Unspun: Private Equity and Public Affairs

Ed Amory | 15th April 2026 | Magazine

Private Equity firms like that of KKR have long been criticised for their business practices (Photo by Michael M. Santiago/Getty Images)

Private equity investing in public affairs firms only makes sense if both sides know what they want

In the middle of the pandemic, following an interview process that involved a long, chilly socially distanced walk through the Northamptonshire countryside, I took over as CEO of a mid-sized PR and public affairs business, Instinctif Partners, that was majority-owned by Lloyds Development Capital, a private equity house. For the next three and a half years, I had personal experience of the positives and negatives of PE funding in a people business. Many others are now following the same trail; KKR has bought into FGS Global, Brunswick sold a minority stake to BDT Capital Partners, CVC Capital controls Teneo, Investcorp is the majority owner of SEC Newgate, and so on.

My knowledge of private equity before I joined Instinctif was limited; I had some friends in the business, including one woman who is now on the board of two FTSE 100 firms and is quite formidably clever. I had advised businesses with private equity investors. So I knew a little, but probably not enough, about what I was getting myself into.

I thought a PE investor would bring clarity, that I would know exactly what they wanted; this was partly right. At their best, private equity owners are smart and supportive partners. In mature markets like the UK, growing a comms and public affairs business can be painfully slow. But PE can shortcut this process with bold acquisitions; Teneo bought Tulchan in 2023 with …

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