And what it means for firms trying to build serious investment teams

I’ve been recruiting in financial services in South Africa for a while now. And right now, at the junior to mid level in private equity and corporate finance, sourcing is as hard as I can remember it being.

Not because the talent doesn’t exist. It does. But because the best candidates are sitting tight.

Here’s what I hear almost every week when I approach a sharp analyst at a top tier bank or PE house. “The timing isn’t right.” “I think a promotion is coming.” “I want to see how the next six months play out.” And honestly? I don’t always disagree with them. At the two to four year mark, you’re in a tricky spot. You’ve put in the hard yards. You can see the path ahead. Walking away from that takes real conviction.

The market context makes it harder

Africa’s economy is projected to grow faster than the global average, with PE deal value across the continent expected to build steadily through the cycle. The asset class is genuinely maturing. The global secondary PE market closed 2025 at a record $240 billion in transaction value, a 48% jump over the prior year. Africa is increasingly part of that story, not a footnote to it.

African companies disclosed $3.8 billion in funding in 2025, with deal volume up 32% from the year before. South Africa led by value, accounting for nearly a third of total continental funding. The firms doing serious work here are doing genuinely serious work. And that’s exactly the problem from a recruitment perspective. When the market is active and deal flow is real, good people stay put.

The talent pool is structurally thin

South Africa’s skills shortage in finance is real, and the job market is extremely competitive, especially at the intersection of analytical depth and commercial experience. At the junior PE level specifically, you’re fishing in a small pond. The number of people who have the right academic foundation, the right technical toolkit, and genuine exposure to African markets is not large.

A good number of PE analysts and associates in South Africa have CA qualifications and studied locally, which reflects the strength of the local education system. But that also means the pool of candidates who tick every box, academically and professionally, is concentrated in a relatively small number of institutions and programmes.

Add to that the fact that Africa is experiencing an accelerating loss of skilled financial professionals to international markets, with global employers absorbing this talent with stronger currencies and larger compensation packages. The best people have options, and some of them are exercising those options offshore.

The referral problem

The firms I work with at this level consistently tell me the same thing. The best hires come through the network, not through job boards. And that’s true. But it creates a chicken and egg problem. If you’re not plugged into the right circles, you’re not getting the referrals. And if you’re not getting the referrals, you’re relying on inbound, which at this calibre is noisy and slow.

What this actually means is that sourcing at this level requires being specific, being patient, and being willing to play a longer game than most hiring processes allow for.

What the right candidate looks like in this market

They’re not unhappy in their current role. They’re not desperate. They’re quietly curious. They’ve started to wonder whether the platform they’re on is actually the best one for where they want to go. They’re paying attention to what more local firms are doing. And when they read that a local player just closed the largest secondary transaction in African PE history, acquiring over $120 million in NAV across four African funds, spanning 30 investments in financial services, consumer, infrastructure, and light manufacturing across more than 14 African countries, they feel something. That’s the candidate.

Which brings me to why I’m writing this.

I’m currently working on a mandate for one of the most respected Africa-focused PE firms in the market. Johannesburg-based. Managing close to $1 billion in assets. A genuinely differentiated platform with a hybrid model across primaries, secondaries, directs, and co-investments. The team is small, senior, and serious.

They’re looking for an Investment Analyst or Associate. Two to four years of experience in investment banking, corporate finance, private equity, or top tier consulting. An exceptional academic record is non-negotiable. 80% average or above across your university courses. The firm has an extremely high academic bar and we apply it consistently.

If you want to apply, here’s what we need from you:

Your CV. Your full academic transcript. And a half page, in your own words, on why you want a career in private equity and why Africa-focused investing specifically matters to you. Not a template. A real answer.

Applications without all three documents will not be reviewed. If your academic results don’t meet the 80% threshold, please save yourself the time. This isn’t about being harsh. It’s about being honest upfront, which I think candidates deserve.

If this isn’t right for you but you know someone it might suit, please pass it on. A referral from someone who knows the market is worth more than a hundred cold applications. Tag them in the comments, forward this article, or drop me a message directly.

This is a rare seat at a firm doing the most interesting work in African PE right now. The right person will know exactly what that means.

Theo Smit | Theo@tsrecruitment.co.za