Laura Dillon, Principal at Waterland, gave us half an hour of her time to explain the importance of relationships in Private Equity and how women often bring a different perspective to the table.
As a Principal at Waterland Private Equity in Dublin, Laura joined the team moments before the pandemic took hold – and has been on the lookout for intriguing investments ever since. Laura delves into diversity, the similarities between sailing and business – and the need for more women to consider Private Equity as a profession.
Laura Dillon In her own words
You’ve had a very varied career to date. What have the highlights been?
I’m sure my parents have often hoped I’d just get a steady, pensionable job! I started as a chemical engineer – with a short stint at Pfizer. But then I moved into strategy consulting at McKinsey where I enjoyed the intellectual challenge but missed having a tangible impact. And so, I moved to Mozambique as a volunteer, trying to help build businesses in emerging markets. I returned (to Edinburgh), working at Intelligent Finance (when internet banking was a new phenomenon). I then packed my bags for Boston – to do an MBA at Harvard. And finally, when I graduated, I followed my passion and joined the world of private equity in 2007 – at Apax Partners.
Founding my own business during a recession, going through the good and bad times, has given me huge empathy for all business owners, family run companies, management teams and entrepreneurs.
You somehow managed to squeeze in running your own business, too….
I took a bit of a risk, as I wanted to focus on growing my own company. In 2010, I moved back to Ireland and founded a small healthcare distribution business with my father (who was trying to retire). He was the chairman; I was the CEO. We hired a sales team, brought a warehouse and a forklift, and began running a business with exclusive rights to sell, promote, market, and distribute health care products in the Irish market. This taught me about the real world of business and how I was quite naïve about business up to this point, in my career. Founding my own business during a recession, going through the good and bad times, has given me huge empathy for all business owners, family run companies, management teams and entrepreneurs.
What stark lessons did you learn that help you today in Private Equity?
Suddenly it was my problem to make the payroll and manage the cash flow. My McKinsey or Apax colleagues would say to me: “Surely you can just get someone to do that?” But that someone was me. I was the CEO, but I also cleaned the bathrooms, if needed. It was hands on. And it’s shaped me to be a better investor now; I can relate to what business owners are going through.
Relationships are very important in Private Equity, and I believe women bring a slightly different perspective to the table, which can be very complementary.
What must improve to entice more women into the industry?
I think Level 20 is doing great things. The challenge for us as an industry is that some women are put off by having few role models, mentors, and senior women. It can still feel male dominated – and that can be a deterrent when applying for jobs. But it’s a great career path for women. Relationships are very important in Private Equity, and I believe women bring a slightly different perspective to the table, which can be very complementary. The lifestyle can be sporadic but that’s true of many different professions. Weekends are quite sacred. Of course, we can be in the middle of a transaction and everything else must be dropped. But people are very respectful of the need to have a personal life, too.
Talking of personal life, you once considered sailing at the Olympics for Ireland…
I was a very passionate sailor when I was a youngster; I still am. When I was in college, I did try and compete at the Olympics. There came a point when I thought I could continue down an Olympic sailing pathway, as well as working at McKinsey. One of them had to give. But I kept it up at a very strong level. Sailing is quite like business. I sail with a team of eight Dutch guys. I’m the only woman on board. We are all different ages, but with similar characteristics, yet diverse and complimentary skills. Certain things are out of our control. And we have to think ahead constantly – on an operational level. You go as fast as you can, while making tactical and strategic decisions all the way.
But our jobs are diverse: intellectually challenging, hands-on decision making, being able to influence, support, but also have a tangible impact.
You are a mentor in the sailing world now, as well as in Private Equity. Have you had any significant role models along the way?
My grandmother had a huge influence on me. In 1940, when my father was born, she lost her husband and was left with six young children. She moved to a village north of Dublin and set up a small shop. Then went on to set up a mail order business. Entrepreneurialism might be in my DNA. Professionally, I’ve been very lucky and had some fantastic mentors. They can be extremely helpful external sounding boards. Sometimes, when you’re deep in the weeds, you need someone to help you look at the bigger picture. I also joined the Level 20 mentorship programme as a mentee a few years ago and found that very valuable.
The perception of private equity is rarely the reality.
What advice would you give women considering Private Equity as a career?
I think the perception of private equity is rarely the reality. If you like partnering with business owners, you’re a people person, you can form good relations and trusted bonds – then it may be an exciting career for you. Clearly, you need to like analytics and understand all the financing. And yes, sometimes there’s pressure, sometimes there’s stress, you need to be confident, have conviction in your decisions and you need to be comfortable taking calculated risks. But our jobs are diverse: intellectually challenging, hands-on decision making, being able to influence, support, but also have a tangible impact. You do have to be comfortable with ambiguity – sometimes making decisions in the absence of full information. That’s why it’s very important to have diverse teams because everybody has different perspectives.
