Jill Williams joined BGF’s portfolio team from Mercia Asset Management, where she was Deputy Fund Principal, Private Equity Funds & Head of ESG. In this interview, while still at Mercia, she sat down to talk about her journey into private equity and why in this industry tenacity isn’t a skill, but rather a mindset…
With an MA in French and Philospohy, Jill took a less conventional route into the industry. Here she talks through the day-to-day realities of her role as Deputy Fund Principal at Mercia Asset Management — a firm that deploys funds into the north and Midlands’ regions of the UK — and the importance of role models and mentors in shaping your career.
What is it about Private Equity that keeps you hooked?
Private Equity offers a fascinating career. It involves a range of skills and there are many ways of engaging with it. You can walk down any street in the UK and see the impact of the industry. In the businesses on the High Street, the ones providing services to you and the companies you’re buying from. It’s right across the UK. It’s all different sectors, all different sizes.
You can walk down any street in the UK and see the impact of the industry. In the businesses on the High Street, the ones providing services to you and the companies you’re buying from.
What skills are needed for a career in the industry?
Every day is varied. And there are certain skills you do need – engaging with and understanding people, above all. Of course, you need financial and commercial acumen. It’s also about solving problems, being persuasive as well as thoughtful and creative around your thought processes. All these skills are used every day – to crack problems and discover solutions.
Interestingly, you have an MA in French and Philosophy – that’s perhaps a less conventional route into a career in PE…
I’m probably quite unusual in that I have an Arts degree, while others may have come from a business or science background. But the most important thing I learnt while I was doing my degree, particularly on the philosophy side, was to question everything. That’s still a skill I use every single day; to question the foundations of assumptions and arguments and come at everything from a slightly sceptical or cynical perspective. I am lucky to be numerate, as well as having an interest in literature. After university, I reinvigorated my interest in numbers, by going down the chartered accountancy route.
How do you manage the highs and lows of this job?
There are a lot of ups and downs; it’s not necessarily one steady route up – especially as you’re working over quite long time frames when it comes to completing transactions or creating value. You need resilience and tenacity. Some days you don’t feel like being tenacious! You want it to be plain sailing. So, accepting it’s a roller coaster helps – working through the downs, as well as riding the ups.
Have you ever found being a woman a disadvantage?
If I’d been asked the question about ten or 15 years ago, I would probably have given a different answer. Being a woman in your late 20s going into a boardroom full of men who are in their 50s and being expected (as part of your role) to challenge and question these people – who have thirty years plus experience – is not straightforward for anyone. Now I think it’s quite unusual to be the only woman in the room. It’d be hard for a business that’s growing in a sustainable, appropriate way not to have a diverse Board. Of course, it’s not just about women – it’s about all kinds of diversity. Initiatives such as Level 20 are really positive because they create visibility. You can see women who have carved out successful careers. And it gives you the inspiration to do the same.
Initiatives such as Level 20 are really positive because they create visibility. You can see women who have carved out successful careers. And it gives you the inspiration to do the same.
Have you had influential role models in your career?
I have had some really good experiences with mentors, particularly thanks to Level 20. And I’ve been lucky enough to work with several bosses who’ve been inspiring and encouraged me to say what I think. I worked with someone early on in my career who asked me to consider a paper. I wrote out the strengths and weaknesses, the opportunities and threats, the positives, and negatives and so on. I then presented all my evidence. His only question was, “But what do you think about it?” It was a light bulb moment for me. My opinion mattered and could make the difference between a deal going ahead or not. Being challenged at the right time is important.
What value do you think mentors provide?
I’ve met people who have been through similar experiences, but often on different avenues – offering fresh perspectives. A good mentor should be supportive, of course, but as I just said, also not afraid to challenge assumptions and what people are capable of. I’ve had some great experiences of the Level 20 mentor network – it’s been relevant, insightful and I’ve got a lot out of it over the years.
