rooms; junior staff learnt on the job, shoulders brushing those of veteran rainmakers on planes or in data rooms.Meanwhile, across town, a very different breed was emerging. Venture capitalists took meetings in converted warehouses smelling faintly of coffee and optimism. They pitched founders in hoodies, not CFOS in Turnbull & Asser. Their uniform? T‑shirts sporting ironic unicorn logos, trainers that cost more than a Savile Row blazer and, crucially, an irrepressible appetite for speed.For decades, the two tribes tolerated each other. PE raised multi‑billion funds to leverage, optimise and exit steady businesses. VC sprayed smaller cheques across hundreds of moon‑shots, hoping a handful would conquer the world. They were separated by deal size, risk appetite and, not insignificantly, dress code.The Great ConvergenceThree structural shifts have collapsed that neat division:Mega‑Rounds & Crossover CapitalSoftBank, Tiger Global and behemoth sovereign‑wealth vehicles began writing nine and ten‑figure VC cheques. When late‑stage “Series H” rounds rival buy‑out tickets, the old taxonomy breaks down.The “Platformisation” of Start‑UpsSoftware firms discovered subscription pricing and near‑frictionless global distribution. Their revenues ballooned; margins followed. Those metrics, once the preserve of mature industrials, lured the more conventional PE funds into growth equity.Talent MobilityAnalysts no longer spend life sentences in one asset class. Junior bankers flow into growth funds, hop to late‑stage VC, then back to PE. Culture, lexicon and expectations blur accordingly.Why Personality Now Trumps PricingIf capital is abundant for the best deals and strategies look increasingly alike, what distinguishes one bidder from another? Fundamentally, it is chemistry, and a lightly regulated substance otherwise known as emotional intelligence.Founders have options. In an auction featuring three terms sheets of nearly identical price, they will choose the investor who listens hardest, understands subtext quickest and signals empathy with the company’s mission.The Behavioural BlueprintBelow is my take on the behavioural toolkit tomorrow’s star dealmakers will need. Note that none of it relies on whizbang algorithms or AI black boxes; it is, reassuringly, old school and resolutely human.CapabilityWhat It Looks Like in PracticeWhy It MattersOptimism & Resilience(optimism • work orientation • comfort with ambiguity)Painting a bold vision of what the business could be, then keeping teams energised when macro headwinds blow.Founders follow leaders who see opportunity where others see risk.Credible Conviction(healthy narcissism • willingness to challenge • political acumen)Speaking with calm certainty in ICS, challenging groupthink, yet knowing when to compromise.Confidence — not arrogance — reassures CEOS and LPS that you’ll back your thesis when the market wobbles.High‑EQ Influence(self‑monitoring • empathy • low‑to‑mid Machiavellianism • agility)Switching effortlessly between the language of engineers, marketers and bankers; listening more than you speak.Complex stakeholder webs mean persuasion now beats dictation.Social MirroringInstinctively reading the room, adjusting tone, dress and even seat choice to make others relax.Rapport accelerates diligence and surfaces the unvarnished truths that derail bad deals.Self‑Aware CandourSharing difficult feedback without grandstanding, knowing when being liked must give way to being effective.Boards crave partners who can balance emotional sensitivity with decisive action.Learning AgilitySeeking reverse‑mentorship from junior operators, iterating personal style, absorbing failure without ego bruises.Markets pivot fast; the adaptive outperform the entrenched.Building the Next‑Gen InvestorSo what does all this mean for building the next generation of investors? In my view, funds need to update their hiring playbook from top to bottom: (1) at Analyst level, stop selecting purely on modelling ability and a finance degree and start weaving in behavioural testing that measures empathy, persuasion and real‑world judgement; (2) at Associate level, swap the old “banking‑consulting‑MBA” conveyor belt for cross‑functional rotations (product, operations, data science) and “reverse‑mentorship”, where associates learn directly from founders; (3) for Partner promotion, move beyond tallying deal count and IR fire‑power and insist on hard evidence of CEO references, staff‑retention scores and active sponsorship of diversity.StageTraditional PE ApproachModern Hybrid ApproachAnalyst HiringTest modelling speed, finance degree preferred.Add behavioural assessments: empathy mapping, scenario‑based persuasion.Associate GroomingTwo years in banking, one in consulting, then MBA.Rotations across product, ops, data‑science, plus reverse‑mentorship with founders.Partner PromotionDeal count + IR firepower.Evidence of CEO references, team‑retention metrics, and diversity sponsorship.Looking AheadTo paraphrase Stephen Covey, "What you do has far greater impact than what you say." In 2025, the right behaviours are not only essential, but they are also driving competitive advantage in deals. The archetypal great investor will be a bilingual chameleon: fluent in spreadsheets and stories, comfortable from Windsor knot to flip‑flops. Humanity, not hardware, will separate the term‑sheet that gets filed from the one that gets framed.Closing Note – Fact vs FictionAll of the behavioural insights above come from our PACE assessment: More than 10,000 C-Suite professionals within Private Equity have taken the test, including 1,000 investors. By comparing the results of the very best‑performing funds with everyone else, we can see which traits consistently set the winners apart; those data points, from optimism and resilience to high emotional intelligence and deft “room‑reading”, are the basis for the conclusions in this article.
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A SHIFTING LANDSCAPE FOR PE HIRING
26 days agoA Shifting Landscape for Private Equity HiringA flashpoint has arrived in the private equity investor hiring market. Rising from the aftershocks of the pandemic, a new cohort of investment professionals, shaped by remote-only onboarding and limited in-person mentorship, is stepping into bigger roles. This unprecedented shift coincides with firms reversing hybrid work policies and embracing full office presence, just as waves of global economic turbulence, prompted by renewed “Trumpanomics,” unsettle Private Equity fundraising sentiment.My longstanding view has been that pandemic-era disruptions would not simply vanish; they would echo in professional development pipelines and bring a bumpy few years for the talent marketplace. In the current cycle, a more complex challenge has emerged: people who trained during lockdown conditions, often far from the usual in-person analyst programmes, are themselves passing on that truncated knowledge. The ripple effects are already testing workforce stability.A Generation of Remote-Only MentorsSoon after COVID-19 disrupted office routines, wave upon wave of new employees found themselves onboarded remotely. It seemed unremarkable at first; many firms pivoted successfully. However, not everyone managed to replicate the close-proximity training once delivered spontaneously over a nearby desk. This “Zoom-born” generation missed the chance to absorb institutional insights from mentors working side by side. They are now expected to shape the next wave of recruits, yet some businesses observe a skills gap that is already lowering team performance.Hiring has also become a heavier burden for many funds, with a recurring theme emerging around the volume of candidates who interview unsuccessfully, likely a reflection of inconsistent technical knowledge and misaligned expectations.From my perspective, the real concern is that the next generation must be trained by individuals who never fully learnt in the conventional sense. The “COVID class” has, to their credit, managed to navigate a world of uncertainty well. Yet the reality is the foundational knowledge we once took for granted has slipped through the cracks, and the effects of this will be felt for a while..Return-to-Office: The New Underlying PressureIn a reversal of “remote work forever” pledges, many organisations are telling employees to return to the office. Among HR professionals, the main reason given is real-time collaboration, which fosters on-the-spot mentorship and can’t be fully reproduced digitally. Yet for many staff members whose work-from-anywhere preferences have been overruled, the forced return brings discontent. Retention as a result has been challenging funds face a restless professional cadre.Furthermore, companies that once publicised flexible schedules as a unique benefit are now shifting course, creating uncertainty over how the workplace will function going forward. In particular, non-investor hires often resist returning onsite, while most investors continue to expect some measure of flexibility, which in turn presents a clash with leadership views that complicates hiring processes. This tension heightens strain on staffing pipelines and makes it harder to attract top-tier candidates.Private Equity: Fundraising Sentiment Takes Another HitA modest optimism had circulated in private equity circles, suggesting fundraising was on track for a slow yet steady climb. Then the new Trump administration introduced fresh tariff rhetoric and populist measures, raising fears of a slump in global investment flows. Private Equity funds that were already uncertain about closing their next rounds may need to extend timelines, leaving professionals mired in a “fewer deals” scenario. The result for hiring is clear: the next generation of investment professionals may not gain the vital hands-on experience they require, weakening an already fragile talent pipeline.Mid-level Directors and Partners find themselves with fewer transactions, or in some instances, running out of dry powder to deploy, resulting in lower real deal exposure and reduced time alongside seasoned veterans to develop skills. Should the fundraising environment stay rocky, the learning curve in dealmaking may well flatten. Meanwhile, as certain funds struggle with fundraising, candidates are increasingly drawn to alternative funds that still boast ample capital. However, many of those professionals lack the experience to secure the most sought-after roles in the market, resulting in a relative shortage of fully qualified talent.Talent Spillovers and Market ChurnAll of this—ranging from COVID-related knowledge gaps to the forced return to offices and erratic private equity fundraising, fuels churn in the hiring landscape. Some might call this healthy, viewing it as staff “voting with their feet.” From my vantage point, though, we risk losing critical sector expertise in the rush. Many firms remain wedded to traditional hiring practices, without a ‘plan B’ in the form of talent from alternative markets. According to my quarterly data on market moves in Europe, roughly 90% of new hires come from one of two sources: other funds or investment banking. SummaryWhat does it all mean for hiring trends in the months ahead? If I had to hazard a guess, it would be that the market is set to be more volatile and challenging than it has been in over a decade. Here is why:New professionals, many of whom trained largely online, are responsible for inducting and coaching the next cohort. We have yet to see if that training produces the same quality of personnel once nurtured by in-person mentorship. I think the results speak for themselves, but firms need to be aware of how they may adapt their hiring practices as a result. Expectations are zigzagging between flexibility and a return to the office, leaving both HR teams and employees uneasy. The result is rising turnover in a market already tight for advanced talent. Firms should ensure they are clear and obvious about their expectations, as well as the benefits they offer, as any lack of transparency will cause them to lose talent. Confidence in Private Equity fundraising was improving, but “Trumpanomics” has unsettled it again, forcing funds to stall or reduce new hires. That means fewer opportunities for building expertise, ironically diminishing the supply of well-trained professionals. Firms providing great training and learning opportunities will win out in retaining the very best talent. Nothing is predestined, however, and I believe careful leadership, paired with resourceful training models, can steady these uncertain times. Structured mentorship programmes and solid internal learning initiatives could partially compensate for the loss of in-person knowledge-sharing. Tapping into less conventional talent streams may also be beneficial, attracting a fresh cadre of highly motivated individuals.We could see an intense hiring climate, rife with lateral moves and stiff competition for a limited pool of experienced experts. There is also the danger of institutional knowledge scattering, leaving a dearth of strong mid-career mentors. Conversely, should firms decide to invest significantly in training and collaborative knowledge exchange, they may well foster a more capable generation of professionals, people who turn adversity into an opportunity for innovation.Stay tuned. The pace of change is likely to remain swift indeed.
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CareersVOICES OF OUR INTERNS: THEIR INSIGHTS AND APPRECIATION OF DIVERSITY
10 months agoAt Altus Partners, we proudly partnered with The 10,000 Intern Foundation for another successful year of hosting an intern, demonstrating our commitment to advocating for diversity in the workplace. This year, we collaborated with Pollen Street Capital, to launch our inaugural intern exchange program. We welcomed Daryl Briggs from The 10,000 Intern Foundation and Jennifer Burns from GAIN (Girls Are Investors) through this initiative.Our intern, Zurielle Ocran-Sagoe, had the pleasure of interviewing Daryl and Jennifer about their experiences as students exploring opportunities and as interns. Here's what they had to share:Q: How did you learn about 10KI / GAIN, and what motivated you to apply?Daryl: "I secured my internship with Pollen Street Capital through the 10,000 Intern Foundation (10KI) scheme. I learned about the program through word of mouth at my university, specifically through the Economics Society. Although I studied Biomedical Sciences, I saw 10KI as a fantastic opportunity to break into the finance sector, motivated by my peers who had previously participated." The 10,000 Interns Foundation promotes equity of opportunity through its programs, offering paid internships to undergraduate and postgraduate students.Jennifer: "I recently graduated from the University of St Andrews and found my internship through GAIN—Girls Are Investors. GAIN supports young women and non-binary students in launching investment management careers through internships, insight programs, and challenges. I discovered GAIN through a social media post by my university's Women in Business Society. After a positive experience with a GAIN internship last summer, I decided to apply again to gain more experience in the finance sector and experience a change of environment in London."Q: What advice would you give to a company considering hosting interns?Daryl and Jennifer thoroughly enjoyed their time at Pollen Street Capital, extending their internships by two weeks. They highlighted the importance of balancing professional exposure with social activities. Jennifer shared, "We have a lot packed into our schedule, so brunch at Claridge’s or playing rounders with the team is a welcome addition. It balances the week."Daryl added, "We participated in the J.P. Morgan Corporate Challenge run. It was on short notice, but I'm glad we joined. It was probably my best moment, allowing us to connect with people across the company and outside our team." Jennifer agreed, "Seeing colleagues in an informal setting and meeting new people helped us feel more included as interns. Extra-curricular activities during an internship are needed and often overlooked."They suggest companies provide interns time at the week's end to consolidate their learning. Daryl noted, "Having dedicated time to reflect on what we've learned, maybe with a mentor, would be beneficial. It's easy to get caught up in day-to-day tasks and not take a moment to absorb everything."Daryl and Jennifer encourage companies to host interns through programs like 10KI and GAIN, as interns bring fresh perspectives, and companies can play a crucial role in shaping the professional journeys of young people transitioning into the workforce.Q: What advice would you give someone considering applying to industries that are not historically diverse?Daryl and Jennifer, who applied to programs championing equality, diversity, and inclusion, value EDI highly. Daryl shared, "It's easy to assume EDI may not be a priority for many companies. Being here at Pollen Street Capital has shown me that some places do care. Working with schemes like GAIN and 10KI, it's clear they promote and encourage diversity in the workplace. However, there's always room for improvement, especially in finance."Jennifer encourages applicants to remove any preconceptions that might discourage them. She emphasises, "What's the worst that can happen?" Daryl added, "Don’t let stereotypes and preconceptions hold you back. Approach your internship with an open mind. If they hired you, there's a reason for it. You should back yourself and have confidence in your abilities."Both agree that stepping out of one's comfort zone is crucial for personal and professional growth.
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REFLECTING ON THE ‘BOOKMARK: READ TO SUCCEED’ CHARITY GALA
11 months agoWe want to extend our heartfelt thanks to everyone who attended the ‘Bookmark: Read to Succeed’ charity gala at Hotel Café Royal, London. The event, co-hosted by Drax Executive and Altus Partners (part of the LCap Group), was a truly inspiring evening dedicated to supporting children's literacy in the UK.The evening commenced with an introduction from Mark Sherman, Bookmark Corporate Partnerships Board member and Chief Executive of DRAX Executive. He welcomed Sharon Pindar, the founder and chair of trustees of the Bookmark Reading Charity, and Paul Pindar, the founder of Literacy Capital plc, who was a key driving force behind the charity. Their passionate speeches underscored the urgent need to support disadvantaged children at risk of falling behind in their reading skills.About Bookmark Reading CharityBookmark is a charity committed to transforming children's lives by fostering a love of reading. By connecting volunteers with primary school children who need reading support, Bookmark aims to ensure that every child has the reading skills and confidence to succeed in school and beyond—the charity partners with private equity funds to achieve significant societal benefits and foster employee engagement. Bookmark's innovative approach makes a tangible impact, helping bridge the literacy gap for children at risk of falling behind.Bookmark offers flexible opportunities to make a real difference for those interested in volunteering. Volunteers can sign up for reading sessions with children, providing the support and encouragement needed to build their reading skills and confidence. To learn more about how you can get involved, visit their volunteer page.Event Highlights and AcknowledgementsThe gala was a testament to Bookmark's mission, showcasing our community's incredible generosity and commitment. We want to express our sincere gratitude to all attendees, including representatives from:Three HillsLiteracy Capital plcJacobs Holding AGOaktree Capital Management, L.P.CinvenAugust EquityMontaguCBPELDCThe Rohatyn GroupWestBridgeAstorgKeyhaven Capital PartnersEPIC Investment PartnersAquiline Capital PartnersInvestcorpIK PartnersLiberty Corporate FinancePuma Private EquityApaxCap10 Partners LLPGraphite CapitalECI PartnersInflexionPrivate Equity InsightsKester CapitalCircularity CapitalInsight PartnersThanks to the generosity displayed through the auction and pledges, a total of £53,000 was raised on the night. This donation will significantly support Bookmark Reading in continuing its transformative work with young people, helping to change the story for more children through the joy of reading.
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Private Equity Case StudiesMASTERING PRIVATE EQUITY CASE STUDIES: A COMPREHENSIVE GUIDE
11 months agoHaving progressed through the initial stages outlined in our preparation guide, you are now about to enter the case study phase of the interview process. This stage closely mirrors the tasks you'll perform on the job, testing your analytical skills, strategic thinking, and investment rationale. Regardless of the level you enter the fund at, the case study is a generally accepted practice and forms one of the three key pillars of any successful interview process: structured interviews, work–based tests, and psychometric assessments based on empirical evidence.To help you succeed, this guide delves into the nuances of PE case studies, offering insights from industry experts and best practices.The Essence of the PE Case StudyA private equity case study typically requires evaluating a potential investment opportunity. You’ll receive an Information Memorandum (IM) for a company the PE firm could consider investing in, potentially some supporting information (industry news/benchmarking), and possibly a part-completed model (though often you are asked to prepare this from scratch). Your task is to value the company and formulate an investment proposal, including whether or not to invest. Keep in mind that this task may not be exclusive. The key lies not only in your final decision but also in the depth and logic of your analysis.Types of PE Case Studies:1. Paper LBO/DCFA Paper LBO/DCF involves a simplified leveraged buyout or discounted cashflow model performed on paper or verbally, focusing on core concepts without the aid of a computer.Preparation StrategyUnderstand Core Concepts: Be well-versed in the fundamentals of LBO and DCF models.Practice-Without Tools: Get comfortable performing calculations manually or explaining your thought process clearly without visual aids.2. Timed LBO Modelling TestA Timed LBO Modelling Test is a fast-paced, 1-3 hour on-site or remote test focused on speed and accuracy. These are often designed to understand the gaps in your skill-set, so it is not about achieving the perfect result, but creating a well thought-through working model. It is therefore important to pace yourself and breakdown what to focus on and when before you start.Preparation StrategySpeed and Accuracy: Hone your Excel skills and practice building LBO models quickly.Simulate Test Conditions: Replicate the pressure of a timed test to build your endurance and efficiency.3. Take-home LBO Model and PresentationThe Take-home LBO Model and Presentation involves a comprehensive analysis where you might have a weekend or a week to build a full LBO model and prepare a detailed investment recommendation. Typically, you will then be asked to submit your findings and return to present Preparation StrategyDetailed Analysis: Conduct thorough research and develop a comprehensive model. Ensure the numbers balance and that you are not making assumptions based on incorrect data.Effective Presentation: Focus on creating a clear, concise, and compelling presentation of your findings and recommendations.4. Commercial Case StudiesCommercial case studies are less frequently used but typically deployed when you come from a non-financial background, such as commercial consulting or industry. In this scenario, you are either presented with a CIM or some high-level information about a business and then asked to think through aspects like business model, unit economics, market dynamics, growth opportunities, investment risks, KPIs, and areas of additional diligence.Develop a Structured Approach: Create a framework for methodically analysing businesses. Practice with a few random CIMs you can find online. Example framework:Revenue Generation: How does the business generate revenue? What does it sell, and how does it sell these products or services?Revenue Evolution: How is the company’s ability to generate revenue likely to evolve? What are its growth prospects?Direct Costs: What are the direct costs associated with its revenue streams? Is it a people-oriented cost structure, a SaaS business, or a materials-based cost structure?Indirect Costs: What indirect costs are required to drive revenue? Consider factors like sales intensity and capital intensity.Financial Understanding: Understand growth rates, margin profiles, operating leverage, unit economics, and cash flow profiles.Market Positioning and Dynamics: Where is the business positioned in the value chain? What external factors, such as changing market dynamics and competition, will impact the business modelDissecting the Case StudyTo effectively analyse a potential investment in a private equity case study, it is crucial to break down the company and its environment into several key areas. Each aspect provides insight into different facets of the business and its viability as an investment. This section outlines the essential components you should examine, from industry dynamics to the specifics of the transaction, ensuring a comprehensive analysis.Industry AnalysisKey Products and Markets: Understand the company’s primary products and markets and the main demand drivers.Market Participants and Competition: Analyse the competitive landscape and the intensity of competition.Industry Cyclicality: Determine the cyclical nature of the industry and external factors influencing it, such as regulatory changes or economic cycles.Company AnalysisPosition in Industry: Assess the company’s market position and growth trajectory.Operational Leverage and Margins: Evaluate the cost structure and sustainability of margins.Management and Cash Needs: Consider the effectiveness of the management team and the company’s working capital requirements.Financial AnalysisRevenue Drivers and Stability: Identify revenue drivers, growth potential, and stability.Cost Structure: Examine supplier diversity, fixed versus variable costs, and capex requirements.Competitive Analysis: Assess industry concentration, buyer and supplier power, brand strength, and potential substitutes.Growth ProspectsScalability and Efficiency: Evaluate scalability and potential efficiency improvements.Due Diligence: Consider environmental, legal, and operational risks.Transaction AnalysisLBO Model: Build a leveraged buyout model to project financial performance and returns.Valuation and Debt Capacity: Justify your valuation and the company’s ability to raise and service debt.Exit Opportunities: Assess potential exit strategies and their impact on returns.Building a Leveraged Buyout ModelCreating a full 3-statement model is crucial, and it's important to ensure it balances. You will typically build this from scratch, and we recommend a buyout overlay (especially for large-cap funds). While formatting isn't a primary concern, the model should lead you to a clear view of the deal's merits and risks, culminating in a definitive recommendation—whether to invest or not.Key Components of the ModelIncome Statement: Shows the company's revenue, expenses, and net income over a specific period.Balance Sheet: Displays the company's assets, liabilities, and shareholder equity at a specific point in time, providing a financial snapshot.Cash Flow Statement: This statement illustrates the company's cash inflows and outflows from operating, investing, and financing activities over a specific period.Ensuring it balances is a core principle because it reflects the fundamental accounting equation: Assets = Liabilities + Shareholders' Equity. In simpler terms, everything a company owns (assets) must be financed by what it owes (liabilities) and the money invested by shareholders (equity). The 3-statement model is designed to be internally consistent, so changes in one statement should automatically flow through and impact the other statements, ensuring the balance sheet remains balanced.Buyout OverlayWith a buyout overlay to the model, we can determine:Financial Assumptions:Buyout Price: Determine the price per share the private equity firm will pay for the company. Techniques for this can include:Market Valuation TechniquesMarket Multiples: Compares the target company's financial metrics to publicly traded companies in the same industry.Transaction Multiples: Analyses recent M&A deals in the same industry.Discounted Cash Flow (DCF) Valuation: Considers the target company's future cash flows, discounting them to their present value to arrive at a company valuation.Financing Structure: Specify the debt and equity financing mix used to fund the buyout, impacting the company's capital structure and future cash flows.Exit Strategy: Consider the private equity firm's expected exit timeline, influencing future growth assumptions.Income Statement:Impact on Revenue: Analyse if the buyout will affect the company's pricing strategy, market access, or growth initiatives.Impact on Expenses: Consider potential changes in management structure, financing costs (interest on debt), or one-time transaction fees.Balance Sheet:Shareholder Equity Elimination: Upon buyout, existing shareholder equity gets replaced by new equity issued to the private equity firm.Debt Assumption: Account for the new debt used to finance the buyout, increasing the company's liabilities.Cash Flow Impact: Model the cash outflow for the buyout transaction and the ongoing cash flow implications of the new debt (interest payments).Cash Flow Statement:Financing Activities: Reflect the cash inflow from the debt portion of the buyout financing.Debt Service: Include the cash outflow for ongoing interest payments on the new debt.Iteration and Sensitivity Analysis:Refine Assumptions: Based on industry benchmarks and company-specific factors.Perform Sensitivity Analysis: See how variations in buyout price, financing structure, or growth assumptions impact the model's outputs.Presenting Back to the BusinessEffectively presenting your analysis to the business is a critical part of the private equity case study process. This step involves synthesising your findings into a clear and compelling narrative that highlights the company’s strengths, weaknesses, opportunities, and threats (SWOT analysis). By doing so, you can provide a comprehensive view of the potential investment, showcasing both its merits and risks. Here’s a detailed breakdown of what to consider when presenting your findings to ensure a thorough and persuasive presentation.Strengths (Internal - Positive)Financial Performance: Examine profitability (margins, net income), revenue growth, and cash flow generation.Competitive Advantage: Identify unique selling propositions or strategic advantages.Management Team: Evaluate the management team's experience, track record, and expertise.Product/Service: Consider the quality, innovation, and market demand for the company's offerings.Operational Efficiency: Analyse production processes, inventory management, and cost structure.Weaknesses (Internal - Negative)Financial Performance: Identify weaknesses in profitability, cash flow, or high debt levels.Market Position: Assess the company’s competitive challenges.Product/Service: Evaluate the relevance and competitiveness of products or services.Operational Inefficiencies: Identify inefficiencies in production, supply chain, or overhead costs.Management Team: Assess any gaps in management experience or track record.Opportunities (External - Positive)Market Growth: Identify growth potential in the target market.Industry Trends: Leverage favourable industry trends.Technology Advancements: Consider new technologiesto enhance the company's products or services.Acquisitions: Explore potential acquisitions or partnerships.Economic Conditions: Evaluate positive economic factors that could benefit the company.Threats (External - Negative)Market Competition: Assess the impact of increasing competition.Economic Downturn: Consider the potential impact of economic slowdowns.Regulatory Changes: Identify new regulations that could increase costs or restrict operations.Technological Disruption: Evaluate the threat of emerging technologies.Political Instability: Consider the impact of political or economic instability in the company’s operating regions.Key Tips for SuccessPrioritise Depth Over BreadthConcentrate on the most crucial elements of your analysis. It's better to delve deeply into a few critical points than to cover too many topics superficially.Simulate Realistic ConditionsPractice under time constraints to enhance your speed and accuracy. Replicating the pressure of a real case study will help you perform better during the actual interview.Utilise Mock Case StudiesEngage with mock case studies and seek feedback from industry professionals. This will help you refine your approach and improve your analytical skills.Be Honest and TransparentIf you don’t know the answer to a question, admit it. Honesty is valued over attempting to bluff, as interviewers can easily spot insincerity.Align with the Firm’s PhilosophyCustomise your analysis to match the investment strategy of the private equity firm you are interviewing. Understanding and reflecting on the firm’s investment style can distinguish you from other candidates.ConclusionSucceeding in a private equity case study requires a blend of analytical rigour, strategic insight, and effective communication. The process tests your technical skills and ability to think like an investor and articulate your ideas clearly. Here are the key takeaways to ensure success:Analytical Rigour: Dive deep into financial data to uncover meaningful insights. Develop a robust understanding of the company's financial health through detailed analysis of income statements, balance sheets, and cash flow statements.Strategic Insight: Go beyond numbers. Assess the company's market position, competitive landscape, growth prospects, and potential risks. Identify where value can be created and understand the broader industry dynamics.Effective Communication: Your ability to present your findings clearly, concisely, and compellingly is crucial. Ensure your presentation is structured logically, highlights the key points, and supports your investment thesis with solid evidence.Value Creation Focus: Always keep the potential for value creation at the forefront of your analysis. Consider how operational improvements, strategic repositioning, or market expansion can enhance the company's value.Practice and Preparation: Simulate real case study conditions to build speed and accuracy. Engage with mock case studies and seek feedback from industry professionals to refine your approach.Customisation: Tailor your analysis to align with the specific investment philosophy of the PE firm you’re interviewing with. Understanding the firm's strategy and past investments can provide valuable context and make your presentation more relevant.Focusing on these areas can demonstrate your potential as a valuable investment professional. Remember, the case study is not just a test of your analytical abilities but a showcase of how you approach problem-solving and decision-making in a real-world context.
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ALTUS PARTNERS IS DELIGHTED TO ANNOUNCE THE RECENT PROMOTIONS OF BEN SMITH AND JAMES CLOW TO DIRECTOR IN OUR PORTFOLIO PRACTICE
12 months agoAltus Partners is delighted to announce the recent promotions of Ben Smith and James Clow to Director in our Portfolio Practice.Ben joined Altus Partners in October 2020 as a Principal specialising in searches for C-suite, and Senior Finance professionals for Private Equity backed businesses across Europe. Ben focuses on technology (SaaS/IoT), consumer goods, and healthcare organisations, providing finance leaders that help businesses scale.Since joining the firm his down-to-earth and honest approach has seen him foster close working relationships with management teams and investors that align with the challenges and strategies of the business to deliver first-class solutions.Since joining Altus Partners in March 2021, James has leveraged his extensive market experience to specialise in searches for C-suite and finance professionals for Private Equity backed businesses in the Mid to Large-cap space. His knowledge of the market has played a crucial role in expanding our coverage in Private Equity across the UK and Europe, thanks to his strong track record of sourcing the best talent for crucial hires across a range of industries, most notably TMT, Healthcare, and Consumer.Both Ben and James have been instrumental in the success of Altus Partners over recent years, demonstrating exceptional execution ability and a steadfast commitment to identifying the most talented individuals for Private Equity funds across Europe.Congratulations to you both and we wish you continued success within the Altus Partners family!
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THE IMPACT OF GERMAN LEGISLATION ON M&A ACTIVITY IN THE PRIVATE-EQUITY HEALTHCARE LANDSCAPE
about 1 year agoTo some, the anecdote ‘German bureaucracy’ brings with it vivid connotations of red-tape, paper-pushing, and headaches. However, this anecdote is ringing true for certain Private Equity healthcare assets within Germany. German legislation is causing issues in the M&A space, both from an execution perspective, as well as from a hiring perspective.For some time there has been concern in Germany that ambulatory care centres (Medizinisches Versorgungszentrenor MVZs) that find themselves under Private Equity ownership are prioritising profitability over efficiency and quality. An extensive study published byFinanzwendein May of 2023 on MVZs fundamentally questioned investorsGewinnorientierung(win mindset) and whether these were having negative effects on patients. The report concluded that private equity ownership can lead to excessive debts being piled onto practices, as well as a negative impact on the quality of medical treatment. Furthermore, it pointed to conflicts of interest in these ‘monopoly structures’, one particular concern of the study related to the buy-and-build model some private equity assets employ. It claimed that some dentists were reportedly asked to sell as many expensive additional services as possible, even when they were not necessary and that getting second opinions on operations was proving more difficult if the majority of MVZs in a certain area belonged to one investor.It was beliefs such as these that caused the Health Minister, Prof. Dr. Karl Lauterbach, to publicly state to theBild am Sonntagthat he is “putting a stop to investors buying up doctors’ practices” promising to introduce a bill “to stop these locusts from entering medical practices.” Germany’s two-tier healthcare system – health insurance being mandatory and its funding being split between employee and employer – is worth several hundred billion euros annually. Ninety percent of Germans are covered by insurers who are not allowed to refuse anyone insurance; with the other ten opting for private insurance, more expensive but more cover. Which leads to one of the main issues explored in the study: that investor-owned practices are turning away less insured patients to focus on those who can make them more of a profit. However, doctors have widely hit back at such public denigration of their independence. Furthermore, a report by theFrankfurter Allgemeine,suitably titled ‘Even Doctors Want to go on Holiday,’stated that fewer and fewer doctors actually want to own their own practice – one possible law being considered is that MVZ owners have to be a doctor – leading to a troublesome dichotomy of the state wanting to support entrepreneurial doctors, and doctors not wanting to own their own practices.On the back of this potential legislation aimed at loosening private equity's grip on German ambulatory healthcare centres, we have begun to see a few trends when helping clients building out M&A functions in this space:1. Smaller candidate poolsOne immediate ramification from a hiring perspective is that candidate pools have shrunk. Both from a candidate's perspective, those who haven’t had exposure to the legislative environment are hesitant to make the step across. As well as from a client's, candidates who aren’t familiar with legislation both current and possibly incoming, will take longer to onboard. It is becoming apparent that industry experience is proving increasingly necessary in navigating the complexities of regulatory environment.2. Legislation casting deal-flow in doubtAnother recurring ramification is that top M&A talent can shy away from moving into certain areas of healthcare owing to the fact that there is no guarantee of a strong deal-flow, especially should more stringent measures come into law in future. As a result, candidates may gravitate towards industries facing less regulatory scrutiny, where deal-flow remains more predictable and stable. This reluctance to engage with certain healthcare M&A stems from the apprehension of investing time and effort into pipelines that could potentially face regulatory hurdles or stagnation. Consequently, the allure of verticals and sectors offering a more assured deal-flow becomes increasingly appealing to M&A professionals seeking a secure career path.3. Heightened desire for more international platformsEven if candidates aren’t shy of staying in or moving into certain areas of the healthcare industry, candidates have an increased appetite in joining companies that have broader geographies than just Germany. Organisations offering pan-European M&A opportunities are particularly attractive, as they provide a buffer against the impact of localised regulations. By diversifying their M&A activities across multiple regions, candidates seek to mitigate the risks associated with potential regulatory changes that could impede deal-making within a single jurisdiction.With M&A already being a specialist skillset, and often a huge part of a company's journey and success, finding the right candidates is becoming more difficult as the struggle for top talent increases. With that being said, Altus Partners and the wider The LCap Group, remain prepared as ever to leverage our network, capabilities, and experience to support our clients and their portfolio companies in making sure that the right talent is found to ensure the longevity and success of these critical investments.To discuss any of the topics in this article further then feel free to reach out to george.elborne@altus-partners.com
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#InvestmentTHE CONSOLIDATION WAVE: HOW PRIVATE EQUITY FIRMS CAN RETAIN TALENT
over 1 year agoThe private equity (PE) sector stands on the brink of a significant transformation, a shift underscored by the predictions of industry luminaries such as David Layton, CEO of Partners Group. These forecasts anticipate a dramatic consolidation within the sector, potentially reducing the number of private market fund managers to a mere 100 'next-generation' firms. Such a profound restructuring is driven by a myriad of factors, including escalating interest rates, the hurdles of fundraising, and the burgeoning costs of regulatory compliance. This evolution compels a critical reassessment of talent strategy across the PE landscape.The momentum toward consolidation has been markedly visible through a surge in acquisition activity within the PE sector throughout 2023 and into 2024. Notable transactions include Target Capital’s intent to buy Grafton Ventures, Investorps 50% acquisition of Corsair’s Infrastructure Business, General Atlantic’s acquisition of Actis, CVC’s acquisition of DIF, Bridgepoint acquisition of ECP, andSearchlight’s acquisition of Gresham House. Although the prevailing theme among these acquisitions has focused on infrastructure managers, the trend is expected to extend to a wider range of strategies.As of 2024, the landscape has been dominated by the industry's heavyweights. According to Preqin, assets held in illiquid private market strategies amounted to $12 trillion at the close of December 2023. Impressively, the top 25 largest competitors have seized more than a third of the $506 billion of new capital allocated to PE so far this year. Altus Partners has identified the emergence of two distinct groups within the industry: those capable of swiftly raising capital, often diversifying their strategies to include continuation or impact funds in addition to their core strategy fundraises, and those facing challenges, potentially leading their funds into runoff. This dichotomy has not gone unnoticed by individuals within these funds, triggering a wave of activity in the market as they navigate this evolving landscape.Adapting to Change: Skills for the Next-Generation PE ProfessionalThe anticipated wave of consolidation in the private equity (PE) sector is set to give rise to larger, more globally diversified firms, necessitating a broader and more sophisticated skill set from PE professionals. In this evolving landscape, proficiency in digital transformation, data analytics, and Environmental, Social, and Governance (ESG) investing will become paramount. Professionals in the field will be expected to navigate increasingly complex markets, which will require a profound understanding of varied regulatory frameworks and cultural intricacies.Moreover, as PE firms broaden their portfolios across diverse asset classes, there is an expected surge in demand for individuals possessing specialised knowledge in sectors such as infrastructure, secondaries (particularly for continuation fund offerings), technology, private debt, and impact investments. While these areas represent the core specialisations, the industry is poised for a more detailed segmentation of strategy and sector-specific skill sets in response to emerging demands.A significant trend is the rapid pace at which the industry is adapting to meet the demands of Limited Partners (LPs), placing considerable pressure on the already limited talent pool. This scenario is particularly challenging when seeking candidates from diverse backgrounds, those with in-depth technological expertise, or individuals proficient in impact investing—a strategy that has garnered widespread interest across funds in various capacities. This dynamic underscores the critical need for PE firms to cultivate a workforce that is not only technically skilled but also versatile and adaptable to the shifting paradigms of the investment world.Opportunities and Challenges in Talent ManagementFor PE firms, attracting and retaining top talent will become both a challenge and a priority. In an industry, which, by its own omission is great at running other people’s companies, but not as good as managing their own, there are likely to be significant changes to the future of how talent is managed. There will likely be a greater transparency to retention and succession planning, with this often cited a major reason for (particularly senior talent), individuals being poached. The industry's consolidation will intensify competition for skilled professionals, pushing firms to revisit their value propositions. This means not only offering competitive compensation but also focusing on company culture, and impact initiatives to attract the next generation of talent.A number of these funds are turning to the BCorp accreditation to help in paving a way for a better internal structures, with the likes of Palatine, ECi, Bridges Fund Management achieving BCorp status and larger mainstream funds such as TowerBrook, joining them. Additionally, the transition period may see a surge in demand for professionals skilled in integration and change management, as firms navigate mergers and acquisitions. This presents a unique opportunity for talent with experience in managing transitions, aligning cultures, and integrating systems and processes.ConclusionThe future of talent in the consolidating PE market is both challenging and exciting. As the industry undergoes this significant transformation, the demand for a new breed of PE professionals will rise. For those willing to adapt and grow, the consolidating PE landscape offers a wealth of opportunities for career development and advancement.Altus Partners Altus Partners is an LCap Group company, a Group renowned for its expertise in Leadership Insights, Consulting, and Executive Search tailored for high-growth companies and investors. For detailed insights and guidance on human capital strategy for funds, we invite you to reach out via info@altus-partners.com.
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#TalentNAVIGATING THE NEW TALENT LANDSCAPE IN PRIVATE EQUITY
over 1 year agoThe Evolution of Executive SearchExecutive search, once a function of management consulting, has evolved to earn its independent consultancy model across the globe. This evolution, which began in the 1960s, was driven by the overwhelming demand for experienced executives that surpassed in-house capabilities of companies, leading to the outsourcing of talent expertise. Fast forward to 2021, and the global executive search industry is booming, with annual revenues of around £24 billion - more than double that of 2015. This remarkable growth parallels significant technological advances and a shift in global markets, leading to a dynamic change in talent demands. The Private Equity (PE) industry faced its own set of challenges in 2023 such as heightened investor demands and economic uncertainties, which emphasised the need for differentiated talent acquisition strategies. According to Hunt Scanlon Media's PE Survey, a staggering 92% of deal makers believe that top talent is crucial for achieving growth targets, highlighting the pivotal role of evolved executive search in aligning with the changing landscape of the PE industry.From Generalist to SpecialistKaren Greenbaum, CEO of AESC, and Mathew Cuthbertson, Partner of LCap Group, reflect on how the executive search industry, traditionally more generalist, has become increasingly specialised over the past 20 years. Assessments for PE roles previously centred around functional and industry expertise, currently demand a more advanced selection process, especially for senior roles. Modern executive search firms set themselves apart through specialised knowledge, experience, and proprietary tools, moving away from the 20th-century model of relying on word-of-mouth and recommendations. Today, these firms provide comprehensive services, including structured interviews to avoid bias, inclusive recruitment processes,and industry validated leadership training. This strategic approach helps clients meet growth objectives and improve employee retention rates, through a risk measured recruitment and selection process.The Changing Dynamics in Private Equity Talent AcquisitionThe emergence of new technologies has encouraged forward-thinking executive search firms to integrate innovative tools like personality-focused assessments into their processes. These tools, favoured by giants like McKinsey, Deloitte, and J.P. Morgan, offer a deeper understanding of a candidate's aptitude, interests, and personality, providing insights beyond what is discernible from traditional interviews and case studies.While many of these tools are designed to be widely applicable, they lack industry-specificity when discerning traits related to PE investment professionals. The adoption of these generalist tools in meeting the nuanced requirements of the PE industry is questionable, especially given the lack of significant evolution in PE hiring strategies over the past five years. The PE industry's hiring approach needs to be not only sophisticated but also agile, recognising the critical role of talent in driving growth and adapting to the unique demands of the current market. These conditions call for a change: a highly sophisticated executive hiring strategy which is tailored to the current PE industry, and acknowledges right talent is the most important factor in driving growth. A New Paradigm in Talent EvaluationThe conventional search methodology often falls short in pinpointing traits linked to value creation in PE contexts. Altus Partners CEO Ed Chamberlain advocates for a shift in focus away from generalist personality assessments to rather the assessment of investor behaviours as the industry continues to evolve. Using their bespoke PACE assessment tool, Altus Partners has pioneered an approach centred on business behaviours crucial to value creation in PE executives. Grounded in comprehensive empirical research, this method evaluates candidates on various dimensions, including perception, behaviours, thinking styles, and execution principles. This approach not only assesses the suitability of a candidate but also ensures their alignment with a firm's unique culture and strategic objectives. Such precision in evaluation aids in effective onboarding, team development, and ultimately leads to higher employee engagement and lower turnover rates.Aligning The Candidate and The FirmIn the current landscape, executive search extends well beyond the realm of recruitment. Firms are now equipped to provide strategic insights into clients' team dynamics, succession planning, and leadership evaluation. This enhanced function of executive search transcends traditional interviewing techniques, requiring firms to evolve in tandem with the changing talent needs of the PE market. By marrying deep industry expertise with the latest technology and human insights, executive search firms are now positioned to offer enduring, well-suited, and high-performing talent solutions. This comprehensive approach aligns not only with the immediate hiring needs but also with the strategic long-term objectives of clients, setting new benchmarks in the executive search industry and ensuring success in an increasingly competitive talent market.BibliographyBain. (2021). A Left-Brained Approach to Portfolio Company Talent Decisions. [online] Available at: https://www.bain.com/insights/talent-decisions-global-private-equity-report-2021/ [Accessed 5 Feb. 2024].Cherry Bekaert. (n.d.). Private Equity 2023 Year-in-Review and 2024 Outlook: Clearer Skies Emerge for Private Equity Amidst Challenges. [online] Available at: https://www.cbh.com/guide/reports/private-equity-industry-report-2023-trends-and-2024-outlook/ [Accessed 5 Feb. 2024].Executive Search Review. (2023). Opportunities and Challenges in Private Equity Recruiting. [online] Available at: https://huntscanlon.com/wp-content/uploads/2023/07/HSM-Private-Equity-ESR-2023-4.pdf [Accessed 15 Jan. 2024].S.C.D.M. up-to-Date D.T.R. in the (n.d.). Topic: Executive search worldwide. [online] Statista. Available at: https://www.statista.com/topics/6023/executive-search-worldwide/#topicOverview.www.firstresearch.com. (n.d.). Executive Search Services Industry Profile from First Research. [online] Available at: https://www.firstresearch.com/industry-research/Executive-Search-Services.html#:~:text=The%20global%20executive%20search%20services [Accessed 15 Jan. 2024].www.mckinsey.com. (n.d.). Private market predictions for 2024 | McKinsey. [online] Available at: https://www.mckinsey.com/industries/private-equity-and-principal-investors/our-insights/ten-considerations-for-private-markets-in-2024.
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#HiringBUILDING AN M&A FUNCTION FROM SCRATCH IN 2024? AVOID THESE COMMON MISTAKES
over 1 year ago2023 was a year to forget for large-cap M&A, as mismatched valuations meant many IMs were abandoned. Global M&A volume was down 20% on 2022 according to Bain & Co, rising to 35% amongst private equity-backed deals. That meant many larger assets stopped building their M&A functions completely, instead switching their focus to PMI/Operational activities, and therefore reducing what is an expensive headcount area when not required.While this wasn’t the case for all large cap assets, the current climate has sparked a shift in creative deal-making, with new priorities and targets emerging for those looking to deploy capital. Large-cap investors have become more creative in seeking out public-to-private deals (P2P), taking advantage of stock market declines to snap up turnaround opportunities at discount prices. Meanwhile, mid-market M&A has become attractive as a more risk-averse option, enabling investors to add value to their existing portfolios.With both these trends in motion during 2023, Altus Partners saw a significant uptick in private equity funds looking to build M&A functions from scratch. Around 40% of our M&A and Corporate Development mandates last year were for organisations looking to make their first hire, spanning P2P deals and mid-market assets. Interestingly, over half of these were following unsuccessful attempts to fill the role directly or through other search partners, demonstrating the need for a considered approach.Whilst there are never any guarantees when making any hire, we noticed a few key mistakes that companies consistently make when bringing in their first M&A specialist. In turn, these give firms some important pointers on ensuring they get it right.Hiring at the wrong levelThere is no one-size-fits-all profile for a first M&A hire, and we frequently see companies rush the process and hire somebody who is either too senior or too junior for their requirements.In many cases, the first instinct is to opt for a ‘Head of M&A’ candidate; somebody who has a track record of running and completing numerous successful deal processes. But this kind of experience comes at a cost and is potentially surplus to requirements in a business where M&A will be opportunistic and tactical, at least to begin with. The result is a mismatch and frustration for both parties.To avoid a disappointing outcome, companies should invest time in gauging what their M&A requirement is, what part of the cycle the individual will be involved in - origination, execution, strategy, or a bit of everything – and how much support they will have, internally, or externally from investors. If you’re looking to scale up quickly and carry out large-scale M&A on an international basis then a ‘Head of M&A’ might be what you need. But, if you’re looking for an all-rounder who is happy to get stuck into day-to-day deal-making, it may be better to hire somebody who is a level down from this.Thinking advisory is the answerAnother common approach is to opt for a candidate with a pure advisory or investment banking pedigree, rather than prioritise in-house business experience. There are of course exceptions, but the advisory route should be approached with caution as it often doesn’t translate well into corporate M&A. Working as a consultant within a team under a senior partner is very different to operating on the front line of M&A within a business, making your case to a range of internal stakeholders. It is nearly always preferable to ensure a candidate has proven themselves within a frontline business environment, whether that is within private equity, or through a combination of direct advisory, investment, and corporate work.Leaving it too lateIf M&A is an important strategy for your business in 2024, then moving quickly is vital for two reasons. Firstly, mid-market M&A is very active right now and the competition is increasing all the time. Finding the right person and bringing them up to speed doesn’t happen overnight, so getting started now will ensure you can start originating and executing deals as soon as possibleSecondly, bear in mind the importance of an M&A function when it comes to exit valuation. While the vast majority of private equity-backed C-suites/senior management teams have M&A within their skillset, potential buyers still prioritise those businesses with dedicated capability in-house. Large-cap private equity buyers want to see an established M&A team and a track record over the prior 18 to 24 months. Without this, the valuation multiple and eventual deal success could be at risk. M&A strategy is one thing, but a proven track record of autonomous execution is another.Failing to deliver on equity assurancesTalent shortages mean good M&A professionals are at a premium and if one business can’t deliver, another won’t hesitate to step up. For private equity-backed senior management and management roles, equity is an integral part of building a successful strategy through M&A and while there may be legal barriers to giving equity immediately, if it is promised then that must be honoured within a reasonable timescale. The alternative is valuable onboarding time wasted, and a costly vacuum in the M&A function, as a new hire goes elsewhere.Not consulting specialist expertiseM&A is a highly specialist area, with many nuances around skillset, experience, and behaviours, that can impact the success of a new hire. Running a successful hiring process demands a methodical approach, from mapping out the need and current structure to scanning the available talent pool, reviewing what has worked elsewhere, and finally assessing potential candidates against your criteria. Putting the time in at the outset, and consulting specialist expertise is more than worth it to ensure a successful hire and faster ROI for your business.Here at Altus Partners, we specialise in placing M&A professionals of all levels within private equity-backed businesses and we have the network, capabilities, and experience to get it right, first time.To discuss any of the any of the topics in this article further then please reach out to Philip.hodson@altus-partners.com
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