Introduction

There’s a quiet confidence building across the Middle East and North Africa (MENA) investment landscape. From family offices to sovereign wealth funds, venture investors to PE houses, the region is seeing a transformation — not just in capital flows, but in deal sophistication, international reach, and appetite for talent.

At Circle Square, we've been closely tracking the evolution of M&A and private capital in the region — and here’s what we’re seeing on the ground.

The Rise of Regional M&A

The last 24 months have seen a notable increase in intra-regional M&A activity, particularly in sectors aligned with national transformation plans — including tech, healthcare, education, logistics, and renewable energy.

Key drivers:

• Government-backed consolidation strategies (particularly in Saudi Arabia and the UAE)
• Cross-border appetite from listed and private companies to scale beyond home markets
• Increased advisory sophistication, with international boutiques and Big Four teams doubling down on MENA

We're seeing a steady rise in junior and mid-level M&A hiring as firms look to bolster their execution capabilities in Riyadh, Dubai, and Doha.

Venture Equity – Resilience & Reset

Venture activity in MENA is going through a natural correction phase, but it’s far from quiet. Saudi’s PIF-backed accelerators and UAE-based family offices remain active — but are increasingly focused on unit economics, governance, and scalability.

Despite the global VC slowdown, capital is flowing into:

• AI, fintech, healthtech and infrastructure-linked tech
• Series A–C stage rounds, with more structured and strategic participation
• Locally backed ventures that align with Vision 2030 and diversification mandates

This has created demand for professionals with transaction experience in both developed and emerging markets — and a hybrid mindset that can bridge start-up agility with institutional expectations.

Private Equity: Local Funds Go Global

MENA-based private equity is in a transition phase — moving from opportunistic investing to long-term platform building. SWFs like Mubadala, ADQ and PIF continue to lead the charge, often co-investing with global partners or launching thematic funds in:

• Healthcare & Pharma
• Digital infrastructure
• Consumer & retail consolidation
• Real estate and logistics

At the same time, regional funds are professionalising internally. There’s more emphasis on building permanent capital teams — origination, execution, and portfolio management — especially those with international experience and Arabic cultural fluency.

What It Means for Talent

In short, the market is maturing — and talent demand is rising fast.

We’re seeing:

• Firms hiring outside the region, with relocation packages and long-term incentive plans
• Diaspora professionals returning, often for strategic leadership roles
• Growing interest in mid-level dealmakers (Associate to VP) who bring structure, hustle, and cultural alignment

Conculsion

For candidates and firms alike, the opportunity is real — but the competition is rising. In MENA, as in other growth regions, the edge goes to those who move early, stay agile, and hire smart.

If you’re thinking of making a move to MENA, building out a deal team or want to discuss the current hiring landscape across PE, venture, or advisory, reach out to us directly on 020 7492 0700 — we’d be happy to talk through what we’re seeing in the market.

Introduction

Venture capital interviews go beyond financial acumen—they test your judgment, curiosity, and ability to think like an investor. Whether you’re applying to a seed-stage fund or a multibillion-dollar growth investor, here are five questions that come up again and again—and how to approach them.

1. “What’s a startup you’d invest in and why?”
Pick a real company—not a cliché—and walk through your investment thesis. What problem does it solve? How big is the TAM? Who are the competitors? Bonus points if you’ve spoken with customers or founders.

2. “What makes a great founder?”
You’re not just backing ideas—you’re backing people. VCs look for resilience, storytelling, and domain expertise. Share examples of traits you admire, and ideally, reference founders you've met or studied.

3. “How would you source deals?”
VCs want hungry, well-networked associates. Talk about how you’d tap into founder communities, leverage data, or build your own thesis-driven sourcing pipeline. Show that you’re proactive—not just reactive.

4. “What are the risks in your investment pick?”
This is a test of self-awareness. All startups carry risk—product, team, market timing. A strong candidate doesn’t ignore red flags; they flag them early and explain how they’d mitigate them.

5. “Explain a recent VC deal you found interesting”
Pick one that suits the stage and sector of the fund. Explain the valuation, the round structure, and why the investor led it. Be ready to critique the deal too—politely and thoughtfully.

Conclusion
VC interviews are about pattern recognition and conviction. At Circle Square, we help candidates sharpen their thinking, build credibility, and tell stories that resonate with investors.

Introduction

If you're interviewing for a private equity role, chances are you’ll face an LBO case—either in a take-home test or a live build. Technical ability matters, but so does clarity, structure, and commercial thinking. Here’s how to stand out.

1. Keep your assumptions realistic
Many candidates overestimate leverage or target unrealistic IRRs. Use current market data—realistic interest rates, exit multiples, and EBITDA growth. Smart assumptions show you understand the real world, not just Excel.

2. Simplicity wins
You don’t need a 20-tab monster model. In most interviews, a clean 3-statement model with a debt schedule, return analysis, and sensitivity outputs is more than enough. Make sure your logic is traceable and easy to follow.

3. Prioritise debt structuring
Private equity is all about leverage. Demonstrate knowledge of senior vs mezzanine, revolvers, covenants, and cash sweeps. Clearly show the impact of debt tranches on IRR and equity value.

4. Show the commercial story
LBOs aren’t just number games. Show how the company gets from entry to exit—through margin expansion, revenue growth, or cost optimisation. Articulate why the deal makes sense beyond the spreadsheet.

5. Know your returns inside out
You’ll likely be asked: “What drives the IRR?” or “What assumptions did you flex in your sensitivity?” Don’t let your model do the thinking—show you understand the levers behind the numbers.

Conclusion
LBO models are about control, clarity, and credibility. At Circle Square, we coach candidates through real-case simulations used by top PE funds—whether you’re preparing for a megafund or growth equity role.

Introduction

Corporate Development teams are small, strategic, and often high-impact. Whether you're transitioning from investment banking, consulting, or a startup, mastering the right blend of hard and soft skills is essential. Here's what hiring managers are looking for—and how to stand out.

1. Strategic Thinking

Strong Corp Dev professionals see the big picture. You’ll need to assess how M&A, partnerships, or divestitures align with long-term business objectives. Can you connect a deal to revenue growth or market expansion? That’s strategic value.

2. Financial Modelling

While Corp Dev isn’t as model-heavy as IB, you’ll still build 3-statement models, DCFs, and accretion/dilution analyses. Confidence in Excel is expected—bonus points for experience with LBOs or scenario modelling.

3. Project Management

Deals move quickly, but execution can take months. You’ll need to manage timelines, track deliverables, and align legal, tax, HR, and finance teams—sometimes across multiple geographies.

4. Stakeholder Management

Corp Dev sits at the intersection of the business. You’ll engage with senior leadership, product teams, external advisors, and even investors. Listening, translating needs, and aligning priorities are critical.

5. Commercial Acumen

Hiring managers want candidates who can think like business leaders—not just dealmakers. Can you evaluate the competitive landscape, customer value, or operational impact of a deal?

6. Communication

From board memos to target presentations, you must articulate complex ideas clearly. Whether presenting a deal rationale or explaining valuation metrics, clarity wins.

7. Adaptability

No two days in Corp Dev are the same. One day you’re building a target list, the next you're handling diligence, and then working on post-merger integration. Agility is key.

Conclusion
Corporate Development roles reward sharp minds who can blend finance, strategy, and people skills. If you’re preparing to make the jump or ready to progress to a senior position, Circle Square can help. We know what great looks like—and how to position your profile to land the right opportunity.