In a bid to address the lack of diversity on private equity-backed company Boards, mid-market private equity firm Livingbridge has unveiled its Future Board Leaders Programme. This initiative, which launches on 16th September 2024, aims to assist established business leaders from diverse backgrounds in transitioning into non-executive careers, specifically focusing on private equity-backed companies.
Despite ongoing efforts within the industry, representation on Boards in the private equity sector remains disproportionately low. According to Livingbridge, data from 2022 reveals that female representation on Boards of private equity-backed companies averages just 13%, with the inclusion of underrepresented groups almost negligible. This lack of diversity persists, despite industry-wide initiatives to promote change.
Livingbridge, which has supported more than 170 companies over the past 25 years, believes the underrepresentation of diverse voices negatively impacts decision-making and financial performance. Ruby Biring, Livingbridge’s Head of Talent and co-founder of the Future Board Leaders Programme, expressed concern about the industry’s failure to improve the situation. “Board diversity remains dire in private equity. We want to talk about this, and we are committed to actively changing the status quo,” she stated.
The Future Board Leaders Programme is designed to help business executives, particularly those from underrepresented backgrounds, develop the skills and knowledge necessary to thrive in non-executive positions. Livingbridge hopes this will broaden the talent pool for private equity-backed companies and enable more diverse individuals to take on leadership roles within the sector.
The three-month programme, set to run from September, offers participants strategic insights, mentorship, and practical guidance on becoming effective non-executive Board members. Leaders will receive mentorship from experienced Chairs and non-executive directors (NXDs) within the private equity sector. This includes valuable opportunities to shadow existing Board members at high-performing private equity-backed companies, providing real-world experience of what is required at Board level.
Participants will only need to commit one day per month to the programme, which includes coaching sessions, seminars on leadership development, and networking opportunities with industry experts. Topics will cover the core principles of Board membership, with an emphasis on the differences between private equity Boards and more traditional FTSE 100 Boards. The aim is to provide a comprehensive grounding in private equity, equipping participants to step confidently into their roles.
High-profile industry figures have already expressed their support for the initiative. Murray Steele (Octopus Apollo VCT), Niall Wass (Wob, Vay, Jobandtalent, Moonpig), and serial CFO David Amos are among those offering their expertise to guide the inaugural cohort. Applications are now open, and Livingbridge strongly encourages individuals from underrepresented groups—including gender, racial, ethnic, LGBTQ+, and differently-abled communities—to apply.
Livingbridge’s Managing Partner, Wol Kolade, believes the programme builds on successful initiatives like the 10,000 Black Interns project, which he co-founded in 2020 to increase opportunities for black graduates in business. Reflecting on the firm’s decision to address Board-level diversity directly, Kolade said: “We decided to see if we could do something about the very low levels of diversity at Board level in portfolio companies across our industry. This builds on the excellent work of entry and mid-level initiatives such as 10,000 Black Interns and Level 20.”
The Future Board Leaders Programme is the latest step in Livingbridge’s long-standing commitment to improving diversity in business leadership, providing a clear route to Board membership for those who have traditionally been excluded from such roles.
