Early in 2019, MiddleGround Capital announced the close of its $140 million inaugural fund.  Like many new firms launched today, MiddleGround Capital formed as a spin-out when a group of partners “spun out” from Monomoy Capital.  The strategy is described as operationally focused investing in the middle market.  But this is not “just another middle-market buyout fund”.  The story is unique in several ways.  First, it’s based in Lexington, Kentucky, outside of the main private equity hubs. Second, it’s industry focus is on B2B industrial businesses, a not-so-common approach. And third, but   perhaps the most interesting part of their story, is that one of their three co-founders is Lauren Mulholland – a woman. 

Mulholland is a rarity – a female founder and owner of a private equity management company.  While there have been a flood of women starting early-stage investment firms, the middle market private equity industry has remained sparsely explored territory for women founders.  Today, less than 1% of the 2,300 U.S.-based private equity firms that invest in growth equity and middle market companies have a woman founder or co-founder, according to Pitchbook Data. 

However, there are signs that momentum is shifting.  We have witnessed a trickling of spin-outs and successful fundraises over the five years. 

We decided to take a closer look at this pack of women founders, narrowing it down to U.S-based firms actively investing in primarily U.S-based companies with strategies ranging from growth equity to buyouts.  Collectively, these women manage $5 billion in asset under management.

• 80% are headquartered outside of New York and San Francisco
• 80% have an industry-sector focus versus investing as a generalist
• The average number of women on the team totals 33%, more than double the industry average of 10-15% (Source: Preqin)

TOP 19 IN 2019: BUYOUT FIRMS WITH WOMEN FOUNDER

Are we witnessing the dawning of a new age in private equity?  It’s possible.  To learn more about these 19 firms and their female leaders, download our white paper below and follow The Podium.

 

VIEW THE TOP 19 IN ’19

You have been tapped as the moderator for a panel discussion. Yes, no problem, you say. Then the initial thrill passes, and you start doubting yourself. I’ve spoken on panels before, but I don’t know how to moderate.

Here’s what I think: You have everything it takes to be a great moderator.

Moderating a panel is a challenge, but it’s also an opportunity. You control the topic. You get to know the 3-4 industry colleagues on a personal level. You influence the tone of the event by your personality and energy.

Kudos to you for saying Yes! Now follow this game-plan and your panel will be a success.

#1 DO – CREATE AN OUTLINE

Good outlines are about one page. Start with the title, a brief description of the topic and 5-6 big questions or themes you plan to address. Pull a few statistics to frame the discussion. I like to include bios and headshots. As the moderator, you have spoken to everyone, but they may not know one another. Circulate the outline the evening before to help refresh everyone in advance.

#2 DO NOT – WRITE A SCRIPT

Scripted conversations are BORING.

#3 DO – GET TO KNOW YOUR PANELISTS IN ADVANCE

I recommend brief 20 minute calls with each panelist before the event. You need to uncover both expertise and personality so you can present them in a warm and friendly light during the discussion and play to their strengths.

#4 DO NOT – COORDINATE CALLS OVER AN EMAIL CHAIN

Avoid annoying your panelists by going back and forth over email trying to schedule a call for five busy people. Here’s how to do it: (1) Set up your availability using a digital tool (e.g. Calendly); (2) Email the link to panelists; and (3) with one click, each panelist books a call.

Here’s a pro tip from one of our favorite moderators:

Consider NOT having the obligatory pre-conference group call. A pre-call can script your panel. Without spontaneity, the panel can loses its energy and spark. Instead, send each panelist a short list of simple to answer questions — I like to have them strongly agree, agree, disagree, or strongly disagree with a statement. Make sure they can respond under 7 minutes.Helen Quick, Managing Director, Locust Partners

#5 DO – PLAY THE HOSTESS

Your smiling face and warm welcome will set the tone for the whole audience. Have you ever hosted a dinner party with people who don’t know each other? It’s sort of like that only, imagine there’s an audience of 100 people watching and evaluating the discussion.

#6 DO NOT – READ EVERYONE’S BIOS ALOUD

Again, that’s pretty dull. Instead, try kicking off with an open ended question that allows the panelists to introduce themselves in a story.

#7 DO – ENGAGE THE AUDIENCE

If the audience feels neglected, they will lose interest. Engage them right from the start with a “Raise of Hands” poll. Comment on their reactions, especially any humor.

#8 DO NOT – STEAL THE SPOTLIGHT

You should provide brief opening remarks and offer context before a question, but you do not want to compete with the panelists for air time. Ask the questions, and let them speak.

#9 DO – PLANT A QUESTION

The moderator calls for Q&A and…crickets. So uncomfortable! It deflates the panelists and can change the audience’s perception of the panel, even if they enjoyed the discussion. Always plant a question. It’s not cheating. It’s just an icebreaker. A lot of times, listeners don’t want to ask the first question, but they’ll raise their hand for the second and third.

#10 DO NOT – GO OVER TIME

Be an advocate for the audience. Even if the discussion was thrilling, people are ready to get up and move after 45 minutes. Always remember, you may be the only thing standing between your audience and a cocktail.

Lindsay Burton is the Founder and President of Kayo Conference Series LLC. Kayo brings like-minded women together to create strong business connections, achieve their professional goals and pave the way for women in the future.

One of my male friends and mentors who is a Division Leader at a Big Four accounting firm and manages thousands of people recently shared this insight. “Women rarely ask for help. I ask my colleague [Jane Smith] for help at least 2-3 times weekly, and she asks me for help 2-3 times a year.”

Why is it so hard? And is it really especially hard for women?

Reflecting on my own reservations, it’s a mix of:

• Stubbornness & pride (i.e. if I could do it myself eventually, why not do it myself)
• Fear of looking silly
• Fear of rejection
• Not wanting to be a bother

The first three reasons are dopey. The fourth reason is legitimate. My time and resources are precious, and so are yours. (Do not ask me a question you can find yourself on google!) I am very sensitive about commanding the time and resources of others.

However, what if there is something that could take me enormous resources (especially time) to accomplish independently? Asking for help seems like a reasonable thing to do if if a simple phone call or email to a friend or colleague could provide an immediate solution or answer without expending their resources.

So, I put this new tactic (asking for help) to the test.

I needed to fill a speaking spot for our Real Estate Summit coming up in April. The event is in a new city and the topic (Trends in DC Development) commands a very specific type of speaker (investible projects, local market expertise, etc). I thought about spending 2-3 days doing the research to find the top prospects for this speaking role. And then, as an experiment, I decided to ask for help. I selected three individuals already coming to the event, and who I knew had the right contacts in the market. In other words, my ask would not require them expend resources and each of them were well-aligned with the mission at hand – to bring together a great group of women at our conference.

The result: Success! Within a few days, I had a list of 12 great candidates in my inbox. 20 minutes of thoughtful emails saved 2-3 days of desk work and cold-calls.

These people did not seem to think I was silly. They did not respond “stop wasting my time”. In fact, all three responded promptly and graciously. They seemed glad they could be helpful.

In 2018, I am going to challenge myself to find opportunities (selectively!) to ask for help. I challenge you to do to the same.

“Both women we called were booked that weekend.” This my favorite line from my peers in the conference space on why there are no women on the agenda. All male conferences are everywhere, even today. An article today in USA today highlights examples of some of the events and many of excuses conference organizers use about why there are so few women speaking. I’m pretty tired of hearing these excuses from my industry peers. I’m a conference organizer across multiple industries, and I assure you, the women are out there.

What can women do to make it easier for conference organizers to find them?

Self-promote, say yes and band together.

1. Brand yourself on Social Media: Keep your profile up to date, especially on LinkedIn. Write descriptions of what your job involves, and your areas of expertise. Keep your bio updated. Write articles, or re-post articles that are relevant to your expertise. Add in a good headshot!
2. Put your hand up for speaking roles: Reach out and apply. Get yourself in front of the conference organizer and programming directors with your bio and suggestions of specific topics where you can add value on the agenda. Why not? You miss every shot you don’t take.
3. Join a Women’s Association in your industry: Conference organizers looking for women speakers often seek referrals from industry associations who keep directories of qualified women speakers and will be able to recommend members for roles that come up. For example, WAVE (Women’s Association of Venture & Equity) has such a directory for women in the venture capital and private equity space. CREW in real estate. WEN in energy.

What can men do?

Go to women’s events, recommend your colleagues, and call the organizers out.

1. Go to a women’s event: Many men have never experienced what it’s like to be a minority in a business setting. Go to an event that is predominately women, and see if it’s any different for you. (Most women’s events, including the Kayo Conference Series, welcome men.)
2. Recommend your colleagues: You have talented women on your team; be a cheerleader and pro-actively nominate them for speaking roles. Encourage your colleagues to put their hat in the ring for opportunities.
3. Call the organizers out: The next time you’re at an all-male event speaking on an all-male panel, talk to the organizer. Tell them that you value diversity and inclusion, and you think they can do better. Your voice matters a lot in this dialogue.

What can the organizers do?

Try harder.

Lindsay Burton is the Founder and President of Kayo Conference Series LLC. Kayo Conference Series unites women investors for networking and deal-flow across sectors including Real Estate, Energy, Infrastructure, Private Equity, Venture Capital and Credit for annual forums.