PEI’s Changemakers on the evolution of private equity

Industry leaders share their most valuable career lessons, and their views on how private equity has evolved as an asset class.

What is the most valuable lesson you have learnt over the course of your career?

Ali Raissi
Joseph Rice
Jeremy Coller
Jan Ståhlberg
Pete Stavros
Megan Starr
Lawrence Calcano
David Blood
Wol Kolade

The importance of good partnership. We believe this to be a factor central to delivering good performance
Ali Raissi, managing director and global co-head, Petershill Partners

Values matter most and should inform all endeavors. People partner with those they trust; do what you say you’ll do and always persevere. I believe that is what permits success
Joseph Rice, co-founder, CD&R

Alignment. Alignment. Alignment
Jeremy Coller, chief investment officer, managing partner and founder, Coller Capital

Staying true to your investment strategy and executing on improvements every day is absolutely essential to long-term success
Jan Ståhlberg, founder and managing partner, Trill Impact

Within reason, purchase price is not that important. Missing the macro, backing the wrong leader, etc, – those mistakes are what create losses and also tie up all of your time and resources
Pete Stavros, partner and co-head of Americas private equity, KKR

Kindness is never overrated
Megan Starr, global head of impact, Carlyle

What’s the most significant change you’ve witnessed in the asset class during your time in the industry?

Many more investors benefit from exposure to this asset class, but it requires a comprehensive technology platform that optimises the process for wealth managers and their clients
Lawrence Calcano, chairman and CEO, iCapital

Returns are a prerequisite but no longer sufficient – private equity also has to demonstrate how its business model benefits people and the planet to persist
Megan Starr, global head of impact, Carlyle

The industry’s incredible growth. This has had many knock-on effects, some of which are still playing out – like questions about the impact of PE on society
Pete Stavros, partner and co-head of Americas private equity, KKR

It’s encouraging to see the growing number of mission-driven entrepreneurs seeking long-term investors with aligned values around sustainability. We see this across our private equity strategies – growth equity and long-term equity – and Just Climate, our climate-led investing business
David Blood, founding partner and senior partner, Generation Investment Management

The normalisation of private equity – it has evolved from a minority sport that no one knew much about to an asset class that contributes in a meaningful way to the returns of pension funds and other investors
Wol Kolade, managing partner, Livingbridge