世界经济论坛-2026+人才溢价：人力资本如何驱动私募市场价值创造+The+People+Premium

WORLD

ECONOMIC

FORUM

ThePeoplePremium:

HumanCapitalasa

DriverofValueCreationinPrivateMarkets

INSIGHTREPORT

SEPTEMBER2026

Images:GettyImages

Contents

Foreword3

Executivesummary4

Introduction6

1Pre-dealdiligenceandleadershipunderwriting7

1.1Assessingleadershippotential7

1.2Gatinghumancapitalininvestmentdecisions8

1.3Industrypartnerships9

2Theinvestorplatformasahumancapitaladvantage10

2.1CEOandC-suitebuildout10

2.2Platformleadership11

2.3Governancethroughdevelopmentandengagement12

2.4Platformapproachbeyondleadership13

3Themeasurementchallenge15

3.1Barrierstoattribution15

3.2Measurement:Movingfromreactivetopredictive16

3.3Adaptiveforesight17

4AIreshapingthehumancapitalplaybook19

4.1Dualpriorities19

4.2HumanoversightforAIdeployment20

4.3Assetgrowthstage20

5Localcontextasacompetitiveadvantage22

5.1Globalframeworks,localdelivery22

5.2Demographicshiftsandinvestmentstrategy23

5.3Industrialpolicyshapingtalentstrategy24

6Opportunitiesforfurtherdevelopment25

Conclusion26

Contributors27

Endnotes29

Disclaimer

ThisdocumentispublishedbytheWorldEconomicForumasacontributiontoaproject,insightareaorinteraction.Thefindings,interpretationsandconclusionsexpressedhereinarearesultofacollaborativeprocessfacilitatedandendorsedbytheWorldEconomicForum,butwhoseresultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofitsMembers,Partnersorotherstakeholders.

GenerativeAItoolswereusedtosupportaspectsofdraftingand/oranalysis.Alloutputswereindependentlyreviewed,verifiedandapprovedbytheauthors.

©2026WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformationstorageandretrievalsystem.

ThePeoplePremium:HumanCapitalasaDriverofValueCreationinPrivateMarkets2

September2026ThePeoplePremium:

HumanCapitalasaDriverofValue

CreationinPrivateMarkets

Foreword

ClaytonRoot

ActingHead,

InvestorIndustries,

WorldEconomicForum

AnujRanjan

ChiefExecutiveOfficer,PrivateEquity,BrookfieldAssetManagement

Inprivatemarkets,investorshavealwaysprovidedmorethanjustcapital.

Acrossaportfolioofdozens,hundredsoreven

thousandsoffirms,thecollectiveknowledgeacquiredonoperations,govemance,technology,leadershipandtalentrepresentsanengineforvaluecreation.

Humancapitalsitsatthecentreofthatproposition.

Everyinvestmentthesisandeveryvalue-creation

planforeveryfirmultimatelydependsonpeople.Acompanymayhaveanattractivemarketposition,acompellingstrategyandaccesstocapital,but

realizingitspotentialdependsonwhetherithastheleadershipandorganizationalcapabilitiestotranslatethoseadvantagesintoperformance.

Leadershipmattersgreatly.Importantly,theinvestor'sroleisnottosubstituteformanagement,butto

enablegoodleadership.TheopportunitynowistoextendthatthinkingbeyondtheCEOandC-suite.

Achiefexecutivemaysetthedirection,but

organizationsexecutecollectively.Leadershipteamstranslatethevalue-creationplanintooperating

priorities.Managersturnthoseprioritiesintodecisionsandbehavioursacrossthebusiness.Employees

makesureorganizationalchangeissustained.

Thisrepresentssignificantuntappedpotential

forprivatemarkets.Investorshavebecome

moresophisticatedatidentifyingandenabling

strongCEOsandseniorexecutives.Thereisan

opportunitytoapplyasimilarlydeliberateapproachtounderstandinghowthebroaderleadershipteamandworkforceoperatetogether.

Privatemarketsareparticularlywellpositionedtodevelopthisunderstanding.Largeportfolioscanfunctionnotsimplyasacollectionofinvestments,butasaplatfomforcompoundingorganizationallearningandtransformation.

Yetpeopleareinherentlycontextual.Employee-

relatedinterventionscannotsimplybeliftedfrom

onecompany,marketorinvestmentstrategyandexpectedtogeneratethesameoutcomeelsewhere.

Thestrongestapproachesthereforecombine

consistencyofpurposewithflexibilityofexecution.Expectationsregardingleadership,organizationalcapabilityandworkforceperformancecanremainclear,whilethemechanismsusedtoachievethemadapttotherealitiesofthebusinessanditsmarket.

Thisdiscussionisparticularlytimelyasartificial

intelligencereshapesbusinessesandwork.Al

makestheimportanceofhumancapitalmorevisible.

Technologycanautomatetasksandaugment

decision-making,butrealizingthosebenefitsstillrequiresleaderswhoknowwhereandhowto

deployit,managerscapableofredesigningworkandemployeespreparedtooperateinnewways.

Humancapital-andtheAl-augmentedworkforce-deservestobeunderstoodthroughthesamelensasanassetviawhichcapabilitiescanbeassessed,strengthenedandalignedwiththeinvestmentthesis.

ThenextopportunityistomovefromapredominantlyCEO-centricviewtowardsabroaderunderstandingofhowboards,leadershipteams,managersand

employeesworktogethertoexecutetransformation.

Forprivatemarkets,thiscreatesbotha

responsibilityandanopportunity.Thenext

frontierofvaluecreationmaynotbefoundsimplyinidentifyingbetterleaders,deployingbetter

technologiesorprovidingadditionalcapital,butinunderstandinghowthoseresourcesworktogether.

Thatisthepeoplepremium:thevaluecreatedwhencapital,technologyandstrategyarematchedwithanorganizationcapableofputtingthemtowork.

ThePeoplePremium:HumanCapitalasaDriverofValueCreaioninPrivateMarkets3

ThePeoplePremium:HumanCapitalasaDriverofValueCreationinPrivateMarkets4

Executivesummary

Whileprivatemarketsarebeginningtoapproachhumancapitalasastrategicasset,manyfactorsshapethemosteffectivestrategies.

leadinginvestmentfirmsrepresentingnearly$4trillionindisclosedassetsacrossNorthAmerica,Europe,Asia-PacificandtheMiddleEast.

Thefindingsshowthateffectivehumancapital

strategiesareshapedbyleadership,ownership

structures,governancerights,investmentobjectivesandregionalcontext.Implementationshouldvary

accordingtobusinessmodelandregionalnuances.

Inorganizationswithmorematureorprogressiveapproaches,humancapitalevolvesfrom

protectingvaluethroughcomplianceandoversighttosystematicallystrengtheningleadership,

organizationalcapability,workforceperformanceandlong-termcompetitiveadvantage.

Investorshavelongacknowledgedleadership

quality,organizationalcapabilityandworkforce

engagementasimportantgrowthfactorsinprivatemarkets.However,leadingfirmsareincreasingly

viewingpeopleandcultureasastrategicassetratherthanasanoperatingcost.

Private-marketfundsvaryinhowtheymeasuretheimpactofthisassetacrossthecommercialaspectsofaportfoliocompany.Atthesametime,AIand

shiftingregionallabourmarketsareredefininghowinvestorsevaluatetalentneedsanddevelopleaderswhocanenablevalue-creationstrategiesacross

theirportfolios.

Thisreportdrawsoninterviews,surveyresponsesandmultilateraldiscussionswithmorethan20

FIGURE1

Maturityofhumancapital-relatedvaluecreationinfunds

LowHigh

Reactive

Predictive

Systemic

Investorsapproachhumancapitalasacapability.Interventions

arefocusedonoperationalenablementandbuilding

leadershipthatcanexecutetheinvestmentthesis.

Investorsapproachhuman

capitalasacostcentreand

riskfactor.Interventionsare

focusedonmeetingminimum

compliancestandards,

maintainingalicencetooperateandbaselinefinancialstewardship.

Adaptive

Investorsapproachhumancapitalasaninvestableassetbeyond

thecompanyandacrossthe

widerplatform.Leadershipis

underwrittenfromearlydiligence,andinvestorsintegrateattributablehumancapitalinterventionsintothevalue-creationmodel.

Investorsapproachhumancapitalasenterprisevalue.Interventionsarefocusedonengineeringandenablingleadershipandstaffto

enhanceassetvalue.

Source:WorldEconomicForum

Keyfindingsacrosstheinvestmentlifecycle:

1.Humancapital-beyondtheCEO-isbecominganunderwritingdiscipline

Pre-dealhumancapitaldiligencehas

evolvedbeyondconfirmationofworkforce

risksandminimumstewardshipstandards.

Morematureinvestorsincreasinglypursue

deeperassessmentsofleadershipquality,

organizationalcapabilitybeyondtheC-suite

andsuccessionaspredictorsofinvestment

performance.Regardlessofapproach,

sophisticatedinvestorsentertheholdperiodwithaclearlydefinedhumancapitalagendaasanenablertorealizetheinvestmentthesis.

2.Humancapitalinitiativesareexpanding

beyondindividualportfoliocompaniesandintoformalized,platform-wideprogrammes

Thegreatestifferentiationamonginvestors

occursduringownershipratherthanat

acquisition.Leadingfirmsbuildrepeatable

platformcapabilitiesthatsystematically

strengthenportfoliocompaniesanddirectly

supporttheexecutionofvalue-creationplans.

Theseinterventionstransformhumancapital

fromanisolatedtalentfunctionintoascalable

investmentcapabilitybeyondthecompanyand

intoafund-wideresource.

3.Measurementandattributionremaintheindustry'snextchallenge

Investorsconsistentlyreinforcethathuman

capitalcontributesmateriallytoenterprisevalue;

however,fewcancurrentlyisolateorquantify

itsfinancialimpactatexit.Thenextphaseof

industrymatunitywillbedefinednotbyproving

thathumancapitalmattersbutbyestablishing

crediblemethodologiesthatconnectthese

operationalmetricstoEBITDA1growthand

investmentreturns.

4.Artificialintelligenceisreshapinghumancapitalstrategy

Alischangingbothhowinvestorsoperate

andhowporfoliocompaniesdeveloptalent.InvestorsareusingAltoenhancediligence,

workforceplanningandproductivitywhile

reassessingthecapabilities,careerroutes

andleadershipmodelsrequiredinAl-enabledorganizations.ThefirmsfurthestalongpositionAlasanenablerofbetterdecisionsratherthanareplacementforthem.

5.Contextisacompetitiveadvantage

Humancapitalplaybooksdonottransfer

seamlesslyacrossgeographies,ownership

structuresorinvestmentstrategies.

Demographics,labourmarkets,industrial

policyandculturalexpectationsshapeboth

theopportunitiesavailabletoinvestorsandtheinterventionsmostlikelytosucceed.Leadingorganizationsthereforemaintainglobally

consistentobjectiveswhileadaptingdeliveryandimplementationtolocalrealities.

Thefindingssuggestthatprivatemarketsare

enteringanewphaseofleveraginghumancapitalduringtheinvestmentlifecycle.Thequestionisnolongerwhetheranengagedandcapableworkforcecreatesvalue,buthowsystematicallyinvestorscanidentify,develop,measureandscalethatvalue

acrosstheportfolio.

Thisreportprovidesaroadmapforadvancing

alongthismaturityjourney.Eachsectionexplores

onedimensionofvaluecreationthroughhuman

capital,ilustratesitusingexamplesfromleading

organizations,andconcludeswithpracticalguidancethatinvestors,boardsandportfoliocompanyleaderscanapplywithintheirownoperatingmodels.The

findingspositionhumancapitalnotasastewardshipobligationbutasarepeatableandmeasurable

sourceoflong-termenterprisevalue.

ThePeoplePremium:HumanCapitalasaDriverofValueCreationinPrivateMarkets6

Introduction

Thequestionis:Howareleadinginvestorsdevelopinghumancapitalprogrammesthatcreatevalue?

Privatemarketsareincreasinglyimportantinshapingtheglobaleconomy.Beyondallocatingcapitalto

importantemergingsectors,fillingneedsgapsandacceleratingkeygrowthmarkets,investorsinfluencehowcompaniesaregoverned,transformedand

grownthroughmultiyearownership.

Acrossindustriesandregions,privatecapital

increasinglyaffectshowmillionsofpeopleare

recruited,developed,rewardedandmanaged,givinginvestorsagrowingroleinshapingthe

capabilitiesoftheglobalworkforceand,by

extension,long-termeconomiccompetitiveness.

Thisinfluencecomesatatimewhenmany

economiesfaceslowingproductivitygrowth,

demographicchanges,skillsshortagesandthe

acceleratingadoptionofAI.Sustaininglong-term

economicgrowthwilldependnotonlyonfinancialinvestmentbutalsoonhoweffectivelyorganizationsbuildleadershipcapability,developtalentand

adapttheirworkforcestonewtechnologieswhilemaintainingengagementandproductivity.

Humancapital–consideredhereasacombinationofthepeople,knowledgeandhumancapabilitiesinacompany–hasthereforebecomemorethanan

operationalconsideration;itisastrategicdeterminantofresilience,innovationandvaluecreation.

Privatemarketsrepresentuniqueecosystemsinwhichtotestandscalenewapproachestodeployinghumancapitaltocreatevalueforcompanies,investors,andthebroadereconomy.Unlikemanypublicmarket

investors,privateassetownersandmanagerscantypicallycombinegovernanceinfluence,operationalengagementandlongerinvestmenthorizonsto

transformbusinessesovertime.

Thismakestheassetclassanimportantproving

groundfornewapproachestoleadership

development,organizationaldesign,workforce

capabilityandengagement,broad-basedemployeeownershipandAI-enabledtransformation.

Thelessonsemergingfromtheseinvestmentsincreasinglyextendbeyondindividualportfoliocompaniestoinformbroaderbusinesspracticesandeconomicdevelopment.

Againstsuchabackdrop,thisreportexamineshowleadinginvestorsarefocusingonhumancapital

programmesforvaluecreationthroughoutthe

investmentlifecycleandacrossglobalmarkets.Itexploresthreepracticalquestions:

1.Howareinvestorsincorporatinghumancapitalconsiderationsintoinvestmentdecisions?

2.Whichinterventionsappearmosteffectiveduringownership?

3.Howdoownershipmodel,companymaturity,geographyandgovernancerightsinfluence

whatsuccessfulhumancapitalinvestinglookslikeinpractice?

Thefindingsdrawonthreecomplementary

sourcesofevidence:structuredinterviews

conductedbetween2024and2026;asurveyof

investmentfundscoveringdiligencepractices,

post-closeinterventions,measurementapproachesandemergingpriorities;andthreemultilateral

roundtablesconvenedbytheWorldEconomicForum,whichprovidedadditionalanonymizedperspectivestotestanddevelophypotheses.

Together,thesesourcescaptureperspectivesfromadiverserangeofinvestorsincludingdevelopmentfinanceinstitutions,family-ownedinvestments,

pensions,privateequity,sovereignwealthfundsandventurecapitalinvestorsoperatingassetsthroughoutmultipleregionsandinvestmentstrategies.

Oneconclusionemergedconsistentlythroughout

theresearch:differencesinhumancapitalpracticeareoftenstructuralratherthanphilosophical.

Aglobalbuyoutfirmwithoperationalcontrol

approachesleadershipassessmentdifferentlyfromaventureinvestorbackingfounders,aminority

co-investorrelyingonaleadinvestmentpartnerorafamilyofficeinvestingacrossgenerations.

Likewise,approachesdevelopedinonegeographycannotalwaysbetransferreddirectlytoanother.

Theobjectiveofthisreportisthereforenotto

prescribeasinglemodel,buttoillustratehow

leadingorganizationshaveadaptedhumancapitalpracticestotheirinvestmentstrategies,ownershipstructuresandoperatingenvironments.

Thesectionsthatfollowexaminefiveperspectivesontheinvestmentlifecyclefrompre-dealdiligencethroughtopost-closevaluecreation,measurement,AIadoptionandregionalimplementation.

Theemphasisisonpracticalexamplesand

transferablelessonsthatinvestors,boardsandportfoliocompanyleadershipcanadapttoalignandstrengthenhumancapitalasadriveroflong-termvaluecreation.

ThePeoplePremium:HumanCapitalasaDriverofValueCreationinPrivateMarkets7

1

Pre-dealdiligenceandleadership

underwriting

Leadershipandhumancapital

evaluationareevolvingintoastrategiccapabilityfordetermininginvestmentpotentialinpre-dealdiligence.

Whileemployeeassessmentsduringpre-deal

diligencehavebecomestandardpracticeacrossprivatemarkets,investorsdiffersignificantlyinthestrategicroletheyassignthem.

Forsome,diligenceremainsfocusedonvalue

protectionbyconfirmingminimumstandardsforworkforcestewardshipsuchascompensation,

benefits,flexibility,workplacesafetyandmitigatingmaterialpeople-relatedrisks.Forothers,

leadershipquality,organizationalcapabilityand

workforcepotentialareintegraltounderwritingtheinvestmentthesis.

Asaresult,investorsvaryconsiderablyinthe

rigourofhumancapitalassessments,the

sophisticationoftoolsemployed,thedealstageduringwhichassessmentsareintroducedandtheinfluenceoffindingsoninvestmenteligibilityandallocationdecisions.

1.1

Assessingleadershippotential

Thelevelofsophisticationofleadership

assessmentsisoneoftheclearestdifferentiatorsinpre-dealdiligence.

Asinvestorsmaturefromdeployingreactive

riskmitigationeffortstopredictiveandadaptivemodelsofvaluecreationthroughhuman

capital,themeasureofleadershipassessmentsshiftsfromevaluatingindividualexecutives

towardsconstructingtheleadershipteamsand

organizationalcapabilitiesnecessarytoenablevaluecreationovertheholdperiod.

BainCapital’stalentfunctionevaluatesprospectiveCEOsthroughpsychometrictestingcombinedwitharoughlyfour-hourbehaviouralandleadership

interview,aswellasextensivereferencingand

backgroundchecks.Thisconsolidatesabroad

bodyofindustryresearchreflectingleadership

characteristics–withBainCapital’sowndata

highlightingCEOresilienceinparticular–asstrongpredictorsoflong-termsuccess.

Thequestionisnotjustwhetheranindividual

incumbentleaderiseffective.Investorsmustalsofocusonwhethertheleadershipteaminits

entiretycanexecutethevalue-creationplan,

willadapttofuturegrowthandcanbestrengthenedwherenecessary.

Individualassessmentsaresynthesizedintoateam-levelaggregateviewofstrengthsanddevelopmentareas.AsnotedbySusanLevine,BainCapital’s

HeadofCross-PlatformTalent,successdependson“theabilityoftheteamtoworkwelltogethertodriveoutcomes–itisateamsport”,ratherthan

relyingsimplyonthestrengthofanyoneexecutive.

Brookfieldsimilarlyembedshumancapitaland

leadershipassessmentearlyintheinvestment

processbyinvolvingitsBusinessOperationsteamfromdayoneofdiligenceratherthanaftersigning.LeadershipcapabilityisassesseddowntothreelayersbelowtheCEO,recognizingthatmiddle

managementiscriticaltotranslatingstrategyintoexecutionandsustainingorganizationalchangethroughouttheinvestmentlifecycle.

ThePeoplePremium:HumanCapitalasaDriverofValueCreationinPrivateMarkets8

1.2

Gatinghumancapitalininvestmentdecisions

Beyondthelevelofsophisticationofleadershipassessments,investorsalsodifferinhowhumancapitalinfluencesinvestmentdecision-making.

Forsome,leadershipassessmentsareinformativeinputsthatshapepost-closepriorities.Forothers,theyrepresentaformalrequirementcapableof

disqualifyingacompanyfrominvestment.Firms’

positionsonthisscreeningaredictatedasmuchbytheownershipmodelandgovernancerightsastheyarebyinvestmentphilosophyandthescaleofthecompanyunderevaluation.

EQTintegrateshumancapitaldirectlyintoits

investmentdecision-making,treatingleadershipassessmentasaformalgateinunderwriting

aninvestmentratherthanasupportingdiligenceexercise.

AsamemberofEQT’sNetworkTalentteam

commented,adealwillnotpassaninvestment

committeeunlessthecommitteereceivesmemosoutliningthestrengthsoftheassetandthepotentialleadershiprisksthatcouldaffectexecution.

EQTfrequentlysourcestheseevaluationsand

memosfromitsnetworkofmorethan600IndustrialAdvisors(IAs),anexternalrosterofexperienced

operationalleadersandsubject-matterexperts.

Incontrasttothisapproach,someearly-stage

investorsreportednoformalCEOassessment

priortoinvestment–notbecausehumancapitalisviewedaslessimportant,butbecauseventureunderwritingevaluatesafundamentallydifferenttypeofopportunity.

Insuchcases,diligencebecomeslessabout

whetheranincumbentleadershipteamcanexecuteagainstadefinedoperatingplanandmoreabout

whetherafoundercanarticulateacompellingvisionandattractthetalentneededtobuildabusinessinitsnascency.

Consequently,theseinvestors’assessment

frameworksareoftenstage-specificratherthan

competency-based,althoughtheunderlying

diligencequestionremainsfamiliar:whichleadersinadditiontotheCEOaremission-criticalandhowdifficultwouldtheybetoreplace?

Otherfirmsoccupyamiddlegroundbetweenthesemodels,workingasaconsultativeteamthatengagesondemandthroughdiligenceandownershipwithvaryingresourcecapabilities.

SPOTLIGHT1

EQT’sIndustrialAdvisor

gate

Amongallofthediligencepracticesdescribedinthis

research,EQT’sformalizeduseofitsIndustrialAdvisor(IA)networkistheclearestexampleofdealassessmentfunctioningasatrueunderwritinggateratherthanasasupportinginput.MattMerriam,Vice-PresidentinEQT’s

NetworkandTalentteam,describedthemechanismdirectly:dealteamshaveself-serviceaccesstoanetworkofmore

than600sectorandfunctionaladvisersduringthediligenceandholdperiod.Theyarecriticaltothedealpassingthroughinvestmentcommitteescrutinyandformthebackboneof

boardmembersappointedafterEQTsignsaninvestment.

ThenetworkitselfcanbetracedbacktoEQT’sbeginnings

inthe1990swhentheWallenbergfamily–adynastyof

Swedishbusinessleadersandpublicfigures–founded

thefirmandmadeitsownRolodexofindustrialexecutives

availableforconsultation.Asanoriginalfeatureofthe

platformratherthanabolt-ondiligenceresource,thenetworkhascontinuedtoformallydeveloptoinclude,mostrecently,alearningplatformforEQT-appointedboardmembers.

ThePeoplePremium:HumanCapitalasaDriverofValueCreationinPrivateMarkets9

Industrypartnerships

1.3

Thematurityofpre-dealhumancapitaldiligenceisinfluencednotonlybyaninvestor’scapabilitiesbutalsobyitsownershipmodelandgovernancerights.

Investorswithminoritycontrolovertransactionsoftenrelyontrustedpartnerstoextendtheirhumancapitalcapabilities,makingstrongrelationshipsbetween

assetownersandassetmanagersanimportantenablerofeffectivediligenceonhumancapital.

Thisdynamicisparticularlyevidentamong

institutionalinvestorsactingaslimitedpartners

inacquisitions.IMCO,aCanadianpublic-sector

assetmanagerthattypicallyholdsaco-investor

position,emphasizestheimportanceoflong-termpartnershipsandtrust,reflectingitsrelianceonandearlyalignmentwithleadgeneralpartners’diligence

processeswhereminoritygovernancerightslimittheopportunitytoconductfirst-handindependenthumancapitalassessments.

Despitethesestructuraldifferences,participants

demonstratedbroadalignmentonthefoundationalelementsofpre-dealhumancapitaldiligence.

Acrossfirms,assessmentsconsistentlyfocusedonworkforcehealthandsafety,employeeengagementandretention,leadershipqualityandsuccession

planning,andworkforcecoststructure.

Theseareashavebeen“tablestakes”acrossprivatemarkets,formingtheminimumstandardforvalue

protectionuponwhichmoresophisticated,value-

creatinghumancapitalstrategiescanbedeveloped.

Insightsinpractice

Pre-dealhumancapitaldiligencehasthepotentialtodomorethanjustidentifyrisks.Investorshaveanopportunitytoestablishwhetherleadership

andorganizationalcapabilitycancrediblydeliveronavalue-creationplan.Asfirmsmature,humancapitalincreasinglybecomesanunderwriting

disciplinesupportedbystructu