Trevor Noah to private equity minorities: Embrace outsider status

“People don’t realize that one of the greatest gifts you can have in life is being an outsider,” said South African comedian, author, and political commentator Trevor Noah to a packed ballroom in New York City last Thursday night, June 13.

“When you’re an outsider you acknowledge that the world you’re existing in is not your own,” said Noah. “You understand that you are trying to get to something that belongs to someone else. You are the other. And when you’re the other you become comfortable…”

Noah added: “When you’re an insider, few things are more terrifying than being threatened with being an outsider. You feel as though people are taking away something from you. You feel like you’re losing your grip on being part of.”


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Clearlake’s José E. Feliciano makes $500K gift to Toigo Foundation

José E. Feliciano, co-founder and managing partner of Clearlake Capital Group, announced a $500,000 gift to the Toigo Foundation, made jointly by his firm and by the Kwanza Jones & José E. Feliciano Supercharged Initiative.

Feliciano disclosed the gift last night during a short but rousing speech at the Toigo Foundation’s annual gala in New York City during which he challenged the industry to do more to fulfill the foundation’s mission of bringing more diversity to financial services.

“I’m a firm believer that financial success, financial prowess, investment judgment doesn’t have a color, doesn’t have a religion, doesn’t have a gender, doesn’t have a sexual preference,” Feliciano told a packed house in the ballroom of Cipriani Wall Street. “Investment judgment is color-blind and gender-neutral.” Attendees pledged at least another $394,000 during the event via text message.

The Riverside Company hires 40 people per year–mainly at junior level

The Riverside Company has been one of my favorite firms ever since I interviewed a co-founder for a profile in The Private Equity Analyst newsletter over a decade ago. That the firm invites me to its annual media breakfast has further endeared them to me. We reporters appreciate free food.

I recently caught up with the director of global talent management at The Riverside Company, Adam Miller. We talked about the firm’s hiring plans, training opportunities, and what kind of employees tend to fit in there.

Below are highlights:

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Renovo, Balmoral, Hidden Harbor raise special-situation funds

Storms rumbled across northern New Jersey this week. We received at least two flash flood warnings and a rare tornado warning in my ruby-slippered hamlet of Fanwood.

Private equity land, meanwhile, basks under sunny skies. But Solveigh Marcks, managing director and founder of The Denali Group, an executive search firm, said during a recent webinar that she sees some buyout firms boarding up the windows and tying down the furniture.

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Big private equity firms pay better than small ones

You won’t all be rich enough to purchase copies of the Magna Carta (a la Carlyle Group’s David Rubenstein)–or to have the lion-guarded main building of the New York Public Library in Manhattan named after you (Blackstone Group’s Stephen Schwarzman)–or, as Vista Equity Partners’s Robert Smithpromised this week, to eliminate the student debt of an entire graduating class.

But you can still ask your boss for a raise, a higher bonus, a bigger slice of the carry pie. And your odds of success will be greater if you can present evidence that you’re a hard-working yet underpaid flight risk.

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Want to be the next Henry Kravis? Try being Margot Wirth instead

I’d get it if you aspired to become the next Leon Black, David Bonderman or Henry Kravis. But why not become the next Margot Wirth instead?

Ms. Wirth, the director of private equity for the California State Teachers’ Retirement System, earned more than $450,000 in fiscal year 2017-2018, according to state records. She had the potential to earn more–over $570,000–had her full bonus paid out.

Sure you’ll work hard on the buy-side of the market. But you’re unlikely to have to endure a series of 80-hour work weeks–or to be on call 24-7 while some big deal comes to fruition–or to get an e-mail from HR insisting you take Sunday afternoons off to achieve work-life balance. Consider how Joy Moglia, CFA, investment officer at Weizmann Global Endowment Management Trust, described her job at last month’s Catapult event hosted by the Toigo Foundation.

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Blackstone, Carlyle, Vista Equity advertise open jobs on their Web sites

Alice in Alice in Wonderland wondered as follows: what good is a book without pictures or conversations in it? Similarly, I must wonder, what good is the career section of a private equity firm’s Web site without job listings in it? (I’m looking at you, Thoma Bravo, which did not respond to a list of questions by press time.)

So I put my research team to work, scouring the Internet to find the 22 private equity firms listed below whose Web site career sections include job listings. I’ll be checking these sections regularly, beloved readers, in order to flag top opportunities for you. But I don’t believe in keeping valuable lists to myself. If I missed any please email me at dtoll@privateequitycareer.com.

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Hubris averted: 7 principles to follow when serving on your first board

Forget cocaine, heroin, ecstasy or any of the other mind-bending molecules out there. Nothing compares to the euphoria of attending your first private-company board meeting and explaining to the spellbound CEO, say, why her new corporate logo looks like crap.

How you handle the rush of confidence that comes with sitting on your first portfolio-company board will impact not just the success of your investment. It will also determine how swiftly you ascend the partnership ranks.

And so I, your self-appointed career guide, went out and talked to veteran board members John Kenney, founder and partner, JMK Consumer (backer of “cult consumer brands”) and David Acharya, partner, AGI Partners (whose portfolio company Impact XM “powers brand experiences”)  and boiled their advice down to seven principles:

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