Historically, consulting firms haven’t always been seen as attractive investment vehicles for private equity. As organisations whose success depends primarily on their human capital, consulting firms can be harder to properly value than many other businesses. And the nature of project-based work can lead to unpredictable cashflows—not something that many investors are looking for. But recently, something seems to have changed; private equity investors are taking a closer look at the sector, and that’s led to a number of high profile deals in the past few years. In this episode, we’re joined by Richard Holden—a partner at the investment bank Alantra—to explore the reasons behind that shift, and what it will mean for the future of consulting.