Good morning, Dealmakers. MK Flynn here in New York with the US edition of the Wire. Congratulations to the Women in PE: The class of 2025! Each year, the special report from PE Hub and Buyouts showcases10 individuals who stand out in the private equity industry. For the next few days in the US Wire, we’ll feature their profiles, in alphabetical order. Today, we’re shining the spotlight on Melissa Dickerson from Genstar Capital, Kerstin Dittmar from L2 Point and Raudline Etienne from Daraja Capital. Flexibility and inclusivity Had it not been for the corporate culture at Genstar Capital, Melissa Dickerson would not have stayed with the San Francisco buyout firm for over two decades, writes Michael Schoeck. Dickerson, Genstar’s chief financial officer and managing director of operations, credits the equitable work-life balance at Genstar for her longevity at the firm. Since joining in 2004, she has spearheaded Genstar’s annual CFO Summit, Annual Volunteer Day, and Women’s Affinity Group, which instills women’s leadership, executive training and professional coaching tools. “I’ve had all three of my kids during my time at Genstar and feel proud to have helped shape a culture that allows flexibility not just for parents, but for all members of the firm,” Dickerson says. “The culture at private equity firms has evolved, and it’s encouraging to see Genstar lead the way in promoting flexibility and inclusivity.” Upgrade to the premium version of the Wire to read more about Dickerson. As smart as possible The molecular breakthroughs Kerstin Dittmar once envisioned in university labs now seem worlds apart from the high-stakes boardrooms where she makes investment decisions, writes Irien Joseph. Today, Dittmar stands as the founder and CIO of L2 Point, a Latina- owned and led investment firm specializing in structured equity for late-stage growth companies. On the topic of diversity, Dittmar says: “Anybody who values creating the best teams for themselves and the best investment opportunities should not be retreating from DEI initiatives,” she adds. “A lot of the capital that we manage is on behalf of public pensions or foundations and endowments that serve a diverse population. I fundamentally believe that the people managing those dollars should reflect the populations that those dollars are ultimately meant to serve.” For more about Dittmar, including her career path, upgrade to the premium version of the Wire. Authentic affinity So many private funds GPs like to see themselves as coaches, rallying their staffs and portco management teams to be their very best, writes Rob Kotecki. But few have lived up to the ideal as much as Raudline Etienne, founder of Daraja Capital, who has combined her analytical skills, creativity and leadership chops to develop and launch underdogs for her entire career. Her advice to young women joining the asset class is the same she’d give to young men. She stresses the need for them to understand their own inclinations, strengths and weaknesses, and that they shouldn’t hesitate to pivot toward a better direction. Second, young professionals should get investment experience any way they can and build genuine technical expertise. Etienne’s last bit of advice may seem controversial. “This isn’t a meritocracy,” she says. “[Young professionals] should intentionally build their networks, because those relationships are crucial. This can’t be done superficially – it needs to be genuine. Pursue those with which you have an authentic affinity – don’t be strictly transactional.” Find out more by subscribing to the premium version of the Wire. Quiet continuity This year’s Women in PE report, “normally a celebratory list highlighting 10 women influencing the private equity industry, is tied up in the contemporary political fray,” as Karl Shmavonian writes. LPs are also sorting through the issues, as Kirk Falconer and Alfie Crooks write. “There’s still a bunch of unknowns as far as how everything is going to play out,” one source says. “There’s been some executive orders, some indicators that there’s going to be greater attention on the private sector… but there’s not a ton of clarity about what that means.” “The broader LP community remains engaged,” another source says, “with many viewing DEI as a key component of risk management, talent development and long-term value creation.” This includes investors operating in “politically sensitive environments,” whose strategies could shift “from vocal advocacy to quiet continuity.” Over the last several weeks, I’ve spoken with dozens of private equity industry thought leaders about the topic. Most tell me their firms are not backing away from the values of inclusivity, but they are seeking new language to describe their activities. I’d love to hear your thoughts at [email protected]. We’ll continue the conversation at PEI Group’s Women in Private Markets Summit North America 2025, May 13-14 here in New York.
I’m looking forward to conducting the Keynote Fireside Chat with Nicole Musicco, managing partner, Square Nine Capital, and former CalPERS executive.
I hope to see you there! In the meantime, tomorrow, Craig McGlashan will bring you the Europe Wire, and Michael Schoeck will bring you the US edition, featuring more of profiles of women in PE. Cheers, MK Read the full Wire commentary on PE Hub ... | 