Oakley Capital Associate Lilia Kyuchuk-Pakyuz recently took part in a Women in Private Equity breakfast panel hosted by Level 20 and Dartmouth Partners, designed to promote a career path for young women in PE and an opportunity for them to gain first-hand insights from industry experts. Here Lili shares some key takeaways
What is the role of an associate when it comes to portfolio management at a PE firm?
Associates at Oakley Capital play a key role in portfolio management. You will have direct access to, and will be in constant communication with a portfolio company’s C-suite. The beauty of the Associate role is that you become a sounding board for the management team, a trusted partner who they can run ideas past rather than presenting directly to the board on monthly basis. The management team in turn get a better understanding of the KPIs which Oakley as an investor focuses on and enables them to structure even more efficient and insightful reporting processes. This helps create a bond of trust, and it helps accelerate your deep understanding of the business as you get access to high level strategic thinking.
Women in Private Equity panel breakfast in partnership with Level 20 and Dartmouth Partners
How important is sector preference when considering what GP to interview with?
At a junior level, I don’t think that a GP’s sector-focus is a key consideration. As an Associate, your aim should be to develop the core investor skill-set, including financial modelling and leading different due diligence workstreams. These skills are transferable if you wish to focus on a particular sector further down your career path and you have not been exposed to it at a junior level. At the starting point in your career, it is much more important that you work in an active fund that is doing lots of transactions so you can get as much hands-on experience as possible. It is also very important that you are surrounded by a team who will support your personal development.
What are the benefits of joining a large cap firm vs. a mid-cap?
There are pros and cons to both. At a large cap, one key positive is that you’re more likely to find a structured training and development programme to support your career path. You won’t always get this at a mid-market private equity firm. However, what you will get is much broader exposure to deals and portfolio companies very early on. You will work across different workstreams and develop your investor skill set much faster through real-life experience. In the two years I have been at Oakley, I have completed four deals including a c.€50 million EV bolt-on and a €1+ billion platform deal in a new to the fund sector. The variety has given me a really good overview of what different workstreams involve, from commercial due diligence to, legal and structuring. So when you go into a bigger deal you instinctively know what needs to be done, you’re much more effective at project management.
Once you have made it into private equity, what’s the most critical attribute required to succeed?
The ability to process information quickly is critical. At the same time, you need to understand you will never be an expert in every topic, for example on very technical tax or legal points. Instead, you must develop a critical mindset to know what and when to question, and a strong network of experts who you can leverage to progress your deal. Your networks are also critical for deal origination so it’s important to develop relationships with key stakeholders who can introduce opportunities to you.
What’s your advice to anyone considering a career in private equity?
Don’t be afraid and go for it. Many people think private equity is not a job for women, that it’s too hard or too stressful. Be brave and confident that you can do it. It is not rocket science, it’s simply about being curious and applying your brain!
