PEI’s Changemakers on the evolution of private equity

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

“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