As private markets continue to evolve, one hiring trend is becoming difficult to ignore. The line between traditional fund administration and private markets technology is becoming less defined, and with it, the competition for commercial talent is intensifying.
For employers, this presents both a challenge and an opportunity.
Businesses that once operated in distinct markets are now targeting the same clients, solving adjacent problems, and competing for the same Sales and Business Development professionals. Organisations that recognise this convergence early will be in a stronger position to attract and retain the talent needed to support future growth.
Two sectors are becoming one commercial talent market
Fund administrators have invested heavily in technology to improve efficiency, reporting and client service. At the same time, private markets fintech providers have expanded beyond software, offering broader operational capabilities that increasingly overlap with traditional administration services.
While their products may differ, both businesses are solving similar commercial challenges for the same audience.
That means the competition is no longer limited to direct competitors. Fund administrators and fintech providers are now recruiting from the same pool of commercial professionals.
The buyer has not changed
Despite changes in products and delivery models, the decision makers remain largely the same.
Whether selling administration services or enterprise technology, commercial teams are still engaging CFOs, COOs and Heads of Operations within private markets firms. Conversations continue to focus on operational efficiency, transparency, risk management and revenue growth.
For experienced Sales professionals, this creates a natural crossover between sectors.
Someone who understands the priorities of these buyers can often transition successfully between fund administration and fintech, provided they understand the commercial environment and can translate value effectively.
Different sales models, shared commercial expertise
There are clear differences between the two sectors.
Fund administration sales are typically relationship led, involving longer buying cycles and highly consultative engagement. Fintech businesses often operate with faster enterprise sales processes centred on product capability and digital transformation.
However, the strongest commercial professionals are not defined solely by the length of a sales cycle or the product they sell.
They succeed because they understand their client's operational challenges, can build credibility with senior stakeholders and know how to position complex solutions against commercial objectives.
Those skills transfer well across both markets.
Why the best commercial talent is increasingly scarce
As the two sectors continue to overlap, demand is rising for professionals who combine technical understanding with commercial credibility.
The most sought after candidates bring experience across areas such as:
- Fund accounting
- Capital calls
- NAV calculations and waterfalls
- Enterprise technology
- Complex revenue generation within private markets
Professionals with this combination of expertise are exceptionally difficult to find.
Many have built their careers within one side of the market but are increasingly open to opportunities across both. As a result, organisations that restrict hiring to candidates with identical backgrounds may be overlooking highly capable talent with transferable expertise.
What this means for hiring leaders
The commercial hiring market within private markets is becoming significantly more interconnected.
Hiring strategies that were effective five years ago may no longer deliver the same results today. Employers need to think beyond traditional sector boundaries and assess candidates based on customer understanding, commercial capability and industry knowledge, rather than previous employer alone.
This requires recruiters who understand both sides of the market and can identify professionals whose experience translates across different commercial environments.
The organisations that adapt their hiring approach now will be better positioned to secure the scarce commercial talent that competitors are also targeting.
Building commercial teams for the next stage of private markets
The convergence of fund administration and private markets fintech is creating one of the most significant commercial hiring opportunities in the sector today. As these markets continue to move closer together, demand for experienced Sales and Business Development professionals will only increase.
Broadgate partners with organisations across fund administration, asset servicing and private markets fintech to connect them with specialist Sales, Business Development and Revenue Growth professionals who understand the commercial realities of this evolving market.
If you're hiring commercial talent in private markets, speak with the Broadgate team to discuss how access to cross sector talent can strengthen your hiring strategy.