CFOs lead value creation in 87% of PE-backed firms, Barton study finds

CFO effectiveness, the report finds, is shaped as much by the conditions of the mandate as by the capability of the individual.

"The businesses that deliver are the ones where value creation sits with the whole leadership team, effectively a value creation board, rather than being pushed onto one function to own and defend," Phoenix said. "Our data shows CFOs are absorbing accountability for conditions they don't fully control: sponsor clarity and the quality of the team around them. Where those conditions are in place, the finance function becomes one of the fund's strongest mobilizers of value creation."

The report identifies three challenges dominating the year ahead. Delivery of value creation initiatives tops the list at 46%. Macroeconomic uncertainty and data quality follow at 41% and 39%. The three are linked: weak data undermines forecasting, weak forecasting undermines VCP delivery, and weak delivery undermines a CFO's credibility with the sponsor. Firms that invest early in data infrastructure and sponsor alignment will see materially stronger returns from their finance leadership across the hold period, the report concludes.

For sponsors, the findings carry a practical implication: the CFO's ability to deliver value creation depends on upfront investment in systems and cross-functional clarity. The report recommends that PE firms clarify the mandate and provide team structure before the CFO starts. Without that foundation, even the most capable finance leaders struggle to shift from stewardship to value creation.

The full report breaks down remuneration trends, capability gaps and hiring priorities by revenue band, along with regional differences in base salary and equity allocation across Europe, North America and Asia-Pacific. It is available for download on The Barton Partnership's website.