Private Equity in 2025: Carve-outs, transformations & the race for talent
As we step into 2025, the private equity landscape continues to evolve at pace, with transformation, carve-outs, and operational excellence at the forefront of investment strategies. To provide insight into these trends, we spoke with Terry Dawson, Senior Director - Growth (Private Equity & Corporate Transformation) at The IN Group. Terry has recently taken on this role and is already seeing strong market activity across a range of PE-backed initiatives. Below, he shares his thoughts on the current market direction and the key areas of demand shaping private equity talent and transformation.
2025 marks the beginning of an exciting new chapter for me as I step into my role as Senior Director - Growth (Private Equity & Corporate Transformation). With a strong start to the year, I wanted to share some insights into market trends and the work we’re actively delivering for our private equity clients.
While we still have a few more weeks before we can be certain of the market's full direction, demand is already strong across several key areas in private equity. From SAP S/4 Programmes and Workday implementations to carve-outs, post-merger integrations, and strategic procurement, PE-backed companies are investing heavily in transformation and operational excellence.
Following developments in the PE space, we've also seen a significant uplift in mega-funds preparing bids for multi-billion-pound acquisitions—many of which are expected to lead to large-scale divisional carve-outs.
The rise of large-scale separations and transformation leadership
Right now, we are actively delivering services into three major separation programmes, with two more in advanced discussions. As part of this, we’ve seen a growing demand for Chief Transformation Officers (CTrO), with an interesting shift in the role’s definition. Some clients are looking for ex-MBB strategy experts focused on value creation, while others see the CTrO as a Transformation Delivery Expert responsible for coordinating enterprise-wide initiatives through the Transformation Management Office.
Year-on-year growth & current hiring demand
Placement activity and new Statements of Work (SoW) engagements are already up by around 40% compared with January/February 2024. The market sentiment feels positive, and PE-backed firms are making key leadership hires across business and technology functions. Right now, we are actively recruiting for:
Chief Architect – Business integration architecture focus
HR Transformation Programme Leadership – Including HRIS
Finance Transformation Programme Delivery – Preference for finance separation experience
TSA Management – Transitional Service Agreement oversight
Carve-Out Programme Leadership – We are already pipelining for two PE-backed businesses (£2bn and £4bn turnover, respectively)
Looking ahead
As we move deeper into 2025, transformation remains high on the agenda for private equity firms and their portfolio companies. Whether it's carve-outs, technology-driven integration, or value creation strategies, the demand for specialist leadership and delivery expertise continues to grow.
If you are in private equity and would like to find out how InX Private Equity can support your business with the right leadership and transformation expertise, please reach out to our team. Additionally, for larger-scale transformation projects, Definia, part of The IN Group, provides deep expertise in programme delivery, technology transformation, and strategic change management.
We’d love to discuss how we can help you navigate your next phase of growth and transformation - get in touch to learn more.