An injection of private equity cash into the restructuring market via new spin-offs from Deloitte and KPMG has stoked frantic hiring in the space, despite an expected pandemic-driven restructuring boom not materialising.

The restructuring businesses of KPMG and Deloitte both broke away from their respective firms earlier this year. KPMG’s team has set up as Interpath after a buyout backed by private equity firm HIG, while Deloitte’s business was bought by CVC Capital-backed advisory business Teneo.