From Corporate CHRO to Private Equity

Across the CHRO market, a noticeable shift is underway. Increasingly, senior HR leaders from listed corporates are stepping into Private Equity-backed businesses — drawn by proximity to value creation and a sharper commercial mandate. But Private Equity is not simply another ownership structure, it's a different operating system. Shorter time horizons, leaner governance and fewer layers between decision and consequence and a direct link between people decisions and EBITDA. In this environment, the CHRO role does not just expand — it transforms.

To see what this shift looks like beyond theory, I spoke with Jana Belyusova, Chief Human Resources Officer and Non-Executive Board Member, who has led organisations through large-scale transformations, rapid growth, and demanding turnarounds across multiple industries. Jana has built leadership teams at speed, guided companies through periods of expansion and reset, and operated at the intersection of governance, growth, and commercial performance. She has worked in stability and in crisis — and in both, she has learned how to make HR a true engine of value. She recalls her first board meeting in PE, when a rapid-fire question about EBITDA and cost of the organisation caught her off guard — and how that moment instantly rewired her approach to HR strategy.

When I entered Private Equity I quickly realised HR wasn’t a support function, it was part of the engine — the part that makes value creation happen.

What surprised you most when you joined a PE-backed company?

The speed and the vocabulary.

In corporate environments, we talk about roadmaps, stakeholder alignment, and long-term transformation journeys. In Private Equity, the language is refreshingly direct: cash, margin, waste, profitable growth, top line, exit, value creation, self-funded growth. You very quickly stop saying “initiative” and start asking, “How does this increase EBITDA?” You adjust your language quickly — because language reveals priorities. What surprised me most though wasn’t the pressure — I expected that. It was the focus. There is one overarching question that quietly governs almost every discussion: How do we sell this company at a higher value within the agreed timeframe?

At first, the focus feels intense. But soon it becomes liberating: I began to see how revenue growth, margins, EBITDA, and free cash flow are inseparably linked in daily operations. These are not abstract metrics owned by Finance. They become your compass. Every hiring decision, every leadership change, every organisational tweak either moves them — or it doesn’t.

As for the speed, decisions are made with 70% — often less — of the data. If they turn out to be wrong, they are adjusted quickly and without drama. The only risk bigger than moving too fast is waiting too long.

What exactly is considered fast also changes. Corporate fast is still slow in a PE context. A helpful recalibration is this: take your current sense of urgency and multiply it by three. That’s the new tempo. Jana remembers calling a leadership hire at 10pm after a 14-hour day — the candidate accepted minutes later.

In corporate, this would have taken weeks; in PE, you either move or you miss.

How did your role differ from your corporate CHRO role?

In corporate, you are a strategic HR leader. In PE, you are a commercial business leader who happens to own HR. I underestimated how profound that shift would feel. In a listed environment, you can operate as a strategic partner to the business. In Private Equity, you are expected to think like an investor. You must understand precisely how the company generates cash, where margins are won or lost, and how talent decisions influence both. You challenge commercial assumptions, not just people processes. You build — and sometimes rebuild — leadership teams quickly. And you do so knowing that time is not neutral. Delay has a cost. Accountability becomes very explicit. If a key position remains unfilled or performance lags, it is not explained by market scarcity. It sits with you.

According to McKinsey & Company, 60–70% of CEOs in PE-backed companies are replaced during the investment period. That reality shapes the entire leadership dynamic. Fit is not a one-time assessment. It is continuously evaluated against the value creation plan.

In many corporate environments, outcomes can be explained by context — complexity, market conditions, organisational history. In PE, particularly at senior levels, performance becomes more binary. Bonuses are high — or zero. Effort without results carries limited weight. Leaders must move constantly between strategic aspiration and operational scrutiny, between inspiration and intervention and asking one simple question over and over: does this create value and accelerate results? The same goes for HR, by the way. Is HR creating value — and are we moving the organisation fast enough?

Where did HR make the biggest difference to value creation?

I’ve learned the hard way — and with a few laughs along the way — that the right team, the right culture, and the right mindset can make or break value creation. Here are my top three areas where I feel HR made the biggest difference:

1. Assembling the right leadership team — at lightning speed

In PE, the leadership team sets the tone, and the clock is ticking from day one. Trust from the board is everything and if it’s missing, honesty is your only currency. One of the most expensive mistakes is delaying the inevitable. One of the most important lessons I learned: Don’t fight the wrong battles. But there were other lessons, too.

That HR isn’t just filling seats, for instance. It’s strategically engineering a team that can thrive under pressure. It’s about chemistry, competence, and courage — and doing things fast. Assemble the right people quickly, and everything else moves faster. Quickly spotting who can handle the heat saves time, money, and a lot of steam.

Jana recalls leaders who were brilliant on paper but struggled under high-pressure, fast-moving conditions. Waiting for a “maybe” cost time, money, and momentum. Acting quickly — rather than hoping things would work out — accelerated the company’s trajectory.

2. Creating a performance culture obsessed with outcomes.

Not effort, but outcomes. Own the results — don’t justify the process. The classic corporate refrain of “we worked really hard” doesn’t cut it in PE. The only questions that matter: Did it move the number? Did it move the needle?

Every day is a masterclass in ruthless clarity: what gets measured, gets done. HR plays a pivotal role — aligning incentives, breaking down silos, simplifying structures, and clearing obstacles that block decision-making. These aren’t just people blockers — they are business blockers too.

And yes, making leaders PE-proven is a full-time sport. Competence isn’t enough — leadership capability under pressure is what drives value. In PE, clarity and accountability matter. Everyone needs to know what results they own and how it contributes to value creation.

3. Embedding PE definition of speed as a cultural norm.

The difference between companies that thrive and those that fall behind often comes down to speed. How quickly can the organisation spot opportunities or risk, redeploy talent, or kill initiatives that aren’t delivering? HR can either slow momentum with process — or create it.

You’ll never have the perfect team. That’s not a limitation; it’s an opportunity. The mindset of ‘I’ll learn it and I’ll do it’ keeps people versatile, growing, and nimble. Break walls, make cooperation non-negotiable. Speed is a habit — and HR sets it.

In Jana’s world, walls are for museums, not offices. And slow decision-making is for the history books too.

What skills from corporate life were most — and least — useful?

Corporate experience gave me more than I realised at the time. Most useful? Probably structured thinking, governance experience, comfort at board level. But also the ability to build scalable systems. Corporate life teaches discipline and complexity management — and that discipline becomes a real asset when growth accelerates and expectations tighten.

But other habits needed recalibration.

Overplanning, for example. In large organisations, every change can become a programme, every initiative a carefully staged rollout. In Private Equity, that instinct can slow you down. In PE, overplanning is just another word for stalling. She laughs at herself for sending a 12-person pre-read in her first month — in PE, she quickly learned that fewer voices, sharper focus, and faster decisions were the real power.

I had to unlearn the reflex of broad consensus-building. In corporate life, fairness often means involving everyone. In PE, prioritisation is sharper. Not every voice carries equal weight, and not every initiative deserves oxygen. Perspectives still matter, but impact matters more. Speed begins to beat harmony.

That doesn’t mean you stop listening. It means you become more deliberate about where alignment truly matters — and where movement matters more.

What advice would you give CHROs considering this move?

Jana doesn’t hesitate.

First, educate yourself: Private Equity is not one uniform model. Understand the firm’s philosophy, time horizon and operating style — and recognise that “long-term” in PE is measured differently.

Value creation moves in phases:

• Early stage: Define the value creation blueprint, set bold growth ambition, assemble the right leadership team.
• Mid stage: Drive efficiency, simplify structures, improve cash flow and free up capital.
• Pre-exit: Sharpen the equity story, ensure leadership stability and demonstrate sustainable performance.

Secondly, build your team quickly: You cannot operate at the required commercial altitude without strong leadership beneath you. Delegation is not a luxury — it is a precondition.

Thirdly, learn to speak the language of value creation:

• Where do we make money?
• Where do we lose money?
• What drives free cash flow?
• What increases the exit multiple?

If you can’t connect talent decisions to those levers, you will struggle to earn your seat at the table.

Fourth, build trust intentionally.

Expect direct challenge. Scrutiny sharpens over time. Emotional cushioning is limited — but clarity is high.

And finally: Create momentum around value creation. Don’t get lost in the weeds. Don’t choose harmony over progress. Choose impact.

So… More Fun or Harder?

Definitely both. The stakes are high. Timelines are tight. Accountability is real. But you are in the arena. You see results instantly. You slice easier through bureaucracy. You operate like an entrepreneur — at corporate scale.
Private Equity is disciplined. Outcome-driven. Relentlessly commercial. It demands sharp thinking, resilience, and the courage to make calls quickly.

But for CHROs willing to step closer to the engine of value creation, it offers one of the most accelerated leadership classrooms available. You don’t just advise the business. You shape it. You feel the consequences of decisions in real time.

As more leaders move between listed corporates and PE-backed businesses, learning how this system works isn’t just helpful — it’s essential. Private Equity isn’t just a different employer — it’s a different operating system. Moving from corporate to PE is not just a role change; it’s a rewiring.