PE Portfolio Companies - Board of Directors
Hi guys - can I ask for some feedback on what is typically required for someone to be appointed as a board member of a PE portfolio company? I know that a PE sponsor typically retains some of the board seats for the investment professionals that were involved in the acquisition, but I'm wondering how the rest of the board seats are typically filled - i.e. does the PE sponsor have a list of "friends and family" from which they pick potential board members or do they use recruiters to look for people with specific expertise (or a mix of both)? I assume this likely depends on some specific factors like the investment strategy pertinent to the portco acquisition (growth, distressed etc.) and the relevant industry, but would be helpful to gather some insight on what the common trend is these days.