< Previous20 WOMEN IN PRIVATE EQUITY + FINANCE Christie McFall is the business development director for Great Range Capital . Prior to joining the firm, she served as vice president and managing director of the animal care division at Informa, a global company specializing in business intelligence, healthcare publishing and trade shows. In this role, she leveraged data and analytics plus technology advancements to create a new business model and deliver the division's first growth in three decades. She was also responsible for mergers and acquisitions (M&A), leading the search for businesses to add to the existing portfolio. Previously, McFall was a member of VML's leadership team, where she ushered multinational bluechip brands such as Bayer, Southwest Airlines and Honeywell into new phases of omnichannel presence while contributing multimillion-dollar incremental revenue. While at Meredith Corp., she helped drive operations into a digital-first strategy to create a new revenue stream. Her work with clients like Unilever, GE and Microsoft was pivotal in establishing Meredith as a digital thought leader. christie.mcfall@greatrangecapital.com CHRISTIE MCFALL21 WOMEN IN PRIVATE EQUITY + FINANCE I love telling our story. I'm proud of who I work for, which makes it easy to tell that story. CHRISTIE MCFALL Q: WHAT ATTRACTED YOU TO PE? CHRISTIE MCFALL: I have always been in business development and marketing. My background isn't in finance, which is a different approach to PE than most people take when getting into the field. Just prior to my joining Great Range, I was working for a business intelligence group based out of London called Informa. It’s basically an M&A model business. They go out, find a sector they think is interesting, impactful and growing, and they form a business unit around it. They then do M&A activity in that vertical to grow a business to a certain size and then sell it, usually to a strategic buyer. I was charged with and led the growth of their animal care business. It was a B2B business that catered to veterinary professionals. My job was to grow the national footprint by adding companies and services—to essentially take it from a $20 million business and get it to more than $35 million—and then sell it. I grew that business organically through M&A. I went out and found a data company to buy. We added a publishing arm and published three magazines and held three trade shows a year where veterinary professionals earned their continuing education. We had a robust sales department that sold advertising in the magazines and sponsorships for the trade shows. Because of this success, my division was bought and sold three times in three years. The final home for that business was a strategic buyer on the East Coast who did not have additional plans for acquisition. By that point, I had caught the bug of going out and finding businesses to acquire by evaluating them and then putting together the pieces of the puzzle. I started talking to folks in the PE world about a role that could fit my skill set. I haven’t followed the traditional path of starting in investment banking and coming up through a financial background. Coming from the business development and marketing side, I found I was interested in deal origination from the top of the funnel, going out and making connections, whether that's as an intermediary or going direct to business owners. At the time, Great Range was looking for someone who could manage its business development and marketing and who had M&A experience. We started our second fund about two years ago and had 18 acquisitions under our belt. The team was aggressively fundraising at the senior level, managing the portfolio and actively looking for additional investments. The team realized they needed someone who could have their eye on the ball at all times from a business development standpoint, and that’s what I’ve been able to do. Q: CONSIDERING YOUR ATYPICAL BACKGROUND, WHAT HAS YOUR EXPERIENCE BEEN LIKE AT GREAT RANGE? CM: It's been a very good fit. I get to do the things I enjoy—meet people, explore different opportunities and then work to fit the puzzle pieces together.22 WOMEN IN PRIVATE EQUITY + FINANCE A good adviser will bring many options to the table. It could be PE or a strategic buyer, or it could be that it's not an opportune time to sell. CHRISTIE MCFALL I love telling our story. I'm proud of who I work for, which makes it easy to tell that story. It's been a good and interesting career shift for me to be able to do all the things I like for a new industry, but it's not too terribly different from working in an agency or working in animal care or working for a London-based M&A model company. It's truly just going out and finding those opportunities and then seeing them through to the end. I like that chase. Q: WHAT IS A GOAL THAT YOU HAVE SET FOR YOURSELF IN THE COMING YEAR? CM: I want to continue to gain knowledge about the industry as a whole. I try to talk to as many intermediaries as possible. I also try to speak with entrepreneurs and business owners, but they are often more difficult to find, so I'm generally hoping to meet with their trusted advisers. A good adviser will bring many options to the table. It could be PE or a strategic buyer, or it could be that it's not an opportune time to sell. But I would like to be in the consideration set to at least have a conversation and tell them what PE could look like for their business. Assuming I can have that conversation, after the initial review, relationship and connection, I would turn over the financials to my deal team who would then take a deeper dive into its assessment. One of my more specific goals this year is to better understand that deeper dive as it will help me evaluate opportunities at a high level. Q: WHAT IS A LESSON THAT YOU HAVE LEARNED CONCERNING WHAT'S REQUIRED FOR SUCCESS IN PE? CM: Be tenacious. These are long-tailed deals. Most of them don't reach the finish line. We look at 1,000 deals a year and buy one or two —maybe three. If you like instant gratification, PE probably isn't a career path for you. There's a lot of detail work in this business. If you like connecting those dots, if you're good at remembering a lot of things and if you have patience, you'll have more success. In a year, I'll see those 1,000 deals. I will remember a company from six months ago that we passed on for whatever reason. Then I'll see another deal several months later that could be complementary. I'll call the banker to find out if that first company ever transacted. If not, now I have an opportunity to package those businesses together and form a platform. You can come across a business that's interesting but not quite big enough and you pass. Two years later, that business could have grown 20 percent and somebody else bought it, and you'll kick yourself because you missed out. That's why success in the industry requires so much follow-up, detail work and reminder setting. I must have hundreds of tasks set up for myself in our customer relationship management system for this year alone so that in three months, I can follow up with that company that might have been too small a year ago or where the owner wasn't quite ready but might be ready now. Not taking no for an answer is another critical aspect of this work. Thick skin and a determination to never give up are all a part of this long game.23 WOMEN IN PRIVATE EQUITY + FINANCE Melissa Mounce joined GTCR in 2019 as a managing director for leadership talent and diversity. She manages the identification and recruitment of Leaders Strategy CEOs and management teams. Prior to joining GTCR, Mounce was the principal of human capital at Baird Capital. She also has held business strategy and consulting roles at Motorola, E&Y and Capgemini and strategic human capital and talent management roles at PNC Bank, Aon and Abbott. Mounce earned a bachelor's in international business from Illinois State University and an MBA from Northern Illinois University. She serves on the board of the Lyric Opera and is a member of The International Women's Forum (Chicago Chapter). 312.382.2154 MELISSA MOUNCE24 WOMEN IN PRIVATE EQUITY + FINANCE MELISSA MOUNCE Q: WHAT ATTRACTED YOU TO PE? MELISSA MOUNCE: I always say I was recruited into PE at 30,000 feet. Several years ago, while on a flight from Chicago to California, I fortuitously had a seat assignment next to a partner from Baird Capital. After discussing my operational and human capital skill set, he saw the value of a role within their portfolio operations team. The role was particularly interesting to me because it was intellectually stimulating, fast-moving and results were apparent. Seeing PE acknowledge the critical role that talent plays in a portfolio company's success and investing in it was really exciting — and I liked being on the forefront of an evolving industry. My career did not begin in PE, and my path to the industry really was a culmination of several experiences. Whether it was my time as a road warrior consultant focusing on large transformation projects for blue-chip clients or as an operational leader developing capacity management processes, I've leveraged my professional services and operational skills knowledge, along with my understanding of the challenges and opportunities of the private market, to provide great value within the human capital function. As the PE industry continues to evolve, I'm thrilled to play a key role in identifying portfolio company and firm leaders who bring tremendous value and success to their work. I'm also proud to spearhead GTCR's diversity initiatives, which have presented an opportunity to expand my role at the firm. Q: WHY IS IT IMPORTANT FOR MORE WOMEN TO PURSUE CAREERS IN PE? MM: It's not a secret that PE is a male-dominated industry. More than ever, there's recognition that diversity of thought and background is extremely valuable as deal professionals evaluate different investment opportunities. Of course, diversity goes beyond gender, but women bring a unique perspective to PE that traditionally has not been considered. Simply put, blind spots exist in PE and women have proven valuable in sharing considerations and perspectives about the corporate environment and deal possibilities. There's great opportunity for more women to use their unique skill sets, experiences and knowledge to provide balance to the deal-making process and corporate boards. The best teams are those that bring many ideas and experiences to the table, and women certainly have many contributions to make within PE. As we enter a post-pandemic corporate culture shift, now is an ideal time for more women to enter the field, with potential to make a big impact. As female leaders, we need to foster these opportunities. As a female in the PE industry, I hold myself accountable to network with women who exhibit potential and possess many of the important skills needed in PE, such as analytical and strategic thinking, resourcefulness and ambition. Q: HOW HAS FEMALE TALENT ACQUISITION CHANGED/EVOLVED IN PE DURING THE PAST FEW YEARS? MM: Particularly now, PE firms are seeking qualified women to join their deal teams. The pool of female candidates has been small, but in recent years it certainly has grown as more women are considering PE and firms are being more creative with the backgrounds of individuals they hire. Beyond investment banking, firms also are considering executives with experience in industries that are "first cousins" of PE — including advisory services, corporate development and mergers and acquisitions — which has opened the doors for more women to enter PE. With a concerted effort to hire more women in PE, females who have proven successes at PE firms have become highly sought- after because of their experience and the current diversity initiatives of firms. I look forward to seeing a continued evolution that significantly elevates women within the industry, recognizing their leadership and contributions.25 WOMEN IN PRIVATE EQUITY + FINANCE MELISSA MOUNCE The best teams are those that bring many ideas and experiences to the table, and women certainly have many contributions to make within PE. Q: WHAT QUALITIES DO YOU SEE AS MOST IMPORTANT FOR A PE PORTFOLIO COMPANY FEMALE LEADER TO POSSESS? MM: As with all PE portfolio company C-suite executives, demonstrating exceptional leadership skills is paramount. Possessing a laser focus on growth strategy and speed of execution also are important qualities. Demonstrating industry expertise and owning a unique perspective will raise the profile of female leaders. While often unspoken, having a solid understanding of how business is transacted within the PE space and speaking that language translate to success more quickly. Q: HOW ARE PE FIRMS AND PORTFOLIO COMPANIES EVOLVING TO BE MORE DIVERSE AND INCLUSIVE? MM: This is a pivotal time throughout many industries, particularly within PE, as firms examine the diversity within their organizations and actively expand it to build a strong and inclusive culture that drives corporate transformations and makes investment theses a reality. While diversity is extremely important, it's a first step. Building a strong corporate culture also requires inclusivity efforts to retain exceptional talent. For these efforts to be successful, many PE firms are following a top-down and bottom-up approach to diversity and inclusion. Successful efforts include leadership support by acknowledging the importance of the initiatives and encouraging the rest of the organization to embrace everyone’s differences and the value they bring to the corporate culture. When employees are given a forum to recognize and celebrate the diversity of colleagues, they're able to express ideas and pursue innovation without judgment. I'm pleased to see the path the industry has taken to recognize and embrace diversity and inclusion initiatives. I look forward to contributing to the continuation of this evolution, particularly as women hold more leadership roles within private equity.26 WOMEN IN PRIVATE EQUITY + FINANCE Julia Senior is a partner at M/C Partners where she leads origination, deal diligence and portfolio company support for investments in a variety of communications and technology services segments. She currently serves on the boards of Carbon60, DAS42 and SoniqWave, serves as a board observer for Involta and provides portfolio coverage for Omega Wireless and Canopy Spectrum. Prior to joining M/C Partners in 2016, Julia was an equity research analyst on the telecommunications team at Bank of America Merrill Lynch (now BofA Securities), where she covered companies in the wireline, wireless, data center and tower industries. Julia is a CFA charter holder and received a bachelor's in economics from Harvard College and an MBA from the Harvard Business School. jsenior@mcpartners.com JULIA SENIOR27 WOMEN IN PRIVATE EQUITY + FINANCE I feel very strongly that if we can bring greater diversity into our boardrooms and into our investment committee discussions, it will help our portfolio companies and our firm. JULIA SENIOR Q: WHAT ATTRACTED YOU TO PE? JULIA SENIOR: There are many kinds of investing that I could have been interested in, but ultimately, I wanted to build a career around relationships and working with people. At M/C Partners, we typically invest in earlier-stage companies, where capital and partnership can make a big difference in the trajectory of a business. The opportunity to work closely with entrepreneurs and help them think through their highest-priority strategic decisions is a privilege, and to me, the most exciting part of being a PE investor. In addition, this job requires you to wear a lot of hats — adviser, connector, problem solver — and I wanted to be in a role that would push me across many different dimensions. As a PE investor, you must get granular into the details of things like financial statements and unit economics while also thinking big picture about industry trends and competition, being able to structure and execute transactions and building relationships with numerous stakeholders. This variety provides a consistent challenge and opportunity to learn. Q: WHY IS IT IMPORTANT FOR MORE WOMEN TO PURSUE CAREERS IN PE? JS: This is a very meta question. There is a lot of data showing that having diversity of all kinds — including gender — around a board table leads to better- informed decisions and ultimately more successful outcomes. There is also a lot of data showing how homogeneous individuals’ networks tend to be. Put simply, women know women. So, if you think there are great female entrepreneurs out there — which I do — having female investors should help you identify and connect with that talent. I find the data on these topics compelling, and it resonates with my own experiences. But my strongest reaction to this question isn't meta, it's micro. Having more women pursue careers in PE is good for those women who pursue careers in PE. This is a fun and challenging job that can be rewarding on many levels. Women are just as capable and qualified as men to succeed in PE, and I would love to see more women chase those opportunities. Q: WHAT IS A GOAL THAT YOU HAVE SET FOR YOURSELF IN THE COMING YEAR? JS: Continue to add more diversity into my own network, specifically people that can go on to become co-workers, executives or board members. Like most people, I am guilty of having a fairly homogeneous-looking professional network. Since investors often fill management roles and board seats with people we know, we end up working with a lot of people who look the same or come from the same background. I feel very strongly that if we can bring greater diversity into our boardrooms and into our investment committee discussions, it will help our portfolio companies and our firm. Q: WHAT IS A LESSON THAT YOU HAVE LEARNED CONCERNING WHAT'S REQUIRED FOR SUCCESS IN PE? JS: It is more important to be adaptable and creative than exactly right. We are constantly trying to forecast things: how an industry will evolve, how a company can accelerate growth, how a management team will come together. As much as we want to trust our own analysis and take comfort in our detailed PowerPoints, it is rare that anything goes exactly how we drew it up. When things inevitably don't go as expected, it's critical to keep an open mind, adapt and change course as necessary.UP-AND-COMING WOMEN TO KNOW IN PRIVATE EQUITY29 WOMEN IN PRIVATE EQUITY + FINANCE Nicole Byers is a vice president at Housatonic Partners, a PE firm investing in growing, recurring revenue services businesses. She joined the firm in 2019 and is responsible for originating, evaluating and managing investments within the healthcare sector. Byers previously worked at FFL Partners and Bain & Co. She holds two bachelor's degrees from Indiana University and an MBA from the Stanford Graduate School of Business. nbyers@housatonicpartners.com. NICOLE BYERSNext >