True Launches Private Equity Practice
February 15, 2023 – Global talent provider True has launched a private equity practice and named managing director Matt Goldstein as its leader. “The creation of the PE practice formalizes True’s existing authority in the ecosystem,” the firm said. “Starting from True’s innovative roots in venture capital and technology, the firm has grown with clients across industries and asset classes to close over 1,000 searches for PE funds and their portfolio companies in the past three years.”
“We’re putting a stake in the ground to announce we deliver products and services catered to the PE market,” said Mr. Goldstein. “We’re here to answer client demand for talent partners that understand the speed, needs, and challenges of this asset class.”
“Matt’s expertise in PE coupled with his CFO Rolodex and business-building track record makes him the natural choice to lead this critical growth area,” said Jon Mackey, co-general manager, Americas. “He’s galvanizing a team our PE clients can rely on to build EBITA-centric leadership teams that can deliver on profitable growth and adapt as macroeconomic conditions change. Matt will organize our private equity effort across all True industry practices including climate tech, fintech and financial services, healthcare and life sciences, enterprise and consumer.”
Mr. Goldstein is a foundational member of True Search with a track record of launching and nurturing new revenue-generating ventures. He has co-led the enterprise practice, built the healthcare practice, and developed connections across PE firms while recruiting partners for investment firms and co-founding True’s financial officers practice. Mr. Goldstein has over 20 years of search, business development, and marketing experience for high-growth technology companies across the U.S. and Europe.
Another key player in the new PE practice is partner Rick Bank, who will lead the consumer industry category for the practice. For more than 20 years, he has been an executive search consultant specializing in the digital and technology industries. Mr. Bank has led more than 500 client engagements at the board, CxO and executive level across commercial, operational, and technical functions for private equity and venture capital firms and their portfolio companies.
“Not only have we historically built leadership teams that delivered profitable growth and strong ROIC for our PE clients, we’re also now helping identify the right executives to navigate this economic climate,” said Mr. Bank. “Those leaders are comfortable and effective working in more complex commercial environments, and with distressed assets, leveraging credit, and other special situations financing.”
Serving the Private and Public Sectors
Working in both the private and public sectors, True Search has offices throughout the U.S. as well as the EMEA and APAC regions. Since the late 1990s, the firm’s founders have refined their search process with a blend of data-centric insights, relationship-building, and experience to produce a methodology that consistently improves hiring decisions and accelerates growth. Its clients include Jet, Work Front, and Summit Partners. True Search is a subsidiary of True Platform, a global portfolio of human capital services and products for high-growth tech and tech-enabled organizations. True recently placed No. 7 on the Hunt Scanlon Media “Top 50 Recruiters” ranking.
LLR Partners, a private equity firm based in Philadelphia, made an investment in True this past spring. The partnership is aimed at developing and expanding innovation within the talent space.
True Search Appoints COO and CFO
True Search has named Kate Vanek as global chief operating officer and chief financial officer. “Kate is a proven strategic COO and a high-impact finance executive who will help solidify our operational maturity, which will ultimately benefit our clients, teams and candidates,” said Brad Stadler, True co-CEO and co-founder. “Kate’s expertise will also ensure we continue to be the most innovative and efficient firm in our industry while maintaining our unique culture.”
LLR Partners, which has raised more than $5 billion to fund investments across the technology and healthcare sectors, is said to have bought into True’s mission to disrupt a stagnant industry in desperate need of tech-driven talent solutions. “They expressed interest and we were compelled to listen, even though we were not looking for a financial partner,” said Brad Stadler, True co-CEO and co-founder, at the time of the investment. “Through our discussions, we quickly became aligned on how they could operationally and strategically support our long-term vision.”
“We also aligned on our ability to control our own destiny with no pressure to transact,” said Joe Riggione, True co-CEO and founder. “Our collective vision is for True to remain independent and become the industry’s dominant brand. We couldn’t be more excited about partnering with LLR to get there.”
Related: True Search Expands Leadership Team
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media