Isabelle Pagnotta, Partner at Inflexion, gave us 20 minutes of her time to explain what her role as Head of Business Services means and the importance of taking risks, to grow and progress
We also caught up with Isabelle separately to talk through her career to date and why, to her, the beauty of private equity lies in its variety
In her role, Isabelle never knows what each day might hold — and that’s exactly why she loves it. When she began in the industry 18 years ago, she was one of just a handful of women. As you’ll go on to read, Isabelle now encourages those just starting out to be courageous, comfortable with taking risks – and above all, to back themselves.
You started your career in investment banking. Why the pivot to Private Equity?
I quickly realised that I prefer being the principal as opposed to advising clients. In Private Equity you make your own decisions, invest your own money (or LPs) into companies, and then help them grow. This is my passion. I’m now a Partner at Inflexion. We look to invest in companies headquartered in the UK and continental Europe – originating deals in the Business Services sector.
What still motivates you, nearly twenty years into your career?
The variety: from discovering new sectors, companies, and management teams, to executing a deal, due diligence and then being on the Board and working with management teams. Whether it’s through organic growth or acquisitions, there’s never one same day in Private Equity. And you keep on learning. Earlier in your career you discover all about modelling and financial and commercial diligence. Then you realise that Private Equity is about people and your ability to create relationships, influence management teams and be a leader.
What have been the biggest hurdles along the way?
I have found a couple of things challenging. Firstly, combining my personal and professional life, especially after starting a family. You quickly learn how to be imperfect because I don’t think a balance exists. You need to be flexible; you can’t control everything. And you need support around you. Not to mention the ability to escape. For me, that’s spinning – it helps release built-up pressure. The second challenge used to be influencing a Board, a management team on strategic priorities, is quite hard when you’re at an intermediate level in your career.
What would you tell a woman considering a career in Private Equity?
Working in Private Equity is fascinating, and women have many attributes to succeed in this industry. A lot is about people and emotional intelligence (the EQ) – being able to read between the lines and create relationships. Women are inherently good at this; we don’t tend to have big egos. And then I would say – trust yourself, back yourself, don’t refuse to take an opportunity because you’re worried about what the future holds, and how you’ll balance having a family. If you put a good system in place around you, you will manage. There are a lot of positives and happiness in this line of work.
Always trust yourself, back yourself — don’t refuse to take an opportunity because you’re worried about what the future holds
How much has changed since you started out?
When I started 18 years ago, I was one of just a few women. You can see now that more young female professionals choose Private Equity as a career path which is a positive and much needed development. A key challenge is also retaining women. Systems in place regarding maternity and returning to work are critical here and its great to see so many private equity firms embracing this.
Who’s been your biggest role model?
My grandma will always be my biggest role model – having lived through three wars, and moving country three times. I really like listening to Christine Lagarde. She’s such a strong leader with great advice for women.
I’ve also had a few mentors along the way which has been useful. I’ve had a Level 20 mentor before who was very useful. And I love being a mentor myself – so I can give back to the community.
How did your Level 20 mentor help?
It was very useful to talk to a man from a different organisation, with an independent perspective. It doesn’t really matter whether you have a man or woman mentor. I think the most important thing is to feel comfortable with that person so you can tell them everything. And if that’s the case, then gender doesn’t matter.
What would you tell your younger self?
I would say ‘back yourself and don’t be afraid to take risks!’. That way you experience new things. By stretching yourself, you’re going to learn more and progress quicker. And just be authentic. It’s very tempting sometimes to try to be someone else, especially when you’re in the earlier stages of your career. But you need to be yourself to be effective in this job. There’s no room for clones in this industry. Management teams love authentic people. They want to deal with a real person who has their own opinion.
