Chinese private equity is surging ahead – but don’t just expect a job on the back of the boom. Total funds invested in China grew to US$20bn in Q1 2008, up by almost 60% from the previous quarter, according to new figures from research company Zero2IPO.

But while established Hong Kong-based professionals are spearheading the charge into China, bankers who’ve been laid off in London and on Wall Street won’t find salvation in Asian PE, says Stephen Small, director at headhunter Pelham Search Pacific: “Three years ago the firms just wanted people with talent. But now if you don’t have local expertise and language skills there are simply much better candidates out there for the firms to choose from. You haven’t got much hope.”

One recruiter cites the recent plight of an American ex-Carlyle employee: “This guy was an Ivy League grad who’d been a hot shot in the US and thought he would quit and easily find a job here. It took him a full six months to find a position and he’s one of the lucky ones.”

Chinese nationals with some overseas experience, and ideally an American MBA, are the most sought after as HK firms target investments in the Mainland, says Amanda Lote, a director at Profile Search & Selection. But recruitment levels are generally lower than last year, partly because many US funds have already established their HK teams, she adds.

Some firms are still on the hunt for local talent: Candover has recently been poaching from 3i; Dalton Strategic Partnership is looking for people in China; and HBK Investments will potentially be recruiting later this year.

Lote says most recent hirings have been for mid-level associate jobs or for very senior positions – “the people who have established networks, and the foot soldiers”.