Friends,

Welcome to a shiny new edition of the FNDN Series — and a shiny new look.

We’ve just completed a refresh of the series to help emphasise the colour and vibrancy of the FNDN brand. Comp is often seen as a drab topic when it should be seen as fun and exciting (IMO anyway).

So it was time for the newsletter to dress for the job.

(I take no credit for it, these are the perks of having an amazing designer at your disposal)

I’ve got a few other ideas up my sleeve for further improving the series as I aspire to build something that lifts the lid on startup compensation (and startup people practices in general). Something that gives Heads of People the tools they need to be successful.

Lastly, thank you for the responses on last week’s edition, it means a lot to me when someone hits reply and says hey. I never realised how lonely writing a newsletter can be when sometimes the only feedback you get is the open rate 😂 So let me know if you like the new look!

Enjoy this weeks edition ✌️

Matt

Startup Resource

Building a pay transparency strategy can feel overwhelming. I still remember when I had to build my first pay transparency strategy and had no idea where to start — let alone how to get leadership aligned or roll it out without chaos.

Since then, I’ve helped dozens of startups figure out how transparency can work for them (not against them).

This guide distills everything I’ve learned into a clear, actionable playbook. It gives you the tools to build a pay transparency approach that’s right for your company, your stage, and your people.

You’ll get practical steps, real examples, and a ready-to-use framework to go from blank page to confident rollout. Earn leadership buy-in and deliver an outcome that boosts your team’s trust.

Interested in sponsoring the FNDN Series?

Know a startup Head of People looking for answers 🙋 why not forward this to them for some instant karma? ✨

Andrew Bartlow has been on both sides of the table — enterprise HR at GE and PepsiCo, startup operator through the dot-com boom, and most recently, advisor and operating partner to private equity firms.

Now focused on “growing CPOs” through his firm Series B Consulting and his bestselling book Scaling for Success, Andrew brings rare fluency across all business stages, from IPOs to founder transitions.

In this episode, Andrew peels back the curtain on how private equity uses ownership structures to drive outsized outcomes. From demystifying “profits interests” to reframing PE’s role in people strategy, he offers a high-signal primer for Heads of People navigating compensation in investor-backed environments. If you think private equity is all about cutting costs, this will challenge everything you assume.

Despite the Hollywood portrayal of PE as ruthless cost-cutters, Andrew insists that real value creation comes from growth, not layoffs. “You don't get there by cutting,” he says. “You get there by adding: new products, new services, more professional operations.” PE firms are betting on scalable potential, not just operational trimming.

Heads of People must understand not just employee needs but investor goals. “Who are the people with a controlling interest in your organisation, and what are they trying to accomplish?” Andrew asks. Whether planning for a strategic sale or preparing for IPO, understanding investor timelines and exit strategies helps HR leaders align talent strategy accordingly.

Unlike RSUs or options, profits interests only pay out at exit—but with far greater flexibility. Andrew explains “they’re a percentage of the profit on the sale of the business”. Heads of People can use them creatively to reward long-term impact, even among non-executives.

Citing his past work with PepsiCo and the Ownership Works initiative, Andrew shows how equity incentives can go deep. “Even if you're working third shift in a warehouse in Louisiana, you should benefit from the upside,” he says. But without education, employees won’t value what they don’t understand.

Heads of People often overlook how malleable equity design can be. Andrew notes “you can do basically anything you want in terms of program design”. Vesting schedules, eligibility, earn-out tiers, everything is fair game. This flexibility allows People leaders to align incentives precisely with business goals.

When PE firms acquire founder-led or family-run companies, their first move often isn’t to shrink — it’s to professionalise. That includes more rigorous compensation frameworks, scalable HR operations, and more data-driven people practices.

PE-backed companies aren’t public, which means liquidity events are rare but decisive. Andrew underscores that Heads of People must “understand what that finish line is”, because incentives only matter if they connect to a real outcome.

If you enjoyed this post or know someone who may find it useful, please share it with them and encourage them to subscribe.

When you’re ready, here’s three ways I can help you:

1. Tools & resources
Resources and tools that give you what you need to build your own startup compensation practices.

2. Comp consulting
I run FNDN, a global comp consultancy that builds compensation practices that are clear, fair and competitive for startups.

3. Startup People Summit
I run the Startup People Summit, a one day annual event focused on creating the playbook for startup people practices. Grab recordings from past events, or subscribe to the newsletter to join the next event.