To develop a Super Bowl winning team, private equity firms should hire people with different capabilities who create a good mix when combined, says HGGC CEO Rich Lawson. HGGC, the Palo Alto, California-based winner of Mergers & Acquisitions’ 2014 M&A Mid-Market Private Equity Firm of the Year, focuses on growing talent internally rather than making lateral hires. HGGC, formerly Huntsman Gay Global Capital, won the award in part for proving its vitality after two original founders, Jon Huntsman and Robert Gay, left. It counts among its founding partners Steve Young, the former San Francisco 49ers quarterback who was MVP of Super Bowl XXIX, in 1995. Developing home-grown talent is especially important as the founders of private equity firms look to retire and hand over the reins. Helping employees get into top-ranked business schools, or to pursue entrepreneurial career paths, will encourage them to be good ambassadors for your firm, Lawson says.

Why is it important to develop talent internally?

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