CHANGING THE FACE OF 2019 ABOUT LEVEL 20 1 HIGHLIGHTS OF THE YEAR 2 A LETTER FROM THE CHAIR 4 A LETTER FROM THE CEO 6 MENTORING & DEVELOPMENT 8 ADVOCACY 10 NETWORKING & EVENTS 12 RESEARCH 14 OUTREACH 16 SPONSORS 18 GOVERNANCE & COMMITTEES 20

www.level20.org ABOUT LEVEL 20

Level 20 is a not-for-profit organisation founded in 2015 with the aim of improving gender diversity in the private equity industry.

OUR MISSION To inspire women to join and succeed in private equity, and to work with industry leaders to make the changes necessary for diversity and inclusion to flourish.

OUR GOAL Our goal is for women to hold at least 20% of senior positions in private equity.

Our mission and goal are underpinned by five key initiatives:

OUTREACH MENTORING & SEE PAGE 16 DEVELOPMENT SEE PAGE 8

ATTRACT, RETAIN AND PROMOTE RESEARCH ADVOCACY SEE PAGE 14 SEE PAGE 10

NETWORKING & EVENTS SEE PAGE 12

LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 1 HIGHLIGHTS OF THE YEAR

Achievements and milestones throughout the year.

Level 20 organisation Mentoring Expanded our continental European Launched the fifth iteration presence with committees now of our highly successful UK operating in 11 countries. mentoring programme.

Secured new sponsorship from Mentoring programmes launched 10 GP firms and continued support in Germany, the Netherlands and from the original sponsor group, France with other countries to follow. bringing the total number to 56 (listed on pages 18 and 19). Total of 119 mentoring pairs currently operating across Europe. Implemented new governance structure with Board changes, Advisory Council and new Senior Women’s committee. 119 total mentoring pairs

56 10 sponsors new sponsors in total secured

LAUNCHED BY OUR 12 FOUNDERS IN 2015, WE NOW HAVE OVER 2,500 MEMBERS Advocacy Launched toolkit of best practice guidance for GP sponsor firms.

Established a series of GP roundtables with managing partners 12 700 1,000 1,800 2,500 to discuss how to lead cultural change to create inclusive firms.

Established Level 20 guidelines for private equity firms.

E E E E E 20 20 20 20 20

2 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 Research Published research report with the BVCA: “Women in Limited Partners 2019”, which completed the data gathering of numbers of women in the UK-based private equity industry.

Networking & Events Organised a total of 42 events across a range of formats to foster networking and educational opportunities for our membership.

Includes 17 events outside the UK and 10 organised by the Future Leaders.

42 Outreach events organised Expanded our outreach throughout 2019 programme to reach women across Europe at various 17 points in their career planning. events held Launched the “Inspiring Women” outside the UK initiative to showcase successful female role models.

Established a directory of internship opportunities with our sponsor firms.

LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 3 A LETTER FROM THE CHAIR

As I approach the end of my The wisdom and insights of the first year as Chair, I am pleased Advisory Council members are to report exciting developments proving to be invaluable as we in the last 12 months at Level 20, Private equity is develop our plans for the future, both in the organisation itself adept at solving and I want to thank each of them and in the initiatives that underpin business issues far for their time and contribution. our mission. more complex than Over the last three years, ORGANISATION this one and I am Level 20 has evolved from a AND GOVERNANCE therefore confident small volunteer-led initiative From an organisational perspective that achieving better into a leading organisation we instituted new governance, supporting women in our from being founder-led to having gender balance industry across the 12 countries a more focused Board structure. is not beyond we operate in. The membership The Advisory Council, made up its capabilities. of Level 20 now exceeds 2,500, of six senior industry leaders from which underlines why gender both the UK and global firms, diversity is so important. has become an established part of this new governance structure. None of this would have been achievable without the executive team at Level 20 and, in particular, our CEO, Jeryl Andrew. What Jeryl has achieved in three short years, with relatively little resource, is impressive and speaks to her dedication and drive and for which I would like to thank her profusely on behalf of all members. She will be stepping down as CEO at the end of this year and we are in the final stages of recruiting her successor. We are delighted that Jeryl has agreed to stay on the Board so Level 20 will continue to benefit from her experience and energy as well as providing valuable continuity as we further expand Level 20’s activities.

Over the course of this year I am delighted to report that we have renewed the backing from the original GP sponsor group as well as adding 10 new sponsors, thereby putting Level 20 on a firm financial footing for the longer term. We now have 56 GP

4 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 Our Advisory “We created the Advisory Council as a think tank and Council sounding board for the Level 20 leadership and to be ambassadors for us across the industry. Its members are all keen supporters of Level 20’s mission and have been driving change in their own organisations for some time.” JENNY DUNSTAN, CO-FOUNDER

Cheryl Potter James Brocklebank Emma Watford Permira Advent International Bridgepoint

Wol Kolade Cathrin Petty Nic Humphries Livingbridge CVC Hg

sponsors in total who are listed on into at least 20% of senior roles this one and I am therefore pages 18 and 19. I want to thank is still some distance away in GP confident that achieving better all of our sponsors for their generous investment roles and we believe gender balance is not beyond its financial, strategic and practical that culture change is needed if capabilities. Level 20 is committed support over the last three years. more women are to choose a to supporting the industry as a career in the industry. If private whole through this change – from STRATEGY AND INITIATIVES equity is to maintain its long-term small to large firms, buyout and Our initiatives have continued outperformance as an asset class, , women and men, to develop, grow and expand. it needs to attract and retain the senior and junior. The original four pillars of best people and recognise that mentoring, networking, outreach diversity is an enabler of value In closing, I would like to thank and research are well established, creation. Gender balance has the Board, our Advisory Council, and we have also increased our become a business-critical issue. the executive team, the many pro focus on advocacy this year. bono service providers and most Primarily this has been reflected It may not be easy to effect of all our members for all your in a stepping-up of our efforts the kind of change required, dedication and support. I am very to encourage firms to develop but neither is it impossible. excited about the momentum we inclusive cultures and to provide In my more than 30 years in this have built and our ambitious plans a collective voice for women in industry I have seen it adapt to for the future. the industry. many challenges and market developments. Private equity George Anson It is clear from our research that is adept at solving business Chair our target of getting women issues far more complex than

LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 5 A LETTER FROM THE CEO

This has been a very important year for Level 20 with the scale and depth of our work increasing and our coverage expanding to cover much of Europe. We now represent a strong voice for promoting greater female representation across the main private equity markets in Europe.

Last year we had just one committee outside the UK, in Germany. A year later we have committees operating in the Netherlands, Poland, France, Spain, Ireland and across the four Nordic countries with Italy shortly to follow. All of these committees are run by enthusiastic volunteers organising activities that mirror those of the UK. I am convinced that sharing our collective experiences is of huge value younger members and to assist and we plan regular meetings the Level 20 executive team on to learn from each other. outreach and research work. They Increased diversity in are the future of the industry and Whilst this report details the work teams has been shown, we are delighted to support and that we have undertaken during in other industries, encourage them to build their the last year I would particularly to lead to improved careers in private equity. like to highlight a few achievements. performance and I This year we have formalised The mentoring programme hope that the changes a Senior Women’s group for continues to thrive and it is we are advocating will those members who are more encouraging to see that we will established in their careers to have 119 pairs in the current help to ensure that the provide appropriate events Level 20 mentoring programme private equity industry and guidance. To enable us to across Europe. We continue to be continues to deliver better understand the particular very grateful for the support we outstanding returns challenges facing these women get from those in the industry, in and to examine the background particular the many senior men to its investors. behind the attrition rates within and women who volunteer as this group, we are conducting mentors, to make this such a a piece of qualitative research remarkable programme. to be completed next year. I am very grateful to all those senior I continue to be impressed by women who have contributed the Future Leaders group, which to the “Inspiring Women” pages works with huge energy to deliver featured on our website. Their a programme of events for the stories make fascinating reading

6 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 Successfully growing “We have 11 committees operating outside the our international UK, all run by enthusiastic volunteers organising activities that mirror those of the UK.” network JERYL ANDREW, CEO

CURRENT COVERAGE

international11 committees 2019 international3 committees 2018

INTERNATIONAL 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.

and reveal the variety of ways in For Level 20 to succeed it needs and given much input into our which success has been achieved. to drive cultural change in the deliberations, and to all those We will be regularly adding industry. We continue to engage firms that have given so much new profiles. with the leaders of the industry, pro bono advice. the vast majority of whom are Level 20 could not carry out its men, to promote cultural change I believe that all of these efforts work without financial support within their firms so that they build will, before long, deliver measurable from its sponsors and this year the inclusive cultures in which change in the numbers of women we have widened our funding diversity can thrive. Over the across the industry, in particular base by creating a new category course of the next year we will in investment roles. Increased of “supporter” to include be producing a series of thought diversity in teams has been shown, organisations, other than private leadership papers on this theme in other industries, to lead to equity firms, who are keen to promoting the “modern” firm. improved performance and I hope support our work. The increased that the changes we are advocating funding that we now have allows As I hand over to my successor, will help to ensure that the private us to raise our ambitions and I am enormously grateful for all equity industry continues to deliver deliver more across all our work. the support and guidance that outstanding returns to its investors. I would like to thank both our I have had from the Level 20 sponsors and supporters for founder group, from all those Jeryl Andrew their backing. who volunteer and work on our CEO initiatives, from the members of the Advisory Council who have been so generous with their time

LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 7 MENTORING & DEVELOPMENT

Aims

> Enable women working in the I find the mentoring industry to benefit from the lessons learned and insights of those with programme so rewarding more experience. because at the same time as helping an individual develop > Provide the mentors, male and female, with the opportunity to and progress to the next level, gain a deeper understanding of I’m gaining invaluable insights the challenges faced by women into how to make the industry in the industry. a place where more women > Encourage cohorts of mentees want to build a career. to develop close support networks LEVEL 20 MENTOR of women at similar stages in their careers.

Mentoring has always been Throughout the year, as well as at the heart of Level 20’s ethos meetings with their mentors, the 287 with a pilot launched at the time mentees benefit from a range of women have been that Level 20 was established educational breakfasts covering or are currently in the in Autumn 2015. The pilot both “hard” and “soft” skills mentoring programme included mid-career high potential which also enable participants women and paired them with to establish a network within senior mentors, both female and their cohort. This can provide 125 male. The programme has since invaluable support to these women firms have provided mentors been extended to include more as they progress in their careers. junior women. At the end of the programme a mentoring reception provides the 62% While the programme has opportunity to further strengthen of the UK mentors are male continued to evolve, its these connections and enables fundamentals are unchanged mentees to meet other senior from the successful pilot. Each industry leaders. annual cohort is launched with training breakfasts for participants At the end of the programme with Level 20 providing guidance we solicit feedback from mentors materials to both mentors and and mentees to help improve the mentees. Each pair meets at least programme. Feedback continues five or six times during the course to be highly positive from both of the mentoring year, which runs mentees and mentors. It is from September to July. encouraging that our male mentors

8 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 GROWING NUMBERS OF MENTEES IN THE PROGRAMME

2

E E E E E 20 20 20 20 20

consistently comment that the The programme is now in its fifth programme enables them to gain iteration led, again, by Eleanor a better understanding of the Mountain of CBPE. Demand for issues facing female professionals. places is high with hundreds of This “reverse mentoring” has applications. In the UK we have become a significant secondary successfully matched 65 pairs with benefit of the programme. 23 in Germany, 17 in France and 14 in the Netherlands, bringing Early signs are encouraging that the total number of women the programme is helping the benefiting from mentoring this year industry to retain and promote to over 119. Further programmes female professionals. While we will be launching shortly in the do not yet have sufficient reliable Nordics and in Poland. data on churn across the industry, anecdotally we believe that the In total 287 women have been retention rate has been higher or are being mentored and 125 from our mentee group than from firms have provided mentors. the industry as a whole. A high proportion of our mentees have been promoted since participating in the scheme.

LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 9 ADVOCACY

Aims > Work collaboratively with industry The roundtable breakfasts have been leaders to promote the business a useful forum both for Level 20 to case for diversity and encourage highlight key ways to advance the critical action to increase the number topic of diversity within private equity, of female professionals. but also for member firms to share > Encourage and support firms their own experiences and ideas. It is to recruit and retain female encouraging that many firms are taking professionals and to create inclusive the issue seriously but there is much cultures to enable their success. more to do, and it has to start at the > Create a strong voice for women top. Senior leadership is vital in putting in private equity and increase the issue of diversity at the heart of awareness of the challenges the development of the industry. faced by female professionals. JAMES BROCKLEBANK, ADVENT INTERNATIONAL

Level 20 firmly believes that change We recognise that while will only be achieved by engaging understanding why diversity with industry leaders, male and and inclusion is important is female, and by supporting firms to one thing, knowing how to take implement actions to address the practical steps towards effecting gender imbalance. This has been the necessary change is another. a major area of focus in the last Our toolkit aims to help firms with 12 months with key achievements these practical steps and to provide being the setting of Level 20 a blueprint for diversity initiatives. guidelines for private equity firms, Topics currently covered are set out the launch of our best practice below, and we will be continuing toolkit for our sponsors and the to develop and add to this list: introduction of a series of sponsor roundtable discussions. – Attracting and recruiting The toolkit can be accessed on our website female talent. www.level20.org/sponsors/toolkit – Assessing performance: establishing a framework. – Assessing performance: running a process. – Developing diverse talent. – Support for parents and carers. – Work-life balance for all. – Legal considerations. – Unconscious bias.

10 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 Our sponsor roundtables, facilitated by experts in managing Level 20 Guidelines cultural change and conducted under “Chatham House rules”, provide a safe forum for managing We encourage private equity firms to: partners to share ideas and experiences of promoting greater > Demonstrate a commitment from the top of gender diversity. We believe that the organisation to the objective of having more introducing cultural change begins women in senior roles across all positions in from the top of organisations and the firm. this dialogue with industry leaders is therefore critical to the success > Recruit suitably qualified women at all levels and of our mission. Feedback from these in all roles across their firms. events has been overwhelmingly Establish goals and/or initiatives to increase positive and we will be hosting > more over the next 12 months. retention of women across all roles. > Implement policies that ensure the professional We have also held a number development and success of all employees and of Senior Women breakfasts, employ metrics to measure success. bringing together senior investment professionals > Establish processes that support the development to discuss both the positive of all employees with regard to promotion, experiences and the challenges compensation and career development. they face. These conversations are invaluable in informing our > Promote a culture that encourages and supports work and helping us to set the success of women. our strategic priorities as our research indicates that retention of senior women is a key issue.

Over the course of the next year we will be producing a series of thought leadership pieces on the theme of promoting the “modern” firm. These breakfasts bring together senior leaders from across the spectrum of private equity firms for informal open discussion. They enable us to share experiences and to learn from our peers. One of the key themes discussed was the importance of strong and clear leadership and true buy-in to drive change within our sector. NIC HUMPHRIES, HG

LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 11 NETWORKING & EVENTS

Aims > Facilitate the building of networks Attending and helping to for women in the industry with organise Level 20 events has other professionals, both female enabled me to build a broad and male. network which I often rely > Provide targeted educational on for advice and support. events for those at similar stages KELLY TYNE, ICG of their career or working in specific functional areas.

While we have always believed to share ideas and experiences, networking event at the Tate that change will not happen while the latter ensures that Britain Van Gogh exhibition. solely by women talking to members working in similar roles other women, we do believe and types of activity are able to We welcome men to many that networking is an important make contact. of our events as our aim is for component of career development, everyone working in the industry particularly in private equity which We held a total of 42 events to have opportunities to build is very much a relationship business. in the year, including 17 professional networks. It has Furthermore, our research shows international, 10 Future Leaders been encouraging this year to that many women in private and five Senior Women events. see increasing numbers of men equity, especially at some of the Our flagship networking event attending events. smaller firms, are either the only at the RAC in November was full female professional in their firm to capacity, as was our summer or one of a tiny minority, which can be isolating. Building a support network of women at a similar stage of their careers can therefore encourage retention.

We have continued to host a variety of events to support our objectives and to encourage the participation of our members. These vary from large member networking events through to smaller, more targeted events, often with an educational component, for a selected group of members. The former are an effective way to enable members

12 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 GROWTH IN EVENTS FUTURE LEADERS

Approximately two-thirds of Level 20’s members are younger women and it is this group that has 2 the potential to reach positions of 2 seniority over the next 10 to 15 years. It is therefore a group that Level 20 wishes to support to ensure they stay within the industry to build their careers. It is also E E E E a group that has tremendous 20 20 20 20 enthusiasm and energy to commit to Level 20’s activities.

The Future Leaders held monthly educational breakfasts with topics such as “The Path to Partnership” and “Being Heard” as well as more technical subjects such as “Deal Structuring” and “Understanding Credit Markets”. The Future Leaders also held their second annual reception attended by 80 young professionals.

LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 13 RESEARCH

Aims > Provide reliable data on gender diversity from which to track progress towards our goal of women holding 20% of senior roles. > Identify potential barriers to success of female professionals. > Provide insights to support and guide Level 20’s future work. These reports can be downloaded from our website www.level20.org

It is often said that “what gets In July we produced a summary capital firms there is a long way measured gets done” and there of these two reports together with to go before this translates into is perhaps nowhere more so than the findings from research on gender senior female representation in in our highly data focused industry. participation in venture capital investment teams, particularly Level 20 realised early on that firms conducted by Diversity VC, in smaller firms. reliable data would be critical to which together provide coverage identifying the scale of the gender of the broad private equity To aid our understanding of the imbalance in the private equity landscape. We now have visibility challenges of retaining senior industry and subsequently tracking on gender participation across our women, we are currently working progress towards our goal. entire industry and will use this as on a more qualitative piece of a baseline to measure progress research, in partnership with YSC Following on from last year’s going forward. Consulting, through a series of report on gender participation in in-depth interviews – both with GP firms in the UK, this year we As the figures opposite demonstrate, senior women still working in extended our research to LP firms, the industry is making some the industry and recent leavers. publishing the report “Women in progress in recruiting women into We are considering a number Limited Partners 2019” in June in junior investment roles. However, of other research initiatives and collaboration with the BVCA. in private equity and venture we are also exploring ways of extending our data reports across Europe.

FUTURE LEADERS

A team of Future Leaders played a key role in the data gathering exercise that formed the basis of the report “Women in Limited Partners 2019”.

14 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 OVERALL % OF WOMEN IN THE INDUSTRY

Private Equity GPs Venture Capital GPs Limited Partners

29% 27% 35%

% OF WOMEN IN INVESTMENT ROLES BY SENIORITY

2unior level 2unior level 2unior level

2Mid level 2Mid level Mid level

2 Senior level Senior level Senior level

% OF FIRMS WITH “MALE-ONLY” INVESTMENT TEAMS BY FIRM SIZE1

Small firms

Small firms Medium firms Small firms

Large firms Medium firms 0 2 Large firms Medium firms 2 Large firms 0

1 Firm size by FTE: – For PE GPs and LPs: Small firm <10 FTE; Medium firm 10-25 FTE; Large firm >26 FTE. – For VC GPs: Small firm <5 FTE; Medium firm 6-20 FTE; Large firm >20 FTE.

LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 15 OUTREACH

Aims It is a great privilege to work in an > Develop the talent pipeline by industry where you can be involved in increasing the numbers of women meaningful conversations with business applying to work in private equity. leaders that impact the strategy and > Educate young women at outcome for the companies that you various points in their career invest in and the people who work planning about the opportunities at those companies. in the industry. EMMA WATFORD, BRIDGEPOINT

Our outreach activities have SCHOOLS, UNIVERSITIES AND Level 20 has targeted business expanded over the course of BUSINESS SCHOOLS schools for some time with a the year, largely through the efforts Targeting girls in their last year number of events held at HEC of our European committees and of school, we held, for the Paris, Insead, London, Oxford Said the Future Leaders. While girls second year, a day with Advent and Cambridge Judge Business at school, university and even International. 35 students from Schools. This year the range business school are many years seven schools attended and heard of academic institutions has away from impacting our senior about different types of investment been broadened to include BI professionals target, it is vital that work. The day ended with the Norwegian Business School in the industry works to attract more girls working in groups selecting Oslo, IE Business School in Madrid, young women into the industry a company to present as an and Frankfurt Business School. in order to build the female investment opportunity to a mock talent pipeline. investment committee. We are also working with GAIN (Girls Our work is therefore focused are Investors), a charity set up on helping the industry to find to inform and inspire girls about more female recruits. A secondary careers in investment management. benefit of the outreach programme is providing women in the industry For university outreach we encourage with opportunities to develop all members to engage with their their presentation skills as well alma maters. Our European as reinforcing the attractions of committees have arranged events a career in private equity, thereby at the Stockholm, Oslo and Warsaw also aiding retention. Schools of Economics and at Mannheim and St Gallen universities and WHU School of Management.

16 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 INTERNSHIPS This year we compiled a database of internships offered by our sponsor firms which is available I am a huge advocate of private equity on our website. We participated in as an ownership model for creating PAI’s networking event (partnered better businesses. The job is stimulating, with Empowering Young Women rewarding on so many levels and varied – in Finance) with the objective of recruiting young women for no two days are alike. a six-month internship at PAI. CHERYL POTTER, PERMIRA We encourage more firms to offer internships and to notify Level 20 so that we can promote them on our website.

INSPIRING WOMEN FUTURE LEADERS We launched the Inspiring Women initiative this year to The Future Leaders provided a panel for an showcase successful female role event at London Business School attended by models, initially focusing on those the Women in Business Club, at which they in investment roles. Each inspiring discussed different careers in private equity woman discusses her career path and how to enter the industry. and provides insights into careers in private equity and advice for women interested in joining and building their careers in the industry. To date we have interviewed 16 women, including six founders of firms, and we plan to continue to add further profiles. We believe that role models are invaluable both in attracting women to apply for jobs in private equity and also encouraging the retention of junior and mid-level women already working in the industry.

LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 17 SPONSORS

We would like to thank the 56 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.

18 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 We welcome enquiries from other firms who might be interested in supporting us.

LEVEL 20 SUPPORTERS We are grateful to the following firms who > Ares Management have provided financial support in the new > Campbell Lutyens category of “supporter”: > DWS

LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 19 GOVERNANCE & COMMITTEES

BOARD INTERNATIONAL COMMITTEES George Anson, HarbourVest (Chair) DACH NORDIC Jennifer Dustan, 3i (Past Chair) Anja Bickelmaier, Triton Partners Jeryl Andrew (CEO) Dörte Höppner, Riverside Henrik Bonnerup, Polaris Private Equity Emma Osborne, ICG (Treasurer) Giovanna Maag, Altor Rikke Kjær Nielsen, EQT Cécile Belaman, Bain Capital Martina Pfeifer, Advent International Dana Haimoff, J.P. Morgan Michala Rudorfer, Permira Helen Steers, Pantheon Laura Schröder, Advent International Pia Kåll, CapMan Tuomas Kahri, Intera Partners EXECUTIVE TEAM FRANCE Jeryl Andrew, CEO Caroline Folleas, L Catterton Joyce Church, Interim COO to July 2019 Gaëlle D’Engremont, PAI Partners Ingrid Beyer, Hadean Ventures Eva Sarma, COO from September 2019 Martine Sessin Caracci, Omnes Capital Merete Haukås, Cubera Private Equity Victoria Sharples, Project Manager Alexandra Dupont, Raise Lucy Proszynska, Project Associate Ellen van den Broek, Aurorae Dorothy Wilkinson, Project Associate Sophie Château, LBO France Jenny Keisu, Summa Equity Alma Lawrie, Consultant to June 2019 Sonia Trocmé-Le Page, Nantucket Capital Maria Tallaksen, Altor Equity Partners Virginie Milliet, Peninsular Capital ADVISORY COUNCIL Julie Rullier, Russell Reynolds POLAND James Brocklebank, Advent International Caroline Hadrbolec, Eurazeo Barbara Nowakowska, PSIK Nic Humphries, Hg Magdalena Magnuszewska, Innovacap Wol Kolade, Livingbridge IRELAND Małgorzata Bobrowska Jarząbek, Cathrin Petty, CVC Elaine Coughlan, Atlantic Bridge Resource Partners Cheryl Potter, Permira Sarah-Jane Larkin, IVCA Monika Nachyła, Abris Capital Emma Watford, Bridgepoint Jennifer McMahon, Seroba Lifesciences Georgina Murphy, ISIF SPAIN Kathleen Bacon, HarbourVest Ena Prosser, Fountain Healthcare Partners Maite Ballester, Nexxus Iberia Alexandra Hess, Cinven Danielle Smith, Allied Irish Bank Teresa Breton, Axis Eleanor Mountain, CBPE Cristina Badenes, Meridia Capital Christina Pamberg, Alcyon Holding ITALY Celia Pérez-Beato, Nazca Silvia Oteri, Permira Maite Lacasa, MdF Family Partners MENTORING COMMITTEE Valentina Poppolo, Alpha Associati Yolanda Falcon, Uninvest Eleanor Mountain, CBPE (Chair) Sonia Fernandez, Kibo Ventures Kathleen Bacon, HarbourVest NETHERLANDS Carmen Alonso, Tikehau Capital Ellen Garvey-Das, Egon Zehnder Cilian Jansen Verplanke, Karmijn Kapitaal Ines Andrade, Altamar Capital Georgia Rankin, Russell Reynolds Brigitte van der Maarel, NIBC Natividad Sierra, Corpfin Capital Ilona Brom, Wilshire Silvia Martin, ASCRI Lesley van Zutphen, Bencis Ellen de Kreij, Apax Eric Jan Vink, PGGM

20 LEVEL 20 CHANGING THE FACE OF PRIVATE EQUITY 2019 SENIOR WOMEN’S COMMITTEE FOUNDERS Nicola Boyd, Apiary Capital Kathleen Bacon, HarbourVest Giselle Bright, Bregal Private Equity Cécile Belaman, Bain Capital Louise Corner, Phoenix Equity Partners Jennifer Dustan, 3i Gemma Farrell, CVC Dana Haimoff, J.P. Morgan Alma Lawrie Lori Hall-Kimm, CPPIB Eleanor Mountain, CBPE Alexandra Hess, Cinven Imogen Richards, Pantheon Kathryn Mayne, Horsley Bridge Camilla Richards, Atomico Emma Osborne, ICG Christina Pamberg, Alcyon Holding Hanneke Smits, Newton Asset Management FUTURE LEADERS COMMITTEES FOUNDER REPRESENTATIVES Helen Steers, Pantheon Dana Haimoff, J.P. Morgan Sasha van de Water, Keyhaven Capital Kathryn Mayne, Horsley Bridge

EVENTS Emily Bullman, Synova Capital Sophie Davies, Graphite Capital Nicola Gray, Epiris WITH THANKS Ashley Knight, Mercer1 Susie Stanford, Livingbridge1 We are very grateful to the following Tiffany Sword, Osmond Capital firms who have provided us with generous Kelly Tyne, ICG pro bono support: Sara Verdi, Blackstone1 > Macfarlanes > Greenbrook OUTREACH > Egon Zehnder Pamela Brent, Epiris Russell Reynolds Sarah Burrows, Pantheon > Charlotte Salasky, Asante Capital > EY Charlotte Woltz, Stirling Square Capital > PER Evelyn Zhang, Partners Group > YSC Consulting

RESEARCH And to the many firms and individuals that Catherine Badour, Hollyport Capital have supplied venues and speakers for Sarah Brereton, Keyhaven Capital Level 20 events. Inês Sanches, IMAX LDA Ria Shah, Pantheon Vjerana Spajic, Alpinvest Caroline Woodworth, General Atlantic

DIGITAL Camilla Campion-Awwad, Anastasia Ezhova, TDR Capital Ashley Knight, Mercer1

1 Stepped down during the year. Designed & produced by three thirty studio LEVEL 20 Tintagel House 92 Albert Embankment London, SE1 7TY

020 3948 1982

Level 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