Follett Parker’s Hatugari on re-energising private markets’ DE&I push

What motivated you to set up a private markets executive search firm that centres on DE&I?

Given the increasing importance of private markets in the economy, I am motivated to play a role in building an inclusive workplace; one that offers a different narrative for minorities – women, people from different ethnic backgrounds and other forms of diversity – to participate more fully in an industry that has traditionally been difficult to access (and stay in).

Put simply, I want to help build a future that is more equitable for everyone. Someone said it very succinctly recently: “You cannot have a la carte inclusion.”

What do you view as the biggest roadblocks to greater diversity in the industry?

This is tough work, it is hard even for the most committed to keep the energy up and keep going, sometimes against invisible walls. Most people want change towards a fairer society and fairer, more equal workplaces, but there does appear to be some fatigue after the effort of the last few years.

To mitigate this fatigue, you need the leadership of an organisation to responsibly hold up the tone from the top, co-piloting with delivery teams and keeping collective sight on the goal. More practically, having a well-defined strategy with set goals that is communicated clearly and directly is a springboard to success.

What recruitment practices can help accelerate change?

First, expand and cultivate your external talent pool – foster conversations before you have a requirement so that you are poised to take advantage of your preparedness when the need arises.

“Diversity in and of itself is a futile pursuit without paying attention to inclusion”

Second, find your authentic voice. This involves building an attractive employee value proposition and communicating it clearly to your recruitment partner and also to your employees, as they are the key to creating long-term value.

Third, build an external succession pipeline for those mission-critical positions. Fourth, communicate your commitment to DE&I. Finally, remember that even for junior positions, build for the long term – that means hiring for potential, not necessarily for the perfect profile.

What advice do you have for private markets firms looking to build more diverse and inclusive talent pools?

Diversity in and of itself is a futile pursuit without paying attention to inclusion. My advice is to move away from a transactional approach – you risk turning people off and undermining progress. Instead, be more strategic and consultative in your outlook. That means not just doing what is easy.

Tackle the hard things – think of individuals as having intersecting identities, rather than one-dimensional beings that allow a box to be ticked. If you are unsure where to start, I would say focus on inclusion, take care of the people you already have in your teams, so that your diverse hires have a chance to succeed in a thriving, inclusive environment.

Sandra Hatugari is founder of DE&I-focused recruitment firm Follett Parker, which launched in January 2023