Deal flow is down. Why is private equity hiring still strong in Belgium?

Private equity deal activity across Europe, including Belgium, has slowed significantly since 2023. Transaction volumes and exits remain well below the 2021 peak, with IPO markets largely closed and sponsor-to-sponsor activity more selective.  

Despite this cooling of dealmaking, hiring within PE‑backed Belgian portfolios has held up remarkably well. 

“People assume fewer deals mean fewer hires,” says Christophe Paquay, senior manager at global talent solutions specialist Robert Walters. “But what we’re actually seeing is the opposite: longer holding periods and tougher performance conditions are increasing the need for proven operators, not fewer.” 

Longer holds and an execution‑first value‑creation model 

Belgium mirrors the broader European trend: extended holding periods, constrained leverage, and value‑creation plans being re‑written to focus on fundamentals. PE firms are spending more time improving the performance of existing assets, increasing the need for operating and senior leadership talent. 

High financing costs and conservative underwriting have limited returns from multiple expansion. Instead, value now depends on EBITDA growth, cash generation, working‑capital discipline, and operational resilience. 

“As a result, hiring has shifted decisively away from deal teams and toward operating partners, portfolio leaders, and C‑suite talent with a track record of delivering change under PE ownership,” Paquay explains. “Expertise in pricing, cost control, working capital, and governance is particularly sought after.” 

Belgium’s market dynamics sharpen the talent challenge 

The trend is most visible in Belgium’s mid-market, where portfolios are often concentrated in sectors like industrials, healthcare, pharma, and B2B services.  

Regional and sector valuation disparities, coupled with a bilingual environment, amplify execution risks and make skilled leadership critical. The limited pool of Dutch-French bilingual executives, especially those with private equity experience, adds to the hiring complexity.  

Additionally, Belgium’s rigid labour laws increase the cost and difficulty of correcting leadership missteps, prompting private equity firms to prioritize thorough assessment and search processes.  

Deal structuring trends, such as increased vendor loans and W&I insurance usage, further reflect cautious sentiment and underscore the need for strong management teams to mitigate risks and drive value creation. 

Implications for executive search in Belgium 

As private equity funds embed operating capabilities earlier in the ownership cycle, executive search is becoming a strategic function in Belgium’s deal ecosystem rather than a transactional one. 

“In Belgium’s tight and relationship‑driven market, access alone is no longer enough,” says Christophe Paquay. “It’s about judgment: identifying leaders who can deliver value under sponsor governance, across linguistic boundaries, and within a demanding labour‑law framework.” 

The most effective searches combine: 

• Deep networks in Belgium’s mid‑market 
• Understanding of sponsor governance and value‑creation levers 
• Assessment of bilingual capability and cultural fluency 
• Rigorous evaluation of operational leadership credentials 
   

Not a contradiction 

Hiring has remained resilient not despite the downturn, but because private equity has entered an execution‑led phase.

With exits delayed and leverage constrained, operating capability has become central to protecting and generating returns. 

“This isn't a contradiction,” concludes Paquay. “It’s a structural shift in how Belgian PE firms create and protect value.” 

More information

 To learn more about talent retention and attraction strategies, feel free to contact one of our teams, or discover our recruitment advice articles.