Private Equity's Better Half

Private Equity League Tables | PAGE 40 Q4 // 2019 MAKER Quarterly WOMEN IN PE INTO MAN CAVEthe How women are invading the men’s world of private equity. The Mighty Middle Widening the PE FUNNEL Private equity is finding better opportunities in the middle market’s lower end 14 // The Deal The Deal // 15 BetterPrivate Equity’s Half Contrary to what you may have heard, we’ve come to understand here at The Deal that women are breaking through the glass ceiling in private equity. But the progress is slow and there are great strides yet to be made. As you’ve seen so far in this diversity- blazed the trail to the top of the food focused quarterly issue, the data chain. We wanted to do our part in paints a disheartening picture: women adding some visibility here. are an underrepresented asset in As such, we’ve put together a private equity firms, especially in group of women who are North partnership positions and senior America-focused, investment- investment roles. And while retail and oriented professionals in the private consumer-focused firms are doing equity industry. The names of these well to improve the gap, in industries individuals were submitted to The Deal where management teams continue as nominations by our readers, who to be male dominated, such as energy consist of the top financial and legal and manufacturing, so too do private M&A advisers, as well as private equity equity leadership teams. professionals, corporate dealmakers What we have been told time and and public relations firms. time again during our reporting on Our list is presented in alphabetical this issue, however, is that one of order and includes women – either the greatest barriers to entry in the in the early innings of a promising industry continues to be a lack of career or having emerged into battle- visibility. In other words, what may tested positions of power – who we help many young women feel there think you would benefit from having in is a place in private equity for them your Rolodex. with real promise for success is seeing individuals like them who have already 16 // The Deal Private Equity’sBetter Half The Deal // 17 Her C-suite positions and managing College and an M.B.A. from the director gig at Fortress all wrapped Stanford Graduate School of Business. up in the last few months of 2016 She lives in Boston with her husband as Cheng took the leap into firm and their two daughters. ownership by joining New York-based Cornell Capital. The consumer and services industries-focused private equity firm with $3 billion in assets under management had been formed three years earlier by former Goldman, Sachs & Co. merchant banking division vice chairman Henry Cornell, who brought Cheng on as one of his first partners. Shanshan Cao Justine Cheng In the three years since, Cheng has Helen Chiang Candice Corvetti Shanshan Cao is a managing director If breaking glass ceilings in private led the effort on several of the firm’s Helen Chiang, who joined American Candice Corvetti joined Berkshire with Centerbridge Partners LP, an equity is the objective, Cornell top consumer platform investments, Securities LLC in 2012, is a managing Partners LLC in 2014 as a vice investment fund that focuses on Capital LLC partner Justine Cheng including the December 2018 director at the New York-based private president and was promoted to private equity, distressed situations has seemingly laid out a road map acquisition of beauty and personal equity firm. She serves on the boards principal in 2018. and real estate. Cao has spent 12 years for success. care products formulator Knowlton of a number of portfolio companies, She’s a member of the Boston in private equity, joining Centerbridge From investment banking to corporate Development Corp. and the May 2017 including daycare operation Learning firm’s industrials team and helps in 2007. finance to operations, Cheng has pickup of kitchenware supplier Corelle Care Group Inc., nutrition products lead its investments in distribution Nishita Cummings With Centerbridge, Cao focuses on done well to make her roughly two Brands LLC. developer Milk Specialties Global and companies. Her current primary Nishita Cummings, a partner at mortgage-related services provider Kayne Anderson Capital Advisors the industrial and energy sectors. decades of interaction with private The seasoned dealmaker also was Berkshire portfolio company Mortgage Contracting Services LLC. LP, joined the firm in 2007 and now Prior to joining Centerbridge, Cao equity fairly diverse. During her 13- behind the wheel on Corelle’s pickup involvement is with Parts Town LLC, specializes in growth equity activities. was an investment banking analyst year career as a managing director in of cooking device maker Instant Prior to her tenure at American which manufactures and distributes Cummings focuses on finding and at Citigroup Global Markets in asset manager Fortress Investment Brands Inc. in May and drove three Securities, Chiang served as a vice original equipment manufacturer analyzing investment opportunities the Financial Entrepreneurs Group. Group LLC’s private equity arm, bolt-on deals for Knowlton in the U.S. president at Morgan Stanley Capital repair and maintenance parts for the and executing deals. She specializes She received a B.S. in 2005 from she orchestrated Fortress portfolio and Europe in 2019. She serves on the Partners after working from 2003 foodservice industry. in retail/apparel, medical technology, the Wharton School of University of company Newcastle Investment boards of Corelle and Knowlton. to 2005 as an associate at Weston Corvetti has also worked with Pennsylvania. Cao graduated summa Corp.’s acquisition and restructuring Presidio Capital and Dorset Capital and software companies. Cheng, who graduated with a masters Berkshire portfolio companies cum laude and was a member of American Golf Corp. and its spinoff Management LLC. She additionally She worked at Boston Avenue from Columbia University in 1998, Asurion LLC, a provider of wireless of business honors society Beta of REIT New Senior Investment Group has worked at Warburg Pincus LLC. Capital LLC before joining Kayne, a had her first foray with private equity subscriber services and consumer Gamma Sigma. Inc. (SNR), two moves that ultimately value-oriented activist hedge fund shortly after school at boutique While at Morgan Stanley Capital product protection programs, led to Newcastle ditching the REIT focused on micro-cap and small-cap investment bank Donaldson Lufkin & Partners, Chiang focused on and Advanced Drainage Systems model and rebranding to Drive Shack public companies. Jenrette Inc., which was acquired by consumer goods, retail and business Inc., a manufacturer of high- Inc. (DS). Credit Suisse Group for $13.5 billion services deals. performance corrugated pipe Her resume includes positions at Between 2014 and 2016, as Cheng was during her tenure. She went on to Chiang, who received her B.A. in and water management products LEK Consulting and the Wharton in her final two years of her 13-year spend a year at UBS Investment Bank economics and international studies for drainage. Small Business Development Fortress journey, she picked up some before accessing the investment side at Yale University and M.B.A. from the Prior to moving to Berkshire, she was Center. Cummings graduated from valuable public company C-suite of private equity at Fortress and, so far, Stanford University Graduate School an associate at Madison Dearborn the University of Pennsylvania and experience with overlapping stints as never looking back. of Business, started her career at Partners LLC and she started her obtained a B.S. in economics with the CFO of retirement homes-focused Morgan Stanley & Co. LLC’s Global career as an analyst at JPMorgan a concentration in finance from New Senior Investment Group and the Media & Telecommunications Group. Chase & Co. the Wharton School and a B.S. in COO and CFO of entertainment golf biomedical sciences from the School asset-focused Newcastle Investment. Corvetti earned a B.A. from Williams 24 // The Deal Private Equity’sBetter Half The Deal // 25 many different industries and get opportunities in markets such focuses on originating investments private equity. She joined Permira in a longtime member of the firm’s to know the individuals shaping the as healthcare, security and risk and conducting due diligence on 2014 and has worked on transactions investment committee. trends impacting them,” said Wendel mitigation. new opportunities. including the acquisition, announced Palmer currently leads “two very SA senior director Harper Mates, “Given where valuations stand today, She kicked off her career in PE at Bain in August, of Cambrex Corp. in a deal significant” investments for KPS: who joined the New York office of the we’ve been particularly focused on & Co., where she focused on a range valued at about $2.4 billion, including Howden Group Ltd. and DexKo Global Parisian firm in 2015. protected growth,” she said, referring of sectors, including consumer goods, net debt. Other deals O’Donnell worked Inc., according to a spokesperson for Mates, who focuses on business to businesses it believes can grow retail and healthcare. on involved companies including the firm. Atrium Innovations Inc., which a services and healthcare, has spent 11 during economic downturns. Mullin in 2019 became a director on Permira-led group sold to Nestlé SA Howden, a $1.8 billion carve-out of years in private equity, including five “In healthcare, this includes the board of digitally native fashion for $2.3 billion in 2017, and the air and gas handling products years with MidOcean Partners LP and businesses positioned to benefit from retailer Revolve Group Inc. (RVLV) Lyophilization Services of New England and services business of Colfax Corp. about two years with Citigroup Inc.’s the growing focus on cost containment and has served on the board of Inc., which Permira purchased in 2017 (CFX), ranks as one of the largest private equity group, with a break and care outcomes,” Mates said, Radio Systems Corp., which does in what The Deal reported was a $200 acquisitions in KPS’ history.

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