Who will shape the future of private equity? That’s what we set out to discover with our Future 40 of those under the age of 40 who are regarded by their peers as the future leaders. There were more than 130 nominations, plus dozens of suggestions from our industry sounding boards. This – plus the fact that nominees had to include someone at another firm – means the results are pleasingly diverse. Whittling down the 40 required some decisions but the final list is a truly impressive roll call.
Future 40 | Dealmakers
After joining the firm as an associate in 2011, Baudry quickly moved up the ranks, being named director in 2014, principal in 2017 and partner just recently. His rise was fuelled by a relationship-centric approach to creating value. While overseeing the investment in Les Délices des 7 Vallées, he was able to help the frozen dessert business expand its manufacturing base, strengthen its sales teams (for both the domestic and export markets), and enhance its organisational structure, all the while keeping its family business culture intact. In December 2018, the food manufacturer was successfully sold to Mademoiselle Desserts. And his hit streak looks poised to continue with the companies currently under his purview, which range from speciality chemicals to heating and air con firms.
Suekane is one of private equity’s “top athletes”, according to his peers. The 38-year-old has some impressive deals under his belt as a principal of Bain Capital Japan, the most notable of which was the $18 billion acquisition of Toshiba Memory Corporation by a Bain-led consortium last year. Suekane spearheaded the deal – Asia’s largest-ever buyout – and is now the company’s youngest board member. The complexity of the TMC deal is a testament to Suekane’s skillset; supporters point to his “unmatched” ability to manage the entire deal process, from origination and execution to portfolio management and final exit. Expect Suekane to play a key role in the future of Japanese private equity.
Blackstone has kept Nagler busy since he joined the firm in 2007. Nagler, who focuses primarily on technology, media & telecom and financial services, has been involved in a large number of Blackstone investments, including Bayview Asset Management, which makes investments in mortgage credit, Paysafe, the online payments company, and Refinitiv, the trading and data business that was spun out of Thomson Reuters, in which Blackstone and other investors bought a 55 percent stake in 2018. Nagler is a director not only at Refinitiv, but also at Paysafe and Lendmark Financial Services, a consumer finance company in which Blackstone has invested. A graduate of Harvard College and Harvard Business School, he is a term member of the Council on Foreign Relations.
Besusparyte is a builder as well as an investor. When she joined PSP Investments, the Canadian pension investment manager, she played an important role in building the London private equity team, by hiring and training new members, as well as getting PSP Investments’ name known in the European market. Her work in increasing the visibility of PSP Investments bore fruit, with Besusparyte involved in a number of investments in the region. These include the French AI (that’s animal intelligence, not artificial intelligence) company Antelliq, which provides identification and monitoring technology to farmers and fisheries, and digital services for pet owners. Antelliq was bought by Merck, the pharmaceutical company, in December 2018 from PSP and other investors.
Lombardi isn’t afraid of complexity. Recently he led the ICG-backed spinout of Standard Chartered’s private equity business, an effort that involved multiple stakeholders, multiple geographies, including Asia, Africa and the Middle East, and a complex legal structure. And he managed all that in the face of financing hurdles and the volatility so common in emerging markets. His peers admire his ability to balance competing interests, knowing when to push an issue and when to show restraint. That formidable skill set helped him build ICG’s Strategic Equity business in Europe, and now Asia. In the last 18 months alone, he led six transactions on three continents, with a total value of $1.5 billion, which include spin outs, restructurings, and direct co-investments.
Over his eight years with Eurazeo, de Bentzmann has become a major force in the firm’s Paris office, taking part in some of its highest profile transactions. In 2018, he was a part of the team that sold Asmodee, the French publisher of card and board games, to PAI for €1.2 billion, generating an IRR of nearly 35 percent. In addition to his deal work on majority investments, he helps manage iM Global Partner, Eurazeo’s asset management platform for minority investments in US and EU asset managers. And in what spare time he has left, he’s published an Introduction to Private Equity for the Presses Universitaires de France and teaches at the master’s programme at Dauphine University in Paris, where no doubt he’s teaching the next generation of dealmakers they shouldn’t dawdle in making their mark.
Few raises for first-time funds are as successful as the achievement of Cornell Capital, the New York and Hong Kong-based firm, which secured $1.3 billion in 2018 for investment in the consumer, energy, industrial and financial sectors. Reiss was instrumental both in the fundraise and in building the firm, founded five years before by Henry Cornell. In the years up to this success, Reiss, a specialist in industrials, sourced and co-executed the investments in Talcott Resolution, the life and annuity insurer, and Corelle Brands (formerly World Kitchen), manufacturer of the Pyrex brand of baking dishes. She also made the firm’s investments in MRC Global, a pipe and valve maker, and Monolith Materials, which makes carbon black. Reiss is a member of the board of Corelle Brands and Monolith Materials.
Louis Choy, 32 | Principal, Secondaries – Private Equity | CPP Investment Board
Mention the phrase “sophisticated investor” and CPP Investment Board is one of the first organisations that comes to market participants’ lips. Its secondaries team is at the cutting edge of that market’s development, and one of the leaders spearheading that push is London-based Choy. At just 32, he has been described as “fantastic, creative and street-smart beyond his years” and was ranked number one in sister title Secondaries Investor’s Young Guns of Secondaries list in 2017. Choy is known for his creativity – sensing deals where others do not – and has been behind several first-in-kind deal structures including the pension giant’s push into preferred equity. Market sources tell us Choy could one day rank among the likes of industry pioneers Henry Kravis and Jeremy Coller.
Limited partners do not need to be sleeping partners; nor do they need to be unadventurous in always going for the big names. Vazirani, relocated last year from Hong Kong to the Aberdeen Standard Investments headquarters in Edinburgh, shows the truth of this. “As an LP, he has been great at discovering new and sometimes quirky managers, and working closely with them to execute investments that are on track to beat the global benchmarks, delivering returns in excess of 35 percent IRR,” says one private equity advisory specialist outside ASI. Over the last 18 months, Vazirani has led or co-led deals in excess of $150 million, making direct investments and co-investments in sectors including real estate, oil & gas, and IT services. He is also a great fan of blockchain, which he thinks could transform due diligence.
The word “cosmopolitan” is called into action too often, but only the chariest observer would baulk at its use to describe Mazanderani, born to a Middle Eastern father and British mother, raised in South Africa, and doing deals across emerging markets since joining Actis in 2010. He specialises in fintech, and in particular in payment services. Perhaps his greatest triumph is his role in the rise of StoneCo, the Brazilian payments company and unicorn that reached a value of $9 billion on its first day of trading on Nasdaq in October 2018. The company even attracted the attention of Warren Buffett’s Berkshire Hathaway, not known for its tech investing, which bought an 11 percent stake. He sits on StoneCo’s board. Other transactions for Actis include an investment in Emerging Markets Payments, the first pan-African payments platform.
Future 40 | Fundraisers
Syme “speaks the language of a deal”, is what one of his supporters says – high praise indeed. A principal with Brooklands Capital Strategies, which is known for raising capital for opportunities outside the typical fund structure, Syme has successfully executed several innovative mandates involving operating companies, permanent capital vehicles and deal-by-deal investments across a variety of sectors. Among the attributes praised by his contemporaries are his in-depth understanding of individual investment opportunities as opposed to the bigger picture, more distribution-focused perspective of many placement agents. “He’s demonstrated a unique ability to build on strong relationships, sequence properly, give thoughtful advice, and execute flawlessly along the way,” one market participant tells us.
Malpas is a rising star within Rede’s Advisory team. Malpas, who joined in 2014 and was promoted to principal in 2018, has taken the reins on some of Rede’s most eye-catching successes to date. These include PAI Partners VII, which closed on €5 billion in March 2018 after less than three months of active marketing; Hg Capital 8, which gathered £2.5 billion ($3.1 billion; €2.7 billion) in 2017 after just five months of fundraising; and the €1 billion Apax France IX in 2017. Praised for her “calm demeanour, strategic vision, keen sense of intuition and ability to make tactical adjustments”, Malpas is also responsible for the professional development and training of Rede’s junior deal team professionals.
Lutgen has been described as a “truly international fundraising and investor relations professional”, having worked across the placement agent’s London, Hong Kong and New York offices. Over his time at the firm, Lutgen has helped raise around $40 billion for brand-name private equity funds, including Nordic Capital IX, Capvis Equity Partners V and Waterland Private Equity Fund VII, as well as funds for Affinity Equity Partners, Gilde and FFL Capital Partners, among others. He is held in especially high regard by new teams for the thorough, patient guidance he offers on attracting their first new capital. According to one supporter, his impressive language skills have allowed him to develop deep knowledge of the Asian, US and European investor landscape and helped open new opportunities for MVision in new sectors and geographies.
Mountain has been with UK mid-market firm CBPE Capital for six years and was promoted to partner last year. She is characterised by her peers as a “formidable force in the fundraising world” who has “transformed the investor relations activity of CBPE since she joined in 2013”. Mountain presided over the highly successful fundraise for the firm’s ninth flagship fund, which closed on its £459 million ($594 million; €530 million) hard-cap in August 2016. Prior to CBPE, she was with Adams Street Partners and Horsley Bridge Partners. Mountain also chairs the mentoring initiative for Level 20, an organisation which aims to increase the participation of women in private equity in Europe.
One of PEI’s Rainmaker 50, our list of the best fundraisers in private equity, Rayden’s professionalism, knowledge and winning personality have seen him chart again. On global capital raisings across buyout, infrastructure, private debt and real assets, the Evercore managing director has demonstrated in-depth knowledge of his clients’ investment needs and a keen eye for detail, and is a great listener as well as a talker. He has also been praised for his project management skills and efficient use of time – an underrated quality, according to one institutional investor. Rayden was a member of the board at a well-known PE-backed software company and the author of a 2007 tome on urban development. Well-rounded, indeed.
Barr co-heads Advent’s Limited Partner Services Group focused on fundraising and investor relations activities in Europe, the Middle East and Asia. Barr, who joined the firm in 2007 and was promoted to managing director in 2014, co-leads a global team of nine. She has played an integral role in capital raising efforts for the firm’s Global Private Equity fund series. Since she joined the firm, Advent has successfully closed three GPE funds, most recently GPE VIII in 2016 ($13 billion amassed in six months), and GPE VII in 2012 (€8.5 billion, then the largest buyout fund since the financial crisis).
Di Cioccio is characterised as a fundraiser of the highest calibre by her peers. Her most valuable trait: building deep relationships across countries and cultures. Di Cioccio does this from Mercury Capital’s Dubai office, covering a broad territory of investors from the Middle East to Scandinavia, to Australia and Central Asia. She is known for raising capital across a broad spectrum of GPs including mid-stage VC firm DAG Ventures, China-focused Trustbridge Partners, mid-market buyout firm Nautic Partners, as well as in real estate and special sits firms. Di Cioccio’s expertise is on emerging and specialised GPs, understanding that they represent “the future of our constantly evolving industry”, says one industry source.
Langley joined IK in 2005 as an investor relations associate and worked her way up to the role of partner in January 2019. She has played an instrumental role in the nearly €5 billion of capital raised for the firm’s flagship funds from 2007 to 2016. Her “impressive interpersonal skills and acute technical understanding of the market” have led existing LPs to back IK’s newer offerings – its debut small-cap fund which gathered €277 million in 2016 and a sophomore fund, which closed on its €550 million hard-cap in 2018. Langley manages a team of five people and has helped expand IK’s footprint among North American and Asian LPs, alongside existing relationships with HarbourVest Partners, Pantheon and New York State Teachers’ Retirement System.
Economou joined the London office of Capital Dynamics in 2013 charged with growing the firm’s UK investor base. In no time at all, the senior vice-president for business development had secured commitments from 50 investors across the UK and Europe, a majority of which were new to the firm, across its secondaries, private equity and clean energy funds. A popular face on the conference scene, he’s known for his series of private roundtables, where investors can confidentially debate hot-button topics. He has also played a role in Capital Dynamics’ ESG offering, leading fundraising efforts for its annual triathlon event. Outside of work, Economou is a member of the development committee for ThinkForward, a charity helping young people make the transition to work.
Lavedrine joined New York-headquartered Centerbridge Partners in 2014 after almost a decade of experience at KKR, GIC Real Estate and Goldman Sachs. We’ve heard her success is because of the humility with which she approaches each situation and the respect with which she treats each counterparty. Lavedrine also has a reputation for responsiveness, thoroughness and thoughtfulness that marks her out as a trusted and well-liked investor relations professional.
Future 40 | Investors
At 39, Frampton is Alaska Permanent Fund Corporation’s youngest-ever CIO. His influence at the sovereign wealth fund extends to all asset classes, having overhauled the fund’s alternatives programme. Frampton built an infrastructure co-investment programme from scratch – an effort that has generated a 22 percent net IRR since inception. He also restructured the private credit programme to replace its historical fund-of-funds approach with a model of co-investments and primary fund commitments.
Abrial joined Access Capital Partners in 2006 as an analyst and has since risen to the position of partner. Abrial has responsibility for buyout fund selection on both the primary and secondary side and sits on various fund advisory committees in Europe. He previously served as a corporate credit analyst for Credit Agricole in New York.
As an investment director at multi-family office Praesidium SGR, which represents some of Italy’s largest and most important families, education is a major part of Diazzi’s job, something his peers say he excels at.
“Sandro spends a considerable amount of time educating Italian family offices and high-net-worth investors about the merits of private equity investing, which is an asset class that is still unfamiliar to many of these investors,” says Elizabeth Di Cioccio, partner and co-head of global distribution at Mercury Capital Advisors. “His knowledge of the asset class, professionalism, enthusiasm and patience has been a driving factor in the growth of Praesidium’s platform since its inception.” Diazzi, who is based in Chicago, is responsible for sourcing, analysing and executing private equity and venture capital fund and co-investments. He has invested in more than 50 top GPs and 15 co-investments since the platform launched in 2016.
Guzman has been identified by his peers as “a true leader of the industry” who “continues to make an extraordinary impact”. In his six years of private equity he’s already racked up some impressive numbers, deploying more than $2.5 billion across private equity strategies as an investment officer within the Bureau of Asset Management at the NYC Comptroller’s Office and has played a “critical role” in ensuring the pension generates returns for its beneficiaries. The Wharton School alum also has experience on the other side of the GP-LP nexus, having previously helped perform financial and operational due diligence at Cerberus Capital Management.
As director of investment strategy and research at Stonehage Fleming, Powley is responsible for selecting private capital fund investments and managing existing manager relationships. He joined the group in 2009 having previously worked for BNP Paribas in London and State Street Trust Company in Toronto. Peers have noted Powley’s contribution to the expansion of alternatives in family offices.
Koetschet joined Caisse des Dépôts’ in 2014 as an investment director responsible for selection of GPs in Europe and the US across private equity, real estate and infrastructure. She was promoted to head of fund investments after five years in the role and now covers buyout, growth equity, infrastructure, real estate and mezzanine. She tells PEI she’s most excited about strategies with a clear value-focus, be it transformative buy-and-build strategies in the traditional buyout segment, growth equity, which today offers buyout-like returns without the need for high leverage, and also strategies that bear some operational complexity, such as carve-outs.
“The best way to learn is to surround yourself with people who are smarter than you,” says Kemp. She has been part of the team responsible for investing San Francisco Employees’ Retirement System’s private equity portfolio since 2008. She became a senior portfolio manager in 2012 and was named interim managing director of private markets in 2018. SFERS manages a $3 billion portfolio invested across buyout, venture and opportunistic strategies. Kemp’s focus is on venture and growth opportunities, with responsibilities including investment research, portfolio construction, sourcing, manager selection, fund due diligence, legal negotiations and portfolio monitoring. She was previously an investment risk and performance analyst at Missouri State Employees’ Retirement System.
Cohen has made a big difference in the three years he’s been at New York-Presbyterian Hospital, which manages around $9.5 billion of assets supporting capital expansion projects, research and development activities across the hospital system. Cohen primarily oversees the venture and growth equity portfolio for the Office of Investments, as well as making direct investments through the Hospital’s venture capital arm, NYP Ventures. “Todd has quickly risen to the highest ranks of [New York-Presbyterian’s] investment team and [his] thought leadership is helping the Hospital transform and optimise its portfolio,” says Caitlin Brodie, a principal focused on fundraising and investor relations at The Carlyle Group.
Hotaling is no stranger to leaderboards, having broken school records for swimming at UPenn and competed nationally in Division I. After a stint at Switzerland’s LGT Capital Partners in New York, Hotaling went back to her Albany roots by joining New York State Teachers’ Retirement System as an assistant manager of private equity. The 34-year-old was promoted to her current role in 2017.
Mahon, working out of Tigard, Oregon, is described by colleagues as “an outstanding talent” as well as “a rising investment leader”. He has been with Oregon State Treasury since 2008, first as an investment officer and, since 2016, as a senior alternatives investment officer. He previously worked at RV Kuhns & Associates as a quantitative analyst and research associate. The Oregon State Treasury has AUM of just over $100 billion.
Future 40 | Lawyers
Industry expertise, pragmatism and perseverance – at least three characteristics market sources say London-based Craig’s clients admire him for. It’s no wonder it took all of 10 months for the secondaries and private funds-focused lawyer to be promoted to partner after joining MJ Hudson in 2013 following stints at SJ Berwin and having served as in-house counsel at investment firm Capital Dynamics. MJ Hudson has since embarked upon rapid expansion through office openings and acquisitions such as investment consultant Allenbridge and fund services provider Tower Gate Capital, culminating in Craig’s promotion to managing partner at the end of last year. The legal gun now serves as a partner at Dentons where he advises on private fund formation, secondaries transactions and fund restructurings.
Sullivan, a Clifford Chance lifer, was promoted to partner in the private equity team in 2016 and has made his name on the back of deep, successful relationships with clients including Cinven, Blackstone and CVC. Focused on advising on big-ticket cross-border M&A deals for large buyout firms, his standout work includes advising Cinven on its €1.3 billion acquisition of clinical diagnostics firm Labco and then its €1.7 billion acquisition of Synlab, working for Blackstone on its deals for NEC Group and The Office Group, and acting for Elliot Advisors on its acquisitions of Waterstones and Foyles. An Oxford graduate who grew up in Manchester and has a particular expertise in management equity, Sullivan also acts for portfolio companies on bolt-ons and transformational M&A.
Heralded by peers for his role in revitalising Linklaters’ private equity practice in recent years, Woodward – who has spent his entire career with the firm – is now co-head of its global financial sponsors group. Renowned for his prolific deal activity, Woodward counts The Carlyle Group, Hg, BC Partners and Oaktree among his list of sponsor clients and stands out for his work on large, cross-border M&A deals. Last year, he acted for Switzerland’s Jacobs family on its $2.5 billion acquisition of private schools group Cognita from Bregal Investments and KKR, and advised Hg Saturn and a consortium on the £1.3 billion ($1.7 billion; €1.5 billion) buyout of IRIS Software Group. In what proved to be a particularly busy 2018, Woodward also acted for PSP Investments on its investment in the £2.2 billion Silver Lake-backed offer for Zoopla parent ZPG.
New York-based Dumican relocated from London to the US last year and is now head of legal for investments across the Americas, advising across funds, sectors and geographies. Previously with Carlyle for eight years in London, Dumican began her career as an associate in the private equity M&A team at Clifford Chance and now works closely with deal teams, investment committees and management on deal-related legal issues and risk assessments. She has worked as deal counsel on transactions including the $3.2 billion acquisition of German speciality chemicals group Atotech from Total in 2016, and the $5 billion acquisition in December last year of StandardAero, a leading aircraft engine provider, from Veritas Capital.
Rife was promoted to the partnership at Debevoise in 2018 and is a key member of the London investment management team, advising both sponsors and investors across a wide range of fund formation and ongoing operational matters. Described by one peer at an advisory firm as having “a real grasp for how to make the complex legal intricacies understandable and penetrable”, Rife’s practice covers a variety of geographies and asset classes, including buyouts, debt, secondaries, real estate, emerging markets, infrastructure, energy and funds of funds. A graduate of the University of Manchester who studied law at City University, London, Rife joined Debevoise as an associate in 2007 and now regularly advises on co-investments, carried interest, and end-of-life recapitalisations.
A partner in the Boston office of Proskauer where she is focused on structuring funds of all types, Higonnet has closed 15 funds in the past year alone, with a combined deal value of $5.1 billion, for clients including Adams Street Partners, Newbury Partners and Scale Venture Partners. Working across buyouts, venture capital, secondaries, funds of funds and natural resources funds, Higonnet spent two years in Proskauer’s London office until 2014 and became a partner in 2017, a decade after joining the firm as an associate straight from George Washington University Law School in 2007. A key part of her practice is navigating GP-LP relationships, advising on trends in fundraising terms, fundraising strategy, and negotiation with investors.
No other law firm is leading the charge in the growing secondaries market like Kirkland & Ellis. The firm advised on $31 billion of secondaries deals last year – accounting for more than 40 percent of the global market – thanks in large part to Cardos who leads its European team. His clients are some of the biggest names in the industry – think Abu Dhabi Investment Council, Deutsche Bank and Terra Firma Capital Partners. He became partner at just 36 and has set about building a team that boasts 15 lawyers in London alone who work on secondaries. From stapled offerings to fund restructurings, single-asset restructurings to GP-interest deals, Cardos has done it all. When the secondaries market looks back at its growth in 30 years’ time, a large part of its development and expansion will have been due to Cardos’s efforts.
Future 40 | Operators
Borges takes a tech-forward approach to her leadership position, executing major IT upgrades that are revolutionising how the firm’s LPs track their investments. She introduced a new data warehouse fronted by an investor portal with incredible functionality. LPs have online access to all available reporting data for a specific fund and can easily download that info into their own reporting framework. This system also allows for data analysis well beyond the standard number crunching, with the ability to benchmark and monitor risk with various risk ratios. This is not to say she neglects her finance, accounting and operations duties, only that she understands that managing the firm’s technology is no longer ancillary to her role of leading the operational side of the firm.
Petri has been CFO at operationally-focused private equity firm Pfingsten Partners since June 2015 and is responsible for all financial, tax, compliance and administrative activities of the firm. He joined Pfingsten as controller nearly 11 years ago. Prior to joining Pfingsten, Petri worked with private equity, hedge fund and broker-dealer clients in the financial services practice at EY in Chicago. A Wisconsin native, he holds a BBA degree in Accounting and Information Systems and a Masters of Accountancy from the University of Wisconsin. Since its first investment in 1991, Pfingsten has raised five funds totaling around $1.3 billion and has acquired 136 manufacturing, distribution and business services companies.
There’s nothing groundbreaking when an advisor joins a client as their in-house general counsel, but few make the kind of impact Johansson already has at Nordic Capital Partners. Johansson has overall responsibility for all legal and tax affairs. He was instrumental in establishing a new master structure for the firm’s Nordic Capital Fund IX, that closed with €4.3 billion in commitments. And that structure allowed his new firm to complete the €2.5 billion CV1 transaction, which currently stands as the largest GP-led secondary. Before joining the firm, Johansson spent 11 years at Mannheimer Swartling where he was a partner in the M&A group and head of transaction structuring. While there, he advised Nordic on its blockbuster exit of European animal health leader Anicura to Mars Petcare.