If you’re a CFO, or on your way to becoming one, chances are you’ve noticed a growing presence of private equity (PE) in your orbit.

According to Eton Bridge Partners’ 2025 CFO Pathways Report, PE-backed companies are hiring CFOs at an accelerated pace across much of the globe, and they’re fundamentally shifting what it means to be a finance leader today.

In this article, Lizzy Raes and Ellie Doyle, specialists in interim PE appointments within the Finance Practice at Eton Bridge Partners, explore how private equity is reshaping the global CFO market and what this means for today’s and tomorrow’s finance leaders navigating this fast-evolving landscape.

Private equity-backed companies: The driving force behind CFO appointments

In 2024, PE-backed companies emerged as a key force behind CFO hiring in major financial centres like the US, UK, China, Germany, and Sweden. These appointments are increasingly strategic, aligned with the transformation agenda PE investors expect.

This isn’t just a blip on the radar. In markets like China, Sweden, Germany, and the UK, over 40% of recent CFO hires were made into private equity environments – in China, it’s as high as 55%.

PE firms aren’t just investing in companies; they’re investing in leadership. In many cases, the CFO is among the first hires post-investment, underlining their importance in setting the tone for transformation and execution from the outset.

At its core, private equity is about transformation, growth, and value creation – and none of that happens without a strategic financial leader at the helm.

PE investors  want CFOs who act as true sparring partners to the CEO, with a comprehensive oversight of all functional areas, from technology and sales to operations who can help double or triple their investment’s value.

Today’s CFOs in PE environments are part strategist, part operator, part deal-maker. They’re increasingly working alongside CEOs and investors, not only interpreting financials but shaping the strategic story behind them.

Global patterns, local nuances

The CFO hiring data from the report paints a fascinating global picture.

In China, for example, the PE wave is surging. With 55% of CFO appointments happening in PE-backed businesses, it’s clear that international and domestic investors see finance leadership as critical to scaling operations and driving returns in what’s still a relatively young investment market.

In the UK and Germany, there’s a similarly strong showing: 42% of CFO hires were into PE-backed companies in both countries. These are more mature markets, but the demand is just as fierce. What sets these markets apart is that CFOs are typically expected to hit the ground running. Many are walking into complex, multi-entity businesses or turnaround scenarios with pressure from investors starting on day one.

The US stands out, though not in the way you might expect. Despite its dominant PE market, only 29% of CFO appointments in the report were into PE-backed companies. That doesn’t mean there’s less PE activity – it just reflects the broader mix of public, founder-led, and multinational businesses across the US, which continue to offer CFO opportunities in other flavours.

In contrast, Canada and Australia show lower levels of PE-backed CFO hiring, highlighting the regional specificity of this trend… at least for now.

How PE CFO roles differ from public company CFOs

The role of a CFO in a PE environment is a whole different ball game from public company CFOs.

In a public company, CFOs often focus on steady financial reporting, compliance, and keeping shareholders informed. It’s about maintaining confidence, managing expectations, and navigating a relatively stable, predictable rhythm – quarterly earnings calls, annual reports, regulatory deadlines.

But for PE CFOs, the script flips. The focus shifts more heavily towards value creation, problem-solving, and driving fast-paced strategic initiatives, all while thinking with an entrepreneurial mindset – which is why there’s more churn in the CFO space too.

So, while a public company CFO’s success might be measured by consistent earnings and market confidence, a private equity’s CFO’s performance is judged by how quickly they can increase enterprise value and position the business for a lucrative exit.

What do private equity firms want in a CFO?

So, what exactly are private equity firms looking for when they hire a CFO? Spoiler alert: it’s a lot more than just someone who can balance the books.

PE investors want CFOs who can roll up their sleeves and get in the trenches – leaders who don’t just report the numbers but actively help build the business. They want someone who can think strategically,  act operationally, and lead decisively

That means being the person who drives real change: whether it’s overhauling pricing strategies, leading system upgrades, or figuring out how to get the company ready for that all-important exit. The CFO is often seen as the financial architect of value creation.

And it’s not just about managing day-to-day finances. PE CFOs are expected to be deal-savvy; comfortable with fundraising, navigating complex capital structures, and spotting opportunities for mergers and acquisitions.

Plus, they’re the trusted partner for both the CEO and the investors, helping everyone stay aligned on goals and strategy. You could say they’re the glue that holds the transformation together.

Because the stakes are so high, PE CFOs usually have their compensation directly tied to performance – bonuses, equity, and incentives are linked to hitting growth and exit targets. Naturally the role comes with pressure, but also the chance to shape a company’s trajectory and deliver exceptional results.

At the end of the day, PE firms want CFOs who can deliver results – not just reports.

Is PE the right path for every CFO?

The short answer is – not always. The demands of private equity can be intense: long hours, constant change, high stakes. Investor scrutiny operates at a completely different level compared to the quarterly rhythm of public companies. It’s not for everyone.

But for the right CFO, it can be career-defining. Many who step into PE-backed roles find themselves operating more strategically, moving faster, and leading more boldly than ever before. It’s a crash course in transformation, leadership, and growth under pressure.

And the payoff? It can open major doors. PE CFOs often go on to become serial portfolio executives, take up non-executive board positions, or even transition into investment firms as operating partners.

The CFO Pathways Report 2025 makes it clear: private equity is reshaping the CFO role across key markets. It’s no longer just about managing the numbers – it’s about mastering debt financing, driving digital transformation, and navigating rapid, high-stakes change.

To succeed, CFOs need to be comfortable operating at deal speed – where decisions are fast, the strategy can shift overnight, and agility is non-negotiable. It’s demanding, yes, but that’s also what makes it so dynamic and rewarding.

So whether private equity is your next move or simply a lens through which to future-proof your skill set, now’s the time to step up. Because one thing is certain: PE is redefining what great finance leadership looks like – and the opportunities have never been greater.

At Eton Bridge Partners, we work closely with private equity firms and their portfolio companies to identify and place the senior leadership talent needed at every stage of the investment lifecycle.

Get in touch to discuss how we can support your leadership needs and help drive value creation across your portfolio. Whether you’re preparing for investment, managing growth, or planning an exit, our expert team is here to help.

Download our latest CFO Pathways report