“It’s intense. But only when it needs to be…”
Natacha Jamar has been at Blackstone in the European Private Equity Group for 14 years and counting.
She humbly admits she’d never heard of EBITDA before entering the world of Private Equity – to illustrate that you don’t need to be a ready-made package. Now Managing Director and a role model in her own right, as part of our Inspiring Women series, here Natacha talks openly about adrenalin-fuelled deals, work-motherhood balance and how it’s not all about LBOs and P&Ls…
Natacha Jamar In her own words
Please give a snapshot of your role…
I’m part of our corporate Private Equity team in Europe, responsible for investing across the healthcare and building material industries. I split my time between sourcing, diligence, and execution. We believe strongly that having people, especially at the beginning of their careers, work across verticals makes them better investors. I’ve worked on luxury; Versace was one of my first deals. Then theme parks and building materials, and now healthcare. It really is an eclectic mix.
What’s the best part of your job?
Working with really smart people. I remember walking home my first day from work – as an intern in New York. I called my parents and said ‘This is so terrifying, so intimidating. Everybody here is so smart, and I’m never going to cut it’. I still feel it’s such a privilege to be surrounded by smart people. But now I embrace it and I enjoy it, rather than being intimidated by it.
What’s it like being a woman in Private Equity right now?
My personal view is – and this may be a little controversial – that we often spend too much time worrying about the disadvantages of being a woman in this industry. I’d much rather focus on turning that into an advantage. Firms these days are so keen to attract and to retain women – and that’s echoed by the ample networking, training, and mentoring opportunities available. Level 20 is a phenomenal example of this advantage.
I still feel it’s such a privilege to be surrounded by smart people. But now I embrace it and I enjoy it, rather than being intimidated by it.
Let’s talk about maths…how logical and analytical do you need to be to succeed?
I remember the first day of my first finance class and my professor announced, ‘My goal is not to teach you anything that will ever be directly useful in the job’. And so, I started out at Blackstone literally not knowing what EBITDA was. I’d never taken an accounting class in my life; I was still trying to figure out the basics of excel and what a P&L (profit and loss) looked like. You do need to be good with numbers, but building an LBO model, for example, is very learnable. I do think there’s too much emphasis on financial knowledge in the hiring phase.
In 2017, you were crowned a ‘Rising Star of Private Equity’ – then you said a lack of senior mentors is tough for younger women. Does that still ring true today?
There are some really great senior women in the industry, some whom I’ve had the privilege to know. But things are not going to change radically in five years. Ultimately, it will take longer. One thing I’ve learnt to appreciate is that there’s a great cohort of women in this industry who are about my age and level – and a lot are having children at the same time as I am. I use them as both a support network and role models; I hugely look up to them and value what they’ve accomplished
How valuable do you think male mentors are to women in your industry?
I’m a firm believer in this: role models or mentors don’t have to be women. Male mentors can be more valuable at times, in terms of giving an outsider’s objective. I’m so glad that Level 20 embraces this ethos. I had a male mentor through Level 20 when I was one of the earlier cohorts and he was brilliant. I could ask about a conversation I needed to have with my boss, and he’d see it from the perspective of my male boss – which was a critical view to consider. I’ve also been a mentor through Level 20, which I found very rewarding. It’s a privilege to be able to spend an hour over lunch or 15 minutes on the phone, with incredibly impressive, smart, talented, and interesting women. I get a lot from these interactions.
One thing I’ve learnt to appreciate is that there’s a great cohort of women in this industry who are about my age and level – and a lot are having children at the same time as I am. I use them as both a support network and role models; I hugely look up to them and value what they’ve accomplished
You’ve had children – how do you manage the juggling act?
Not easily – and I don’t know how I would without my amazing husband, who has an equally demanding job and yet always contributes more than his share at home.
On the positive side, maternity leaves are longer now, and men take paternity leave. More importantly, though, are people’s attitudes. The way a firm treats women when they have children is a great way to foster loyalty. My schedule is different to what it used to be – but I still get my work done, and I’ve had nothing but a huge amount of support from my team.
Let’s get honest about the pressures of your job…
It is intense. But only when it needs to be. You can work like crazy at times, but then when the markets are quiet, we try not to create unnecessary pressure.
Also the adrenalin is real (thankfully, because I don’t drink coffee). I remember when we worked on taking Merlin – the second largest visitor attraction business in the world after Disney – private in 2019. During the last week, I only managed two hours of sleep for seven nights straight. But I was so full of adrenaline that when we did put out the offer announcement, I couldn’t sleep for another 24 hours because of the excitement.
And finally, what advice would you give to women – or men – considering a career in Private Equity?
It is a great industry. You will have to work hard at times, but not always. One thing I love about our firm is if you are good at what you do and you put the time in, you will succeed. It’s easy in the first part of your career to be focused and think it’s all about the numbers and the analytics. But you also need to start thinking early on about how you will source deals – because the responsibility changes over time. So, start being strategic and proactive early on, and build up your network in the early years. This will really help you later in your PE career.
It is intense. But only when it needs to be. You can work like crazy at times, but then when the markets are quiet, we try not to create unnecessary pressure.
