Abstract
Building on the strategic entrepreneurship perspective and upper echelon theory, we examine the importance of private equity (PE) functional human capital and socio-demographic diversity for the success of the acquisitive growth strategy. Our focus is on the buyout lead partner team rather than on human capital at the collective PE firm (or fund) level. The results of our panel data survival models suggest that gender and age diversity, as well as the financial background, significantly accelerate both first and subsequent add-on acquisitions. The results are robust to alternative proxies, model specifications, and endogeneity checks.JEL Codes: G24, G34, J10, L26