The role of the private equity chief finance officer (PE CFO) has undergone significant transformations in recent years. The demands placed on CFOs have evolved, with a growing emphasis on strategic thinking and operational leadership. Matt Goldstein, managing director of True’s Private Equity practice, recently sat down with Jaegger’s CFO, Jeff Laborde, an experienced chief financial officer within the private equity space. During their conversation, they explored the changing market landscape and how the role of the PE CFO has changed, as well as some of the key competencies required for success in this dynamic role.
Laborde, with a diverse background in investment banking and private equity, reflected on his journey as a relative newcomer to the CFO position. He highlighted the shift in expectations, noting that the traditional financial CFO profile is no longer sufficient. Private equity owners increasingly seek CFOs who possess a broader skill set that includes operational expertise and a strategic mindset.
Laborde described his first CFO as much broader than just the finance piece—it encompassed HR, sales operations, facilities, IT, legal and more. As a first-time CFO, he embraced these responsibilities, unaware that he was at the forefront of defining the modern CFO role. Over time, he observed the ever rising demand for CFOs who could think strategically and navigate competitive dynamics across various functional areas.
Goldstein and Laborde both noted that the traditional “command and control” approach has given way to a more collaborative and inclusive style. CFOs are now expected to be ambassadors to other functions, working closely with the CEO, as well as heads of product, HR and other departments. The definition of strategic has also evolved to encompass the ability to envision the future and bring diverse stakeholders together to understand and shape different scenarios.
Laborde emphasized the importance of being a well-rounded CFO who understands all components of the P&L statement. To truly support a company’s value creation objectives, a CFO must become a student of every constituent element within the P&L which requires active engagement across business functions and staying attuned to the pulse of the organization. Laborde drew on his experience of being a proactive CFO who provided insights to the board alongside the CEO and demonstrated a deep understanding of the business.
So what are the optimal training grounds for aspiring private equity CFOs?
Laborde acknowledged that his background in investment banking unknowingly prepared him for this role. He credited his banking experience, which fostered a collaborative and outcome-driven approach within a small team, as instrumental in his transition to the corporate world. Currently, Laborde actively involves his finance and accounting teams in decision-making processes, giving them exposure to different aspects of the business and preparing them for a more holistic CFO role, essentially creating a future CFO training system within his own team.
Within his executive search work, Goldstein shared that he has seen a growing demand for CFOs with more robust competencies, particularly within private equity. He emphasized the need for talent partners to go beyond evaluating a resume to focus on the essential competencies required for success in this role. Laborde underscored the importance of finding individuals with the right mindset—selfless, growth-oriented and willing to adapt to the dynamic nature of the CFO mandate.
The CFO role in private equity has evolved from a purely financial focus to a multifaceted and strategic position. Today’s CFOs must possess operational acumen, collaborate effectively across functions and think strategically about the company’s future. The ability to understand and influence competitive dynamics, engage with diverse stakeholders and foster a growth-oriented mindset are crucial competencies for aspiring private equity CFOs. As the landscape continues to evolve, these competencies will remain vital for success.
You can view their entire conversation here.