This individual would provide management expertise, strategic input that was missing and bring a long track record of being a successful fund raiser. The head of Human Resources was a good client of ours at her previous firm, a large multi-strategy hedge fund, where we had been a long-term partner completing over 20 assignments in the last 7 years. She knew of our ability to complete challenging searches and had no hesitation contacting us for such an assignment. Through our in-depth market knowledge and historical track record, we already knew the market for senior real estate private equity fund raisers in Europe is both limited and many are quite entrenched in their current organisation. So we were aware from the outset that our client would need to think more broadly in terms of the background of where to source the candidate. Through the interview process, it was an education to the client that there would be no guarantee they would get a plug and play option to hire and through our market knowledge and credibility, we gave them comfort that hiring a very talented fund raiser, who may have less real estate fund raising experience, would still be a positive outcome. 

Given our approach has always been to know the best talent in every sector, it meant we knew who we would approach in such a situation. Our ability to think slightly out of the box and know who to approach, when you cannot source from the obvious talent pool, helped us quickly introduce other very credible options. Maintaining a relationship with the best candidates in the market, means these candidates trust us when we approach them about various roles. They know we are serious and credible and introduce to them some of the very best opportunities in the market. We successfully hired them a very seasoned fund raiser, who would never have been on their radar as a potential candidate, given he had previously been the EMEA CEO of a large US asset manager. Their experience provided the strategic direction they were looking for as well as management expertise. Most importantly, they had always been in sales and had a long track record as a successful fund raiser.

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The benefit of this was that origination of deals and servicing of assets and clients’ assets were done locally with those ‘on the ground’ who have strong reputations and considerable experience of their own regions. The challenge has been trying to bring the entities together in terms of best practices, processes etc. and making the most of the whole group in terms of cross selling, sharing of ideas and referral of business. 

The new CEO decided a new group Head of Investment Management/CIO would help in this regard. With a significant track record and network (historic and current) across UK and European Real Estate, Armstrong has deep and long-term relationships with the appropriate leaders in Investment Management and so were immediately able to identify suitable talent, discuss the opportunity with them and compile a strong shortlist for the client to meet and, ultimately, select from. It was the speed of the process, the manner in which we approached the market and the depth of our industry knowledge and relationships that stood us apart from our competitors. 

The reputation of the client being a slightly disparate group of separate operations across Europe was something that needed to be confronted with talent in the market. Armstrong spent time with the various stakeholders (group and entity level) to understand the reality and the opportunities so both could be communicated clearly and accurately to the market. 

We were also up front and honest about the reputation of the business in the market – almost providing a reality check which was difficult for the client to hear but important that it was communicated. Considering the market conditions at the time and lack of investment activity in European Real Estate, it was important to ensure it was the highest calibre of talent that were considered as many individuals were looking for the right role in the next cycle.

There was a significant ‘pay gap’ in what the client was budgeting and what the market rate was for top CIO talent in Europe. Armstrong were upfront about this from the outset, and insisted that evidence would be provided to back the compensation we suggested to attract the appropriate talent.

The depth of relationship Armstrong has with the talent in the market meant these business leaders took time to listen, and trusted what they heard, around the opportunities. Armstrong’s Real Estate specialist consultants are taken by their word, giving clients access to talent that would otherwise be difficult to infiltrate. 

Knowing the talent in the market as well as the Real Estate Team do, means the ‘best in class’ are already identified and in conversation with the firm, shortcutting the sifting process. It also means Armstrong’s knowledge about real time compensation and availability is unsurpassed.

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In its dedication to sustainability, the company has initiated a groundbreaking startup. This independent, not-for-profit venture aims to revolutionize supply chain transparency. The initiative was designed to tackle critical sustainability challenges, such as lack of standardization, transparency, and trust in sustainability metrics. By utilizing a blockchain-based platform, the startup aims to provide consistent, standardized, and accurate sustainability metrics. Ensuring full traceability and integration of sustainability verifiers across the ecosystem. 

This initiative is expected to benefit a wide range of stakeholders within the sustainability landscape. The company required a London-based CEO/GM for the startup, capable of navigating the unique challenges of leading a startup originating from a corporate environment, with a blend of technical and commercial expertise. 

The candidate needed to excel at selling to large enterprises while also possessing a deep understanding of the complex technical aspects of the product. This individual would be the first direct employee of the startup, responsible for establishing and scaling operations from the ground up.
A targeted search was initiated, focusing on identifying candidates with a strong track record in both commercial strategy and technical fluency. The search leveraged networks within the tech and sustainability sectors, combining detailed industry insights with comprehensive candidate evaluations to identify the best fit. 

The approach integrated industry knowledge, detailed candidate assessments, and a thorough understanding of the startup’s strategic goals. Similar roles within direct and indirect competitors were explored to understand the landscape and identify professionals who had excelled in comparable challenges. Industry insiders

were approached for referrals to uncover passive candidates who were not actively on the market but matched the unique criteria for the role. Alongside
targeted headhunting, open search tactics were employed to cast a wide net across the industry, ensuring no potential candidate was overlooked.

Specific Focus Areas: 

• 1. Sustainability-Focused Tech Startups
• 2. Large Corporations with Environmental & Sustainability Divisions
• 3. Corporate Venturing and Investment Funds
• 4. Direct and Indirect Competitors: Companies within the soda ash industry and those implementing advanced supply chain transformation technologies, such as SAP, IBM, and Google Cloud.

A critical part of the search strategy was to identify candidates with the required professional background, as well as a proven track record and genuine passion for ESG and sustainability.

Understanding the importance of seamless integration within the company’s culture, candidates who demonstrated values and work styles aligned with the existing team dynamics were prioritized.

The search concluded with the successful placement of a candidate with over 20 years of experience, in driving strategic growth and revenue across various industries.

The chosen candidate possessed a strong blend of commercial and technical expertise, with a background in leading sales for SaaS and sustainable technology startups. Their hands-on approach to business development and deep understanding of complex technical products made them the ideal leader to spearhead the startup’s mission and revolutionize sustainability in supply chains.

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We delved deep into candidates’ motivations, ensuring they aligned with the bank’s values and vision. This involved a series of in-depth interviews and assessments to gauge their compatibility with the bank’s culture. After a rigorous selection process, we found the perfect candidate. The management team conducted a successful round of interviews, followed by a case study. 

The candidate’s alignment with the bank’s culture and strategic goals was evident, and they received an offer to join the team. Since the new Head of Private Capital Markets joined, the team has grown, adding mid and junior-level members. This new team has been instrumental in driving the bank’s growth, aligning with their expansion goals, and reinforcing their market position. And so, the boutique investment bank continued to thrive, thanks to a partnership built on trust, understanding, and a shared vision for the future. Together, we turned a challenge into an opportunity, paving the way for continued success in the world of private placements.

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They knew we had an in depth, technical understanding of the applicable markets, coupled with the breadth of coverage to ensure a process that was executed efficiently, discretely and professionally – based off impeccable research and an unrivalled network. Delivery of this mandate presented a number of nuanced and specific challenges. 

Clearly the significant investment being made into the business needed to be made apparent to the targeted individuals, though discretion and sensitivity were of paramount importance. ‘Noise’ in any market invariably leads to mixed and conflicting reports amongst its participants, often eliminating potential hires that otherwise could have been made if they’d received a coherent pitch. Armstrong’s task in this instance was to ensure that the absolute best-in-class of each of the applicable markets was made available to our client, without the candidate pool having been negatively influenced by any inefficiencies or misplaced targeting during our process. 

Consideration also needed to be given to our client’s incumbent staff and Armstrong International assisted in ensuring that the specific hires being made were appropriately positioned within the organisation. Based off our market intelligence, our client was able to identify avenues via which incumbent mandates could be amended or developed (where necessary/desired) so that sufficient space existed for all employees post the full execution of the project. A number of considerations relating to the mandate were assessed and defined prior to its externalisation into the market. Targets were pre-identified using our unmatched network of connections/referees in the broader financial services ecosystem, and a clear, coherent and appropriate pitch was agreed upon to ensure that the opportunities were delivered professionally and received favourably. 

Resources were pre-allocated to reflect the scale of each applicable market, and assessments were performed ahead of time to ensure that our process would be fully inclusive of all backgrounds. Contingency plans were put in place for all eventualities, meaning that plan Bs, Cs, Ds etc. could be seamlessly implemented when required. 

We knew who we were going to approach, when we were going to approach them, and how the approaches would be made to the minutest detail, with enough ‘redundancy’ in our predefined strategy that nothing was left to chance. This diligent and thorough preparatory work is what enabled Armstrong International to optimally deliver the mandate to the market and, as a result, ultimately achieve the best possible outcome for our client.

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The firm specialises in PPP greenfield development, across infrastructure asset classes, with a core focus on social infrastructure & civil projects, with interest to expand into renewables and energy transition sectors. Their philosophy is to adopt a holistic approach to delivering projects that embraces finance, design and construction, commercial development, asset management and operations.

Due to current market conditions, the time was right for the firm to expand into Europe. The market had been consolidated with limited competitors, and there are areas of under investment, which means there is pressure on governments to meet infrastructure investment demands. The client therefore needed to make their first senior-level hire to establish and help lead the expansion of the European strategy. This challenge for this search was three-fold. 

First, the client needed to source candidates with the right technical skillset & expertise for PPP style project finance transactions, who specialised in greenfield development, and had experience in managing projects from construction through to operation. 

Secondly, the client has a great global brand name but is less well-known in Europe, so would be competing against more established businesses for talent in a highly competitive market. Our client therefore needed a strong value proposition & story to attract top-tier candidates. 

Finally, whilst having the right skillset was of course important, candidates having the right cultural fit was key. Supporting the growth of a business from the ground up is not for everyone. Candidates needed to be ambitious, taking ownership and initiative, and demonstrating a desire to get ‘stuck in’. They would therefore be a self-starter, demonstrating entrepreneurial characteristics and working well in lean team environments.

The platforms’ CEO had heard of Armstrong through industry peers who praised the firms’ holistic approach to talent acquisition, value creation, and diversity. Focused on people as the driving force behind strategy and growth, we’ve forged lasting relationships, adding significant value to clients in revenue, profitability, and long term success.

What differentiated Armstrong for this mandate was our specialisation as talent purveyors. This unique approach sets us apart from traditional consultants. We only partner with a select handful of clients, working with them on a repeated basis, focusing on highly strategic initiatives to provide a comprehensive suite of services. 

Our approach leads to intimate career management relationships with the most outstanding talent in each market. This in turn give us an understanding of what goes on ‘behind the scenes’ in the various energy transition equity investment teams. We can see the bigger picture across the sector, giving us an advantage when persuading candidates to take a new opportunity seriously. This gives our clients unprecedented access to the top in class talent. To solve our client’s talent problem, we developed a tailored three-step talent strategy to meet the clients’ needs: 

In-Depth Client Understanding: We began by immersing ourselves in the clients’ strategic goals, company culture, and specific role requirements. Through meetings with key stakeholders, we developed a comprehensive understanding of the firm’s needs and what type of profile would best fit this role. 

Through this process, we were able to advise our client on the challenges we would come up against in the market, and how to make this role attractive to potential candidates. 

Targeted Market Mapping and Talent Sourcing: Using Armstrong’s extensive network and industry connections, we mapped out the talent landscape to identify potential candidates with the necessary technical expertise. We were then able to conduct reference calls (keeping the client’s name anonymous to minimise market rumours) to understand whether the candidates had the right cultural alignment. 

Proactive Candidate Engagement and Branding: To attract top talent, we crafted our clients’ story & value proposition in way to get candidates excited, emphasising their mission-driven approach and unique market position. 

Most candidates are happy in their current role and are not actively looking to move. We pride ourselves in having longstanding relationships with people who trust us. This gives us an edge as they are more willing to listen to opportunities, even if they aren’t actively looking to move.

Armstrong International’s strategic execution was crucial to successfully filling the role within a 3 month period. Our approach went beyond just finding candidates with the right technical expertise; it also focused heavily on identifying individuals who would thrive in the clients’ entrepreneurial and collaborative work environment.

Emphasis on Cultural Fit: The clients’ small, dynamic team required candidates who could work independently yet collaborate effectively. We prioritized individuals who had a track record of success in smaller firms and/or demonstrated entrepreneurial mindsets. 

This approach ensured that new hires would be comfortable taking initiative, making decisions in a fast-paced environment, and contributing to the firm’s strategic direction.

Rigorous Screening Process: Candidates were subjected to a multi-step screening process that included behavioural interviews and scenario-based assessments designed to gauge not only technical acumen but also cultural compatibility.

Collaboration with Leadership: Throughout the recruitment process, we maintained open communication with our clients’ leadership team, providing regular updates and incorporating their feedback into our candidate evaluations.

Personalized Onboarding and Engagement: Once candidates were selected, we assisted with offer negotiations and onboarding, emphasizing the clients’ core values and long-term vision. 

This personalised approach helped secure commitments from high-calibre professionals who might have otherwise been drawn to better-known firms. Armstrong’s tailored and hands-on talent approach ensured that the successful candidate was the right fit for this role. 

Since joining, this person has successfully originated our clients’ first ever European transaction, adding significant value to our client in revenue, profitability, and long-term success. Our partnership with the clients’ leadership team has laid the groundwork for ongoing collaboration as they continue to expand in Europe.

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Our client is a $1.5 trillion US Private Equity and Private Credit fund. They already had an established $10bn US Direct Lending business and were looking to hire a Head of Private Debt to launch the European strategy. 

Our relationship with the Global Head of Private Equity & Private Debt was initiated during our numerous trips to NYC. Before the pandemic, they were discussing plans for the European build out which focused on a core direct lending strategy of privately originated loans to sponsor-backed middle market companies. 

We built a strong rapport with the Global Head of Private Equity & Private Credit who trusted our judgement and agreed to meeting a couple of senior investment professionals who we knew from our network. 

At this point during the pandemic, the only option was to meet virtually so we introduced 3 high profile candidates in the market whom we already had a prior relationship with. This was integral for our client to gain an insight into the European market and how their competitors were already operating. Our client was impressed with the breadth and quality of the talent pool as well as our speed of delivery in connecting them with best-in-class talent. 

Although they were unable to ‘pull the trigger’ on the Head of European Private Debt hire straight away, due to the uncertainty of the pandemic, they approached us again in 2021 we kicked off the search in the summer.

We initially presented a full market map of the most relevant European direct lending business leaders who we already knew through our network plus those who had been strongly recommended to us. Our established senior relationships within the space meant we were able to deliver on this within 2 weeks. 

We narrowed it down to a shortlist of 10 candidates to meet our client. In this search, most people were happy and embedded within the team so we spent time considering how to present this search in a way which resonated with potential candidates. 

As it was a senior search, most people were tied in with complex carry structures and had long non-competes so from the outset we were upfront about this with our client alongside an assessment of realistically how ‘moveable’ this person was. 

It was important that both the client and candidate were on the same page around compensation, especially given it was a new business so required some creativity about long-term incentives. Given our extensive track record of senior hires, we were able to advise both sides on compensation which was integral during the offer negotiations. 

Our client was extremely impressed with how we managed this search and on the back of this, we were also mandated to find a COO for the direct lending business who would help build the structure of the fund.

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And investment banks, for as long as they’ve existed, have been spectacularly good at doing so. The evidence for this claim? Simply: they still exist.  But their forms of today would be largely unrecognisable to someone of a few decades ago – they have grown and diversified, driven and guided by an inherent eye for opportunity, beyond recognition, though without a change in moniker.  What percentage of an investment bank’s headcount these days is taken up by traditional investment bankers? A fraction – one which continues, on the whole, to decrease. 

And there have been threats to their existence – or at least to their more recent diversified models. Tighter margins, increased competition, more abundant automation and similar minutiae chip away at their edges, but credit crunches, London Whales, and subprime mortgage collapses represented genuine existential threats which would have torn less adaptable entities apart and scattered their pieces into the wind.  Not investment banks, though. A Chinese Wall here, a Volcker Rule there, and, although it’s never quite ‘business-as-usual’ afterwards, it never takes investment banks long to redefine what ‘usual’ actually is.

But there are casualties along the way: while investment banks as entities in themselves may be impervious to all change, their employees are not.  And, perhaps, nowhere is this more apparent than in the teams of front-office salespeople, diligently covering their given client segments on their given product suites. Irregardless of whether they are hedging a German corporate on their macro exposures, selling a corporate/government bond to a UK Asset Manager, or providing a bespoke long-dated ALM ‘Solution’ to an Italian insurer, it’s these groups of sales people who seem to encounter the strongest buffeting from the winds of time.

The reason for this is, perhaps, that, as a sales person within an investment bank, these winds really are coming at you from all angles. Automation is increasingly commoditising products which historically would have required a bespoke human input; regulation stifles (with good reason) sales avenues which may otherwise have been open; ‘efficiencies’ allow a smaller number of salespeople to cover a larger number of clients; the increasing sophistication and autonomy of the end user client segments reduces their reliance on obtaining that sophistication from a 3^rd party.  The list goes on.  These developments may be great news for IT developers, risk managers, or people proficient at spamming emails – but they’re all to the detriment of the front-office, ‘high touch’, relationship driven salesperson. 

And sentiment on the role itself is also in a constant state of flux, and varies from bank to bank.  Are salespeople a partner or poor cousin to their respective trading colleagues? Do they provide invaluable intelligence and flow, or are they often an unnecessary intermediary between investor and trader?  Is it the name of the salesperson or the name of the bank for which they work which is really facilitating the dialogue? 

It’s developments and variations of opinion on questions such as these which have driven a huge amount of the change I have witnessed during my 17 years of recruiting fixed income sales people for investment banks. Clearly the structures of the teams for which I’ve recruited have changed, but, every bit as seismic, is the change in interpretation of what constitutes a sales person of ‘calibre’. In 2010, a sales person was largely judged on the scale and portability of their network. Other considerations, while not immaterial, were considered very secondary.  Who cares if he/she only got a 2:2 at university so long as his/her clients like him/her?  Not a mathematical genius? If it’s not a problem for their clients, then it’s not a problem for us!  Who needs our salespeople to be able to speak more than one language fluently so long as their clients don’t need them to?

Those days are long gone – partly because of similar developments on the customer side, and partly due to a general shift in recruitment policy across all levels. Graduate recruitment, clearly, could never use relationship scale/depth as a metric for calibre, but there has been a demonstrable change in perception of what ‘potential’ looks like when it comes to candidature for sales roles. An indefinable ‘je ne sais quoi’ in isolation is not enough – it needs to be supported by hard data: a top mathematical or technical degree from a leading university; demonstrable excellence in an extracurricular activity; evidence of a charitable mindset; and, of course, fluency in enough foreign languages to suggest an actual physical presence when work stopped on the Tower of Babel. And things are constantly changing at the senior level as well: as the customers’ recruitment values have changed, the suspicion on how portable their relationship really is with a given salesperson has grown. What’s considered more fundamental now is how well the general style/demeanour of the salesperson reflects the institutional self-perception of the hiring entity. While it’s not been a linear progression across all banks, it’s undoubtedly the case, especially within the tier one community, for banks to increasingly consider their salespeople as cogs in the relationship mechanism, rather than the mechanism operators themselves. There has been a growing belief that the customer relationship is held entirely by the institution and not the individuals within it – the individuals just need to reflect the preconceived identity of the institution because, apparently, the customer is on the phone with the institution, not the individual.  

It’s this sentimental shift which is driving one of the key personnel trends of the past 15 years: Juniorisation. In the early 2000s, when a bank lost an MD (in sales, but not just in sales), there was an MD level gap to be filled – not necessarily with an external hire, maybe an internal transfer/promotion. Same at Director level. How different things have been since 2010, however. Since 2010, departures from sales teams have almost always been motivated by, and certainly resulted in, a more junior contingency solution. Losing someone they didn’t want to lose is always a bitter pill to swallow for any investment bank, but the opportunity to bring in a more junior replacement is invariably at least half a spoonful of sugar. The relationships didn’t leave with the salesperson anyway, right?  A more junior/cheaper salesperson could be just as effective at reflecting our identity, right?

The so forth ad absurdum end point of this juniorisation is not a world in which newborns are pitching complex hedging solutions to FTSE 100 Treasurers – it is a world where sales teams simply don’t exist at all.  A non-human identity or image doesn’t necessarily need a human to proliferate it through a human hivemind – attractive, abundant and consistent branding, coupled with competitive pricing and seamless execution will achieve that. But that really is ad absurdum. As long as there is competition in a market, sales will remain perhaps the most important and sought-after skill in professional services – even if a salesperson’s impact on the likelihood of a trade executing is minute, it could, nevertheless, be the difference between that trade happening or not.  And in the binary, all or nothing, world of finance, that difference is often worth hundreds of thousands, if not millions, of pounds in revenues. 

But are the banks right, up to a point? Does it really matter if they aren’t?  The answer, which may sound like a cop out but isn’t, is: it depends. And knowing why and on what could really benefit anyone who is looking to work for one. In an interview, display yourself in a way that reflects the platform and the situation. This may sound obvious, but it flies in the face of the ‘wisdom’ you may be given elsewhere. ‘Focus on your strengths’, for instance – surely that’s ubiquitously good advice, right? Well, not always. Sounder, or at least more fleshed out, advice would be ‘Focus on your strengths which best reflect and satisfy the specific context of the role you are interviewing for, and the institution that role is with’.  Realise that apparent strengths in one context may actually be weaknesses in another.

Clearly, the suggestion here is not that you need to be a totally different person for each interview, but chameleons, never mind how many appearances they can adopt, do, nevertheless, only have one face. There are multiple ways of expressing the truth – and choosing the most appropriate one is likely much more important than you’d think. 

If you’re an Associate interviewing to be junior on a 6 person pod at a tier one US investment bank, the early client exposure you obtained by being the no.2 on your two person current pod isn’t going to appeal as much as you might think. If you’re interviewing with a boutique or broker, don’t expect your spotless track record of production at a bulge bracket to be enough to land you the job – you may have been pitching a very different identity, and your face may not fit.  

And if it’s been more than 10 years since you last looked for a new job?  Bear in mind that the times have ‘a-changed’ – and you may need to make some ‘a-changes’ too. 

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Different Investment Models, Same Talent Challenges
At first glance, PE and VC firms seem to operate in different worlds. VCs invest in high-growth start-ups, often run by founder-led teams who need to transition into a more structured leadership model. PE firms, on the other hand, acquire more mature businesses, focusing on profitability, operational efficiency, and leadership upgrades.

But despite these differences, both models rely on one key driver of value: the right leadership team at the right time.

For VC firms, the challenge is helping founders transition from scrappy operators to leaders who can scale an organisation. This means hiring growth-stage executives (a seasoned COO, a strategic CFO, or a VP of Sales) before the company hits a breaking point.

For PE firms, the focus is on optimising leadership teams post-acquisition—often replacing or supplementing existing management with experienced operators who can drive EBITDA growth and prepare for an exit.

In both cases, waiting too long to fill these gaps leads to lost momentum, operational inefficiencies, and lower valuations.

Beyond the Job Description: The Bigger Picture in Portfolio Hiring
One of the biggest mistakes I see firms make is hiring based on a checklist instead of a holistic strategy. I’ve worked on countless executive searches where, on paper, a candidate might tick all the boxes—but they weren’t the right fit for that specific company, leadership team, and stage of growth.

The best approach is always to look at the bigger picture. It’s not just about hiring a star player—it’s about building the right team. That means considering:

How will this hire complement the existing leadership team?

Does this person bring the right mix of strategic vision and execution ability?

Are they the right cultural fit for the company and its investors?

These nuances don’t show up on a CV. They require deep collaboration with the internal team, the investors, and a hiring partner who understands not just what looks good on paper, but what actually drives success in a portfolio company.

How Top PE & VC Firms Win with Talent
Too many firms rely on personal networks and last-minute searches when filling executive roles in their portfolio companies. This approach is outdated and risky. Instead, leading PE and VC firms are adopting a structured, data-driven approach to portfolio hiring that gives them a competitive edge.

Here’s how:

Integrating Talent Strategy into Due Diligence

PE firms assess financials and operations pre-acquisition—why not leadership too?

Understanding the strengths and weaknesses of the existing team before the deal closes allows firms to plan immediate leadership upgrades post-close.

VCs can assess whether founders have the skill set to scale or if they will need an experienced COO or CFO within 12–18 months.

Building a Pre-Vetted Talent Bench

Instead of waiting for a crisis, top firms map talent ahead of time, identifying candidates for CEO, CFO, COO, and CPO roles before portfolio companies need them.

Having a pre-vetted shortlist means faster placements, less disruption, and stronger post-investment execution.

Partnering with Specialised Portfolio Hiring Experts

This is where firms like Armstrong International come in. Instead of taking a transactional approach to executive search, Armstrong works holistically across entire portfolios, helping PE and VC firms build custom talent strategies that align with their investment thesis.

We don’t just look at CVs—we work in partnership with internal teams, understanding the business, leadership dynamics, and future goals to find the best talent for the situation, not just the best on paper.

Embedding Talent Strategy into Portfolio Support

Firms that actively support their portfolio companies with hiring resources—rather than leaving it up to founders or management—see better long-term performance.

Offering structured talent development, leadership coaching, and succession planning increases retention and stability across the portfolio.

How Armstrong International Helps PE & VC Firms Gain a Competitive Edge
My most successful hires have always happened when:

We’ve ensured a talent roadmap that aligns with the value creation plan.

We’ve thoroughly mapped and built strong pipelines (proactively and ad-hoc) and not just a curated shortlist.

We’ve worked as a true partner, not just a search firm, by going beyond the job description.

We’ve used data to give us market insights and challenged the process if it wasn’t working, ensuring both client and candidate experience—because it always takes two to tango.

The Bottom Line: Hiring is a Value Creation Strategy
Whether in VC or PE, winning firms understand that hiring is not just an HR function—it’s a core value creation strategy. The best investors don’t just fund great companies; they build the leadership teams that turn them into success stories.

The post Portfolio Hiring: The Overlooked Competitive Advantage for PE & VC Firms appeared first on Armstrong International.

There are 12 million small businesses in the UK and most of them are, from a tax point of view,  stitched up super tight but I do feel by allowing a little bit more fiscal flexibility. It could change things significantly. If 12 million small businesses had an extra £100,000 to spend on expenses that’s £1.2 trillion of money moving around the British economy 

Tax loopholes, the very phrase sounds dodgy, like something muttered in the back of a Mayfair members’ club over a glass of warm brandy. But before we jump to conclusions, let’s pause for a moment and ask a slightly uncomfortable question, what if tax loopholes – or more kindly, *creative allowances*- are actually good for the economy?

Imagine this, I take a client out for a day’s fishing. Not because I’m angling for a trout, but because I’m trying to build a relationship, talk shop, and yes secure more business. But who really benefits? The chap who owns the boat, the company that provides the food, the bloke who drives us there, the pub we hit on the way back. That single expense ripples outward and supports a web of small businesses.

In the current climate, though? None of it’s allowable. Not unless the fish we caught also signed a consultancy agreement. The tax rules are so tight, so joyless, that unless you’re holding a meeting in a broom cupboard with receipts signed in blood, it’s not deductible.

This wasn’t always the case. Back in the post-war boom of the ’50s and ’60s, you could wine and dine, hire a car, wear a sharp suit, and put it all on the books—as long as you were doing “business.” Were some people taking the mick? Absolutely. But the money kept moving. Restaurants were full. Drivers had fares. Hotels had guests. Florists, caterers, tailors, events people – they all had work. And that wasn’t fraud. That was flow.

Take company cars, for example. These days, the tax on a vehicle benefit is so steep, it’s practically a deterrent. But more cars on the road means more jobs for mechanics, more fuel sold, more tyres replaced, more MOTs booked, more sausage rolls from the service station café. It’s all part of the grand machine. Why punish a business for choosing to participate?

The problem is, we’ve swung so far in the direction of “tightening up” that we’ve strangled the very thing we claim to support – enterprise. As Churchill said, ‘some people think free enterprise is a tiger to be shot, others think it’s a cow to be milked but it’s actually the horse that pulls the cart of society along’.

Small businesses, in particular, are being forced to shrink their spend and every time that happens, it’s the little guys who suffer. The independent restaurant that doesn’t get the booking, the driver who doesn’t get the fare, the boutique hotel that sits empty on a Wednesday night.

Letting businesses be a bit more… interpretive about what counts as an expense isn’t about encouraging fraud. It’s about encouraging confidence, it’s about keeping the cash flowing. Every pound spent, even under the comforting umbrella of “business development,” is a pound that ends up in someone else’s till. And that’s good for the economy.

So yes, “tax loopholes” may sound grubby. But many of them – especially the old-school, high-street, take-a-client-for-a-decent-lunch kind – weren’t just loopholes. They were lifelines.

Let’s stop punishing ambition and start celebrating it again. It’s time to bring back the art of the tasteful write-off and inject some much-needed life back into the economy.

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