Access: Pivoting to a Career in Private Capital
"If opportunity doesn't knock, build a door." — Milton Berle
Hello reader,
Welcome to the 43rd edition of Access - our last edition was the Jobseeker Edition, featuring 94 opportunities across private capital finance, operations, and technology.
Today’s edition spotlights four professionals, with one thing in common - they made a successful career transition into private equity. Each person has a different industry background; this list features a tech specialist, HR pro, marketeer, and a doctor.
Navigating the world of work can be challenging, particularly embarking on a new career path. Whether you are considering a switch due to personal growth, evolving industry trends, or a newfound passion, we thought it might be helpful to read the stories of others who have transitioned into private capital.
As always, if you’d like to chat through your experiences and options, please get in touch.
Until next time -
Melissa & Liz
In case you missed it…
Last week, we posted our latest Jobseeker Edition, with global opportunities at private capital fund managers, technology vendors, and advisors, consulting firms and fund services providers working in private markets.
FEATURING:
In Brief: The latest global private markets news, including:
Is Private Debt Out Of Control?
BCG's Sustainability Report Highlights Opportunity for Positive Change
Hiring Trends for H2 2023
In Depth: Pivoting to a Career in Private Capital
IN BRIEF
Below, you’ll find a selection of global news stories from people and companies in our private markets network.
Is Private Debt Out Of Control?
The FT certainly thinks so, based on the number of private debt related emails they're currently receiving. Of the legendary Inbox Indicator, Wigglesworth writes, 'Crypto remains a perennial inbox scourge… for a period it was overtaken by ESG, and more recently anything to do with artificial intelligence. However, over the past few months private debt has emerged from the pack.'
BlackRock recently estimated that the global private debt market will double to $3.5 trillion by 2028, driven by what they describe as “tectonic shifts” in financial markets. Preqin was similarly upbeat in their H2 2023 report, saying '...the outlook for private debt remains bright, despite difficulties for the economy. ... It is the only private asset class for which most LPs expect returns to improve over the next year.'
“The high yield market was historically super opaque but participants agreed to standards and the market took off. Private credit is having its high yield moment.”
- Nelson Chu, founder and chief executive of private credit platform Percent.
We decided to take a quick look at this week's private debt headlines to see what others are saying... here's what we found. (Spoiler alert: the jury's out...).
Private credit catches on in Asia as high rates squeeze other funding routes
Investors hunt for private equity-like returns through debt financing. (Also the FT 🙃)
Private credit is becoming an ever-increasing part of private equity
Giants like Apollo, Blackstone and KKR made their names in the business of private equity. But today, the thing that investors seem most excited about is growth in their private credit businesses. (PE News)
Private credit is no panacea for Europe’s capital market woes
Loans are moving off banks' balance sheets, but questions remain over what's filling the slack. (Financial News)
Private Debt Was Supposed to Collapse When Rates Rose. Instead It Is Everywhere.
Alternative lenders can reap rewards from refinancing and recapitalizing firms, but they also risk fueling a kind of Ponzi scheme. (Wall Street Journal)
Private credit is hot, but UK-listed debt funds are not
Institutional investors are excited about opportunities in private, off-market lending but London-listed closed-end debt funds are out of favour. Could interest rate cuts help? (Citywire)
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BCG's Sustainability Report Highlights Opportunity for Positive Change
The Boston Consulting Group (BCG) has released its first annual "Sustainability in Private Equity" report, building on data from the ESG Data Convergence Initiative (EDCI).
The EDCI, launched in 2021, is a coalition of 350 major PE general partners (GPs) and limited partners (LPs), led by a steering committee chaired by The Carlyle Group and CPP Investments.
"I continue to be blown away by the energy and drive across the industry to find a path forward - converging on standardized, comparable, performance-based ESG data in private markets."
- Megan Starr, global head of impact at Carlyle Group
With 350 LPs and GPs now participating globally, the 2022 benchmark contains data from more than 4,300 private equity-backed companies, and over 62,000 data points!
The report reveals that while there is strong evidence to connect sustainability best practice with financial outcomes, the performance of private companies on key sustainability issues is mixed compared to public peers. It also emphasises that PE firms are uniquely positioned to drive positive change within their portfolio companies, but acknowledges that there is much work to be done as the global economy transitions towards sustainability.
You can also read our profile on Megan below 👇
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Hiring Trends for H2 2023
eFinancial has published their latest report, covering global hiring trends for the second half of this year. It won't come as a surprise to learn that jobseekers continue to outnumber job opportunities, although this is showing signs of slowing down.
Unfortunately, talent teams are finding themselves under increased pressure as hiring cycles are extending, and jobseeker expectations are out of line with what employers are offering.
The full report is worth a read, but in the meantime we've shared the headlines for each country or region below.
UK - Making only the right hires
"We have seen the market spending more time analysing whether they need to make a hire”
- Rob Eade, VP Regional Sales UK at eFinancial
US - Employers are able to get more selective
Hong Kong - Tight and cautious market waiting for 2024
Singapore - More technology candidates chasing jobs
Australia - Tech and wealth remain strong in a downward market
Middle East - Localisation becomes top priority
France - Still highly competitive for the roles banks want to fill
Germany - Difficult to find the right candidates
IN DEPTH
“I love private equity because I’m constantly having to read up on new companies and meet new people.” - Vania Schlogel
Welcome to this week’s Long Read, featuring the stories of four fascinating professionals who successfully transitioned into private equity, each with a diverse industry background. Whether motivated by personal growth, industry shifts, or newfound passions, we hope their experiences provide insights for any of you considering a career change within, or into, the private capital sector.
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Dr Ashish Patel - Managing Director, Head of Growth Capital Solutions at Deutsche Numis
🔙 Previous roles?
Principal (VC / growth-equity deals) at Optum Ventures
Life Sciences Investor & Head of Research at Mercia Asset Management PLC
Clinical Technology Director for Babylon Health
Anaesthetics & Intensive Care Doctor at NHS
🎓 Academic background - BMBCh, Medical Degree from University of Oxford with a MA in Physiological Sciences and the History and Philosophy of Science
Dr Ashish Patel began his career as a doctor, working in the NHS for four years between 2010-2014. Whilst he might have embarked on the profession for stability and prestige, Patel fell in love with medicine and healthcare as an industry during his time at medical school.
Around 2013, Patel was introduced to Dr Ali Parsadoust, CEO, Director and Founder of healthcare technology unicorn, Babylon Health, and they began working together on a consultative basis whilst Patel was still working in the NHS. Patel felt he could learn a great deal from Parsadoust, particularly as the latter had built a large chain of healthcare services and hospitals prior to starting Babylon Health. Patel took the leap in 2014 to leave his medical work & join Babylon Health full time, where he was responsible for product research and development with the aim of pushing the boundaries of technology to best benefit doctors and clinicians as well as patients.
"Technology can make people's lives better."
It was during this time that Patel developed his enjoyment of building products in healthcare, but also wanted to continue growing his experience of businesses in healthcare and how they are financed. He moved on to join a VC / growth equity investor, Mercia Technologies, now Mercia Asset Management. It was here that Patel was responsible for healthcare investing but also supporting the growth of the business through acquisition of other fund managers.
More recently, he transitioned to Deutsche Numis, where he leads the private capital investment & advisory business, focused on growth capital solutions for global clients.
”I'm really interested in meeting entrepreneurs who are thinking about raising growth capital to fuel their next phase of expansion. I've sat around most sides of the table, and have seen what it takes to build great things.”
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Fiona Moore - Head of ESG at ECI Partners
🔙 Previous roles?
Senior Marketing Manager at Livingbridge
Marketing and Communications Manager at 20 Essex St
Freelance Writer
Marketing Manager at Stirling Ackroyd
🎓 Academic background - CIM Diploma in Professional Digital Marketing & BA, History and Politics from University of Oxford
Fiona Moore is head of ESG at ECI Partners and has a background in marketing.
Moore started working in private equity in 2016, when she joined Livingbridge, before taking on the role of head of marketing at ECI Partners in 2020. In her current role, she is responsible for progressing ESG initiatives at ECI and for it’s portfolio. Moore also sits on ECI’s ESG Committee and is leading ECI’s application for B Corp accreditation. Earlier this year, we wrote a piece about GPs engaging with B Corp in a number of ways - read more below 👇
Access: To B Or Not To B(Corp)
Following university, Moore explored various avenues, including music journalism before she found an interest in marketing. Her first marketing role was at Stirling Ackroyd, an estate agent, after she made an internal move, from a front-of-house role into the marketing team. Moore then transitioned into a marketing position at a barristers’ chambers and it was during this phase that a recruiter proposed the idea of venturing into the realm of private equity. On reflection of her career to date, Moore is an advocate of exploring different routes to really know what grabs your curiosity.
“You often end up in a much better place when you can convince people you can move laterally. If you're hungry and you're capable, you'll be quite surprised where you end up.”
As a leading growth-focused private equity firm, ECI Partners invests alongside ambitious management teams in deals valued up to £300m. For Moore, the interest in private equity lies in her day-to-day variety - researching the Internet of Things from a marketing perspective, or hosting the Building Successful Businesses podcast, through to ESG initiatives such as assessing carbon offsetting and exploring best practice in diversity and inclusion (D&I) strategies.
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Bob Balfe - CTO at 4Pines Fund Services
🔙 Previous roles?
VP of Solutions Architects at CoreMedia AG
Distinguished Engineer at IBM
🎓 Academic background - Master of Science, Information Systems Management from University of Phoenix
With a distinguished career spanning various tech landscapes, Bob Balfe, CTO at 4Pines Fund Services, has a wealth of expertise in leading-edge technology. During his time at IBM, he spearheaded groundbreaking eCommerce and supply chain systems for top Fortune 500 companies. He is recognised for his innovative contributions, holding multiple software patents that automate applications, software build processes, and workflows. Beyond the realms of corporate innovation, Balfe is also the owner of F45 Training at The Grove Wesley Chapel, showcasing a professional journey that spans technology, business, and fitness entrepreneurship.
“The market is flush with providers peddling tech that they claim is driving the future of fund services, making it hard to figure out what tools to choose. Fund managers need to ask themselves what technology will actually advance their business objectives and draft a plan to hit those goals.”
Balfe joined 4Pines Fund Services within months of the company’s launch in 2020. As a fund administrator, 4Pines aims to leverage extensive private equity experience and industry leading technology solutions to provide an innovative to clients. Recognising the evolving landscape of fund services, the company has redefined the traditional assembly line of tasks, transitioning from individual workflows to a sophisticated system of automation. Led by Balfe, this shift introduces a multiplayer dynamic where multiple workflows can operate concurrently, freeing teams from interdependence. Unlike the conventional single-player model where one task's completion dictates the next, 4Pines employs technology that allows for internal, external, and third-party coordination - a synchronised approach enhances visibility and collaboration, enabling distributed teams to work seamlessly and efficiently.
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Suzie Ruffley - Global Head of People and Sustainable Culture, Managing Director at Foresight Group
🔙 Previous roles?
Head of HR Operations at Royal Botanic Gardens, Kew
Various HR roles at State Street
🎓 Academic background - Master’s Degree, Occupational Psychology from Liverpool John Moores University & BSc, Psychology from Leeds Beckett University. Currently studying towards MSc in Coaching Psychology at Birkbeck University
Suzie Ruffley is an experienced people professional with a background of occupational psychology and over 18 years in HR. Since joining Foresight Group in 2017, she has established the HR function, developed all aspects of people strategy across the group and supported the company’s growth from 100 to 400 employees.
“There’s nothing more complex than people, so working on personal development is essential.”
Foresight Group is a sustainability-led investment company, committed to cultivating a workplace culture that empowers employees and drives success. In building the HR function at Foresight, Ruffley has pioneered a number of initiatives focused on people and culture. Under Ruffley’s leadership, Foresight Group signed and became a member of the Women in Finance Charter in 2018 and is working towards a target of 30% of females in senior positions by 2030. To be able to make progress towards this goal, Ruffley has implemented a number of internal initiatives to empower women at Foresight, including Women in Leadership Program, Elevate, an internal mentoring program and facilitating external mentoring partnership - Ruffley herself has two external mentors. Part of the path to sustainable gender diversity has included acknowledgement of the lack of female representation in leadership, followed by the talent mapping & succession planning for women in the businesses to ensure their success.
Ruffley’s commitment to developing a sustainable culture within and beyond the organisation is reflected in her leadership of the Foresight Sustainability Partnering (FSP), an innovative sustainability consultancy division of the company. As Global Head of People and Sustainable Culture, Ruffley is driven to understand how to support shaping individuals to perform at their best, as well as attracting and retaining top talent.
“Having a sustainable culture means thinking about longevity in approach”
And finally… What’s Driving The Demand For Private Debt?
Jimmy Keenan, Chief Investment Officer and global head of Private Debt for BlackRock shares their thoughts on The Bid 🎧
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