CHANGING THE FACE OF PRIVATE EQUITY 2018 - Level 20
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CHANGING THE FACE OF PRIVATE EQUITY 2018
OUR MISSION OUR GOAL
To deliver greater representation To have 20% of senior roles
for women at all levels in the in the private equity industry
private equity industry, by inspiring held by women.
them to join and succeed in this
dynamic industry.
CONTENTS WE WORK ACROSS FOUR KEY PILLARS
OUR JOURNEY SO FAR 1
A LETTER FROM THE CHAIR 2
A LETTER FROM THE CEO 3
MENTORING & DEVELOPMENT 4
NETWORKING & EVENTS 6 MENTORING & NETWORKING
DEVELOPMENT & EVENTS
OUTREACH & ADVOCACY 8
RESEARCH 10
INTERNATIONAL EXPANSION 12
SPONSORS 14 ATTRACT,
RETAIN AND
BOARD & FOUNDERS 16 PROMOTE
OUTREACH & RESEARCH
ADVOCACY
www.level20.org
OUR JOURNEY Level 20 is a not for profit organisation
SO FAR founded in 2015 by 12 women working in
senior roles in private equity aligned around
a common vision of improving gender
diversity in the industry.
We aim to inspire women to join and succeed
in private equity by creating opportunities for
them to interact and learn from the insights and
experience of others. Our vision is underpinned
by a focus on four key pillars: mentoring and
development; networking and events; outreach
and advocacy; and research.
We are supported financially by 46 private equity
firms (listed on pages 14 and 15), and by over 1,800
individual members who together help create a
strong voice for improving gender diversity across
the industry.
GROWTH IN MEMBERSHIP
1,800+
1,000
700
12
SEPT 2015 SEPT 2016 SEPT 2017 SEPT 2018
In 2015, Level 20 started with its 12 founder members. It now has over
1,800 members across 37 countries.
LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018 1
A LETTER FROM THE CHAIR
When we founded Level 20 in 2015 with a vision
of improving gender diversity across the private
equity industry, we knew that we were embarking
on a journey!
Our ambition continues to be to inspire women to succeed and to attract
the next generation to join our dynamic industry. The last two years of that
journey have been particularly exciting as our membership has grown to
over 1,800 individuals and a number of initiatives, such as our mentoring
programme and European expansion, have taken root and flourished.
This success has only been possible because of the involvement of
so many across the industry. In particular, I would like to thank the 46
sponsor firms that have provided the funding to enable Level 20 to
grow and establish a professional organisation, led by our CEO, Jeryl
Andrew. I would personally like to thank Jeryl and her team for their
JENNIFER DUNSTAN tremendous commitment and hard work to make the vision a reality.
CHAIR Finally, I would also like to thank the huge number of volunteers who
have ensured that we have delivered so many initiatives.
Looking to the future, we have ambitious plans. We will complete the
rollout of Level 20 across Europe, and develop the four key pillars that
underpin our work: mentoring and development; networking and
events; outreach and advocacy; and research.
The achievements
As with any organisation, it is important that Level 20 continues to
of Level 20 have evolve to ensure that it can achieve these objectives. Accordingly, it is
exceeded even our timely to make some refinements to our governance structure. From
own expectations the outset, Level 20 has been focused on inclusion: engaging with the
and we now have industry as a whole, from small to large firms and with both women and
over 1,800 members. men. It is important, therefore, that we reflect this in our structure. To
this end, we have created an Advisory Council and I am delighted that
This success has been six very senior industry leaders: James Brocklebank, Nic Humphries, Wol
possible because of the Kolade, Cathrin Petty, Cheryl Potter and Emma Watford, have agreed
involvement of so many to join, thus ensuring we have the breadth of skill and experience
within the industry, necessary to guide the next stage of Level 20’s development.
both at a firm and an Having had the great privilege of chairing Level 20 for the last two
individual level. years, it is now time for me to pass on the baton and I am very pleased
to announce that George Anson will succeed me to lead Level 20 for
the next stage of the journey. George is well known to many of you and
is currently Senior Advisor at HarbourVest Partners where he has worked
for nearly 30 years, previously having led the investment and client
service activities of the company across Europe. He is also a former
chairman of Invest Europe.
With the continued support and involvement of so many of you I am
confident the next phase of our work will take us closer to our goal of
20% of senior roles being filled by women.
2 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018A LETTER FROM THE CEO
In the three years since the launch of Level 20,
much has been achieved: 46 private equity firms have
provided financial support, individual membership
has grown rapidly to the current level of over 1,800
and the scale and scope of Level 20’s activities have
increased significantly. As we look to the next phase
of Level 20’s development, we have ambitious plans
to further extend our reach and activities.
The founders’ original initiative to put gender diversity on the agenda for
the private equity industry was very timely. We have been encouraged
by the level of engagement with our mission across the industry at all
levels and particularly with the growth in interest across Europe. This
expansion of Level 20 into Europe allows us to exchange ideas and
JERYL ANDREW experiences and will help to create a strong voice for improving gender
diversity in the industry across Europe.
CEO
Whilst significant progress has been made in recruiting more women
at a junior level, particularly in investment roles, the challenge is to
ensure that these women stay in private equity and build successful
careers. Over 60% of Level 20’s members are younger women and it
is this group that has the potential during the course of the next 10 to
15 years to reach positions of seniority. We will therefore in the next
The founders’ original stage of our development focus much of our work on this group. The
initiative to put gender Future Leaders’ programme is a key part of this and we will support
diversity on the agenda all of their efforts as well as look into other ways to scale and expand
for the private equity initiatives to assist the careers of young women already in the industry.
industry was very To support our sponsor firms, we are in the final stages of compiling a
toolkit of best practice guidance across a range of topics that impact
timely. We have been
gender diversity. We will also be looking at other ways in which we can
encouraged by the level work with them to ensure that our common goal of improving gender
of engagement with diversity across the industry is achieved.
our mission across the
The involvement of a large number of volunteers and the enthusiasm
industry at all levels and of our members continues to be critical to delivering so much of our
particularly with work and it is impossible to thank all those that have played a part in
the growth in interest our journey to date. I am very grateful to the many firms that provide
across Europe. services to the industry who have given us pro bono support. I must
also thank our sponsor firms whose financial contributions have made
all this work possible and, finally, the founders without whose vision,
commitment and hard work Level 20 would not exist.
LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018 3MENTORING & DEVELOPMENT
AIMS
> Enabling women working in the industry to benefit
from the lessons learned and insights of those with
more experience.
> Enabling the mentors themselves to gain insights
into the challenges faced by women through the
mentorship relationship.
179
In the autumn of 2015, a pilot
mentoring programme was
launched which had been To tackle gender
Women have been or organised by a committee led
are currently in the
diversity, the private
by one of Level 20’s founders,
mentoring programme equity industry needs
Alexandra Hess. The pilot
not only to attract more
124
programme identified mid-
career, high potential women talented women, but
and paired them with senior also to ensure their
mentors, both male and female, long-term success and
Firms have or are currently
participating in the programme setting the framework for future retention. I find the
with mentees or mentors programmes. Each pair met
five or six times during the
mentoring programme
19
course of the mentoring ‘year’ so rewarding because, at
(from September to June), and, the same time as helping
in addition, there was also a an individual develop
Women have or are programme of breakfasts on and progress to the
currently being given a range of topics to further
two rounds of mentoring next level, I’m gaining
develop both ‘hard’ and ‘soft’
skills. Materials to assist both invaluable insights into
mentors and mentees were how to make the industry
produced. This pilot cohort a place where more
established a strong network women want to build
with members continuing to a career.
support one another. 22 of the
23 mentees in this programme LEVEL 20 MENTOR
continue to work in the industry,
with 16 having been promoted.
4 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 201845%
Of mentors are male in 2018
GROWING NUMBERS IN THE
MENTORING PROGRAMME
73
58
44
23
SEPT 2015 SEPT 2016 SEPT 2017 SEPT 2018
The following year the programme The programme has been
increased significantly by forming developed with ‘kick off’
two cohorts: the first continued breakfasts introducing the The experience and
supporting and developing the concept of mentoring to mentors insights gained as a
careers of mid-career women, and and mentees respectively, with
Level 20 mentee have
the second was a group of more guidance as to how to get the
junior women who were mentored most from the programme. Other been hugely valuable
by the original cohort to enable topics covered at these breakfasts to my career. Working
the programme to ‘regenerate’. include presentation skills, closely with my mentor,
unconscious bias, fundraising, I was able to gain the
In 2017, the model was extended assessing portfolio performance confidence that I needed
further, and an increasing number and coaching a CEO.
of men volunteered to be
to formulate and execute
mentors. This has continued in In total, 124 firms have been or a career plan that
2018 such that, in the UK, there are involved in the programme, ultimately led me
are now almost equal numbers providing either mentees or on a path to promotion.
of men and women as mentors. mentors, or both. Over the
Recognising that support can be last three years the consistent LEVEL 20 MENTEE
beneficial at different points in feedback from the male mentors
a career, we also extended the is that the programme gives them
mentoring for several mentees better insights and understanding
and 19 women have now of the issues faced by mid-level
benefitted from two rounds of career females. Eleanor Mountain,
mentoring with different mentors. who was a member of the pilot
cohort of mentees, is now leading
the programme with support from
the Level 20 executive team.
LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018 5NETWORKING & EVENTS
AIMS
> Facilitating the building of professional networks for
women in the industry.
> Providing targeted educational events for those working
in specific functional areas.
Level 20 was launched in know each other and to connect NUMBER OF EVENTS
27
November 2015 at a packed after the event. Since then, the
event in the Mountbatten Room Future Leaders group has taken
at the RAC Club. Subsequently, responsibility for organising 16
each year the Annual Reception monthly breakfasts on a range of
at this venue has been the main topics to aid career development.
networking event, attended by 4
more than 350 women and men. Another initiative developed
this year has been interviews SEPT 2016 SEPT 2017 SEPT 2018
In the early days of Level 20, with successful women. Denise
various events including a Wilson, the CEO of the Hampton- Sponsored networking events
dinner for senior women, a Alexander Review, and Sanna for members have also been a
lecture by Professor Sucheta Suvanto-Harsaae, the chair of Bo feature. EY generously allowed
Nadkarni on the global drivers Concept, a 3i portfolio company, us to have a private view of the
of female board representation, both kindly gave their time to talk ‘EY Impressionists in London’
and a networking event at the about their careers and the work exhibition at Tate Britain. Ropes
Photographers’ Gallery were they do. A networking event for all and Gray also sponsored a
organised by the founders. members held at the Fable, part of summer event in support of
the Drake and Morgan restaurant the charity ‘Smartworks’ raising
With an executive team now in chain financed by Bowmark both money and donations of
place, a calendar of events is Capital, allowed Jillian Maclean, interview clothing. Bain Capital’s
beginning to emerge. A regular the CEO of Drake and Morgan, summer networking drinks for
programme of breakfasts for to talk about her experience of female investment professionals
younger members has proved building the chain and being in a continues to be an annual event.
popular. The founders organised private equity backed business.
an initial series at which they KKR hosted an evening for deal
took it in turns to talk about their professionals at which two female
careers and the challenges and CEOs of KKR portfolio companies
opportunities that they had faced. talked about their careers and
These small groups provided being female leaders.
an excellent opportunity for the
young women present to get to
6 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018FUTURE LEADERS
60% of Level 20’s members are younger
women and it is this group that has the
potential during the course of the next 10
to 15 years to reach positions of seniority. It
is therefore a group that Level 20 wishes to
nurture and support to enable them to stay
within the industry to build their careers.
It is also a group that has tremendous
enthusiasm and energy to commit to Level
20’s activities. Recognising this, during 2016
PHILANTHROPY
two Level 20 co-founders, Dana Haimoff
Teams from Level 20 have taken part each
and Kathryn Mayne, brought together a
year in the annual Impetus-PEF Private
group of the younger members who were
Equity triathlon raising funds for the charity.
keen to get involved in Level 20’s activities.
Supported by the founders of Level 20
This group expanded and, in January 2017,
who each year donate a prize for the
formally launched their committee at an
Impetus-PEF Transforming Lives dinner,
event at the offices of Balderton Capital.
Impetus-PEF is a charity that works to
It was very well attended by many of the
transform the lives of young people from
younger members who came to hear about
disadvantaged backgrounds.
the Future Leaders’ committee’s plans for
events and other activities.
Since that time, the Future Leaders’
team has organised a series of monthly
breakfasts for younger members covering
a wide range of educational and career
development topics which have been
kindly hosted by a number of firms whose
senior professionals have given their time
to lead the discussions. Other events have
also been organised including a summer
networking drinks.
LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018 7OUTREACH & ADVOCACY
AIMS
> Increasing the numbers of women applying to work in private
equity by educating young women at various points in their career
planning about the opportunities in the industry.
> Helping create a strong voice and promoting the business case
for gender diversity in the industry, and increasing awareness
of the challenges faced by female professionals.
OUTREACH conferences and more informal In addition, the Level 20
Within outreach, our initial activities events such as representation at international committees will be
focused on business schools and dinners and receptions. exploring ways to take this work
students studying for MBAs and into the relevant institutions in
Master’s degrees in finance. Events These activities are now being their countries.
that Level 20 representatives have extended to include attendance
participated in have been held in at relevant events organised by In December 2017, a pilot day
the UK, at London Business School, universities including Bristol, was held to introduce private
Cambridge Judge Business School LSE and Oxford. Many of these equity careers to girls in the last
and Oxford Saïd Business School initiatives are being taken by year of their school education.
and, in France, at INSEAD and the Level 20 Future Leaders’ The group of girls that attended
HEC. These events have included group who are alumni of came from a mix of state and
panel representation at career days, these institutions. private schools across London and
speaker slots at student-organised a variety of speakers explained the
different roles within the industry.
The girls undertook a case study
exercise involving a pitch to a
mock investment committee. The
possibility of organising similar
days is being discussed with some
of the Level 20 sponsor firms.
Plans are also in hand to organise
workshops to prepare young
women for the type of assessment
methods used by private equity
firms and to provide general
guidance to those considering
a career in the industry.
8 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018FUTURE LEADERS LEVEL 20 IN THE NEWS
The Future Leaders’ committee
has worked enthusiastically on
educational outreach activities,
building on the work that had
been started by the Founders.
A sub-committee has also
ale:
looked at improving Level 20’s ha, less m conundrum
More alp rsity
digital communications including der dive
The gen er 2017
its social media presence. astell – 12 Octob
Kenny W
The Future Leaders’ committee
is also planning to organise a
‘peer’ event where members of
the committee will be available
to give advice on an informal
basis to any young women Europe’s private equity industry
considering a move into boosts women in senior ranks
private equity.
Becky Pritchard – 14 June 2017
ADVOCACY
Since Level 20’s inception,
advantage has been taken
of opportunities to speak at Private e
conferences and to give press quity wo
Level 20 men’s bo
interviews to ensure that the topic announc dy
backing es financ
of improving gender diversity in the from firm ial
Hannah L s
private equity industry has a higher angworth
– 12 July
profile. Conferences at which Level 2016
20 has been involved include
SuperReturn, SuperInvestor and
those organised by Invest Europe
and the British Venture Capital
Association. Level 20 aims to move
the topic of gender diversity to the
main agenda of conferences and
for women to have a higher profile
as speakers and panellists.
In the consultation response to
HM Treasury’s report on ‘Financing
growth in innovative firms’,
which formed part of the Patient
Capital Review, the government
welcomed Level 20 and Diversity
VC initiatives.
LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018 9RESEARCH
AIMS
> Providing reliable data on gender diversity for the industry as a whole,
and for Level 20 in particular.
> Tracking progress towards the goal of women holding 20% of senior roles.
> Increasing awareness of the issues around improving gender diversity.
> Providing insights to support and guide Level 20’s future work.
To date, two projects have been non-investment professionals
concluded. The first, ‘Women in completed a comprehensive
Private Equity’, was led by one of survey which focused on a range
the founders, Cécile Belaman, and of topics including educational
conducted in conjunction with the background, experience prior to
BVCA with the aim of establishing entering private equity, career
accurate data on the numbers path within the industry and
of women working in UK-based personal circumstances. They
GP firms in the private equity also undertook a psychological
Level 20 and the BVCA published a report on the
industry. This complemented the numbers of women working in private equity. attributes test designed to show
work that Diversity VC had done where they were positioned on a
with the BVCA in the previous scale of common personality traits
year to establish the numbers of that were deemed relevant to the
women working in the venture industry. A lively panel discussion
capital industry in the UK. A took place at the offices of Accel
total of 179 private equity GP Partners in July 2018 around the
firms were included in the survey findings from this study chaired
representing approximately 5,000 by Helen Steers, and included
employees. In order to track the author of the study, Professor
progress, the intention is to repeat Sucheta Nadkarni, Sonali de
this exercise every two years. Rycker of Accel Partners,
Jill Henn of KKR and Nick Rose
The second research project of Advent International.
was a qualitative study led by
another of the founders, Helen We will be exploring the feasibility
Steers, and undertaken by of conducting further research,
Professor Sucheta Nadkarni particularly to extend the data
of the Cambridge Judge to cover other parts of the private
Business School, examining the Level 20 published a report on private equity equity industry and Europe.
career paths and personality traits.
career paths and personality
traits of men and women in
the industry, with the aim of
better understanding gender
similarities and differences. 700 Both reports can be downloaded from the
self-selected investment and Level 20 website, www.level20.org
10 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018% OF WOMEN WORKING
IN PRIVATE EQUITY FIRMS
FUTURE LEADERS
A team of Future Leaders
29% 14%
played a key role in the
6% data gathering exercise that
produced, jointly with the
Investment Senior investment
BVCA, the 2018 report ‘Women
Overall private professionals professionals
in Private Equity’.
equity workforce
LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018 11INTERNATIONAL EXPANSION Level 20 was created with the aim of being a European-wide organisation and, whilst operations began in the UK, it was always the intention of the founders that it should be expanded to cover the European market. The first Level 20 committee Since that launch event, various Over the course of 2019, outside the UK was launched initiatives have started including we expect Level 20 committees on 1 February 2018 in Frankfurt, a number of networking events, to be operating in all these Germany. A committee of ranging from small breakfasts with geographies, supported by the Anja Bickelmaier, Dörte Höppner, a focus on educational content central Level 20 executive team, Giovanna Maag, Martina to larger networking events for sharing and exchanging ideas Pfeifer, Michala Rudorfer and Laura all members, covering not only and successes. To have achieved Schroeder had come together in Germany but also Switzerland this coverage within three and a the autumn of 2017 to discuss how and Austria. The committee half years is evidence of both the to take Level 20’s initiatives into is developing an outreach timeliness and relevance of the German market. They tested programme to major German Level 20’s mission across Europe. interest with a small number of universities and has put together women working in private equity the first mentoring programme in Germany over a dinner in with 16 pairs including male and October 2017, and then worked to female mentors. organise a larger event to launch Level 20 in Germany. This event A committee for the Benelux was held in Frankfurt in February countries headed by Ruulke 2018 and was attended by over Bagijn and Cilian Jansen 90 private equity professionals and Verplanke has been formed those working in firms that service and will be holding an event to the industry. Cinven Partner, launch the Level 20 initiative in Bruno Schick, endorsed the Level Amsterdam on 13 November 20 German committee with an 2018. In Spain, Maite Ballester impressive speech laying out why is working to start a committee it is important and overdue to in Madrid and similar efforts are attract and retain more women at an earlier stage in the Nordic in the private equity industry countries, France and Poland. in Germany. 12 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018
CURRENT COVERAGE
L AUNCHING IN 2019
LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018 13SPONSORS We would like to thank the 46 firms that have provided Level 20 with financial support which has enabled the organisation to build an executive team and to grow the scale and scope of its work. We welcome enquiries from other firms who might be interested in supporting us. 14 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018
LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018 15
BOARD & FOUNDERS
LEVEL 20 FOUNDERS LEVEL 20 EXECUTIVE TEAM
Kathleen Bacon, HarbourVest Partners (UK) CEO: Jeryl Andrew
Cécile Belaman, Bain Capital Victoria Peck
Jennifer Dunstan, 3i plc Helen Swarbrick
Dana Haimoff, J.P. Morgan Asset Management Dorothy Wilkinson
Lori Hall-Kimm, CPPIB
Alexandra Hess, Cinven With thanks to Macfarlanes for their generous pro
Kathryn Mayne, Horsley Bridge International bono provision of legal services and to Greenbrook
Emma Osborne, Intermediate Capital Group PLC for pro bono help with media relations. Both firms
Christina Pamberg, Alcyon Holding have supported Level 20 since its inception.
Hanneke Smits, Newton Investment Management
Helen Steers, Pantheon Thanks to Georgia Rankin, Russell Reynolds and
Sasha van de Water, Keyhaven Capital Ellen Garvey-Das, Egon Zehnder for their work on
all of the mentoring programmes.
THE LEVEL 20 BOARD
From 2015 to November 2018 Many thanks to all the other individuals and firms who
Chair: H
anneke Smits (2015 – 2016) have provided support and help to Level 20 and who
Jennifer Dunstan (2016 – 2018) are too numerous to mention but without whom we
Treasurer: Emma Osborne would not have been able to have achieved so much.
Kathleen Bacon
Cécile Belaman
Dana Haimoff
Alexandra Hess
Christina Pamberg
Helen Steers
From November 2018
Chair: George Anson, HarbourVest Partners
Treasurer: Emma Osborne
Past Chair: Jennifer Dunstan
Cécile Belaman
Dana Haimoff
Helen Steers
CEO: Jeryl Andrew
ADVISORY COUNCIL MEMBERS
James Brocklebank, Advent International
Nic Humphries, Hg
Wol Kolade, Livingbridge
Cathrin Petty, CVC Capital Partners
Cheryl Potter, Permira
Emma Watford, Bridgepoint
16 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2018Level 20 membership is free for all those
working in the private equity industry
or in firms that support the industry.
For more information, visit www.level20.org
Designed and produced by
threethirty.studioLEVEL 20 30 Stamford Street London, SE1 9LQ 020 3890 7920 www.level20.org
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