As John Donne famously said: “No man is an island”. The same goes for women, especially in private equity, where a strong network is key to success.
It can be intimidating to network with confidence when you stand out as the only woman in the room. But it’s a crucial skill if you want to progress in your career. When you have an important question, you'll want a list of contacts who can act as special advisors.
Networks can be built in different ways. For some, university provides the opportunity to connect with like-minded peer groups that can help you prepare for future interviews. Many universities have student-led investment clubs that offer a great platform for exchange. Most of our candidates still form their networks while gaining relevant skills from spending time in top-tier advisory firms such as investment banks, strategy consulting firms, or transaction advisory teams. Some members of your peer group will take the same exit route as you, so maintaining good relationships is key to a strong network down the road.
Networks can be built in different ways. For some, university provides the opportunity to connect with like-minded peer groups that can help you prepare for future interviews. Many universities have student-led investment clubs that offer a great platform for exchange. Most of our candidates still form their networks while gaining relevant skills from spending time in top-tier advisory firms such as investment banks, strategy consulting firms, or transaction advisory teams. Some members of your peer group will take the same exit route as you, so maintaining good relationships is key to a strong network down the road.
A mentor is a particularly special connection from which all women in the industry could benefit. Ideally, this should be an individual from outside your current company, who can give impartial advice. This is where organisations such as Level20 do a fantastic job in providing outsider perspectives and making female talent in the investment industry visible. One of the most interesting perspectives I’ve heard over the years is to put a higher value on cash compensation than on title, so as not to end up with an inflated title and below-market compensation. In a money-driven industry, higher earnings often mean getting taken more seriously.
A headhunter should certainly be another member of your network. They can be used as a trusted advisor for due diligence before making a move into the industry, and before the compensation reviews you’ll have once you’ve found your feet.
A headhunter should certainly be another member of your network. They can be used as a trusted advisor for due diligence before making a move into the industry, and before the compensation reviews you’ll have once you’ve found your feet.
Female networks are particularly important if you decide to have children. And yes, it is possible to succeed as a private equity investor and have a family. It can be isolating being the only member of a small team taking extended leave during maternity, but you’re not alone in the wider industry.
The most important take away from my five years of recruiting experience is that we need to be each other’s cheerleaders. If we get to a point where we lift up and encourage each other, the feeling of isolation can be eradicated. This requires open conversations about successes and setbacks. An improved understanding of specifically female issues is important both to young talent and for the retention of top talent on their journey in private equity.
We hear hundreds of stories on this topic every month and are always glad to offer some perspective and advice to women (and men) reflecting on their options. If you would like a confidential discussion, feel free to get in touch with our team.
The most important take away from my five years of recruiting experience is that we need to be each other’s cheerleaders. If we get to a point where we lift up and encourage each other, the feeling of isolation can be eradicated. This requires open conversations about successes and setbacks. An improved understanding of specifically female issues is important both to young talent and for the retention of top talent on their journey in private equity.
We hear hundreds of stories on this topic every month and are always glad to offer some perspective and advice to women (and men) reflecting on their options. If you would like a confidential discussion, feel free to get in touch with our team.
AUTHOR
Suenne Drees
Consultant, Munich
Suenne Drees
Consultant, Munich