On The Line

For those who don’t believe a humanities degree can lead to a graduate scheme at EY, think again. Imogen Sanders completed her classics degree and did just that – and it turns out the skills aren't as different as you'd think. In this episode, Alice sits down with Zetland Capital's VP Finance and Senior Fund Controller to talk honestly about the journey: the decisions that shaped her career, the mistakes she doesn't regret making, and why she loves the variety and comradery or working in a smaller firm. Imogen is a founding member of our next gen The Line Up, and this conversation has that spirit running through it. It's all about what it actually feels like to be mid-journey: navigating your role, your network, your identity at work, and an industry that's changing faster than anyone predicted.  Key discussion points:From classics to accounting: why Imogen chose a degree she loved over one that made obvious career sense, and how EY actively welcomed it Starting out at a Big Four firm: the underrated value of a peer group when you're new to the working world and sitting professional exams Cutting her teeth at Coller Capital: what a large, best-in-class institution gives you, and when it's time to want more Joining Zetland Capital: why she chose a smaller, faster-moving firm and what that's meant for the breadth of her experience The evolving finance function: how the role has shifted from predominantly backward-looking reporting to something far more strategic and forward-facing LP demands in an uncertain market: why investor requests are at an all-time high, and what that means for the finance team's role AI in practice: how Zetland uses Claude, what it's genuinely saved in time and effort, and why the implementation behind it matters as much as the tool itself On the word "culture": Imogen's original opinion, and why she thinks culture is something you create rather than inherit Smaller vs. larger firms: the honest trade-offs, and why the right answer depends entirely on your personality Networks and peer groups: why the people you qualify alongside matter more than you'd expect, years down the line Never stop learning: how Imogen thinks about career progression in an industry that's changing faster than ever 

In this episode of On The Line, Alice Murray speaks with Meera Savjani, Fund CFO at Arrow Global, about what it really means to lead a modern finance function. Yes, they discuss governance, controls, technology and scaling a multi-strategy platform. But for Meera, clean audits and timely reporting are simply table stakes. What differentiates a finance function today is not just technical excellence, but the ability to build capability, create trust and develop commercial thinkers inside the team. From managing a 28-person function to institutionalising a fast-growing platform, Meera shares how she balances rigour with humanity, governance with growth, and strategy with authenticity. In this episode, they discuss: What the Fund CFO role looks like inside a growing, vertically integrated asset manager Why “clean audit delivered timely” is simply the starting point How finance becomes a true operating partner to the business Scaling processes without defaulting to headcount Making technology decisions with a five-year lens The transition from individual contributor to people leader How executive coaching reshaped Meera’s approach to management The importance of clarity, accountability and thoughtful delegation Why honest, grown-up conversations matter more than ever in a hybrid world “The grass is never greener, it’s just a different shade of green” and what that means for career development Why patience and commercial acumen matter more than rushing titles 

In this episode, Alice is joined by Tom Seymour Mead, CFO at SIGNAL, for a practical conversation on what it takes to run a high-performing finance function in private markets. Tom shares how his experience across institutional and leaner environments has shaped his view of “what good looks like”, why communication is the foundation of trust and influence, and how calmness under pressure becomes a real professional advantage.They dig into decision-making with imperfect data, what actually creates pressure in a CFO role (and what does not), and how to build teams and operating models that scale as a firm grows.Episode highlightsWhy “institutional grade” controls matter, and how to pursue that standard without losing speed and pragmatism.What makes a strong CFO beyond technical excellence: being a trusted adviser with a rounded commercial view.How decision-making changes with experience and why faster does not mean careless.The reality of imperfect data: how to make calls at 75% today vs 90% tomorrow, and why transparency matters.Where pressure really sits for CFOs: live, P&L-impacting decisions (cash, FX, transactions), not backwards-looking accounting.A simple routine for staying grounded during intense periods: carving out 15 minutes to triage what is non-negotiable, what can be delegated, and what can wait.Building trust and influence through over-communication, showing your workings, and bringing people into the “why”.How to develop a finance team in both growth phases (scalability, efficiencies) and slower phases (broader exposure, role rotation).Tom’s longest leadership lesson: remaining calm under pressure, and focusing on solutions first, debriefing the “why” later.Advice for next-gen leaders: step away from the detail to create capacity for higher-level work, and invest early in a strong network.

In this episode, Alice is joined by Jeremy Hocter (Holland Mountain) to explore the seven operational themes he expects to shape 2026 for private capital firms. Building on Holland Mountain’s work across a record year of operational strategy projects, Jeremy shares what he is seeing across the market, why operational leaders are feeling the pressure to do more without adding headcount, and where firms should focus to scale efficiently.The conversation focuses in on the investor experience, faster data cycles, fund administrator benchmarking, the difference between a data warehouse and a true data platform, business ownership of data, the surge in AI point solutions and governance, and the widening divergence in the fund administration market. Jeremy closes with a clear view on what is most urgent for 2026 and why data platforms now sit at the centre of operational competitiveness.Key takeawaysOperational leaders are under pressure to scale without additional headcount, which puts efficiency, process design, and data-enabled workflows at the centre of 2026 priorities.Investor experience technology has matured, moving from early adoption to a baseline expectation that will increasingly influence fundraising competitiveness.The shift towards more frequent valuations and reporting is being driven by product innovation (evergreen, interval and listed structures), LP expectations, and broader market dynamics like the growth of secondaries.Many firms are discovering that legacy fund admin agreements and operating models are misaligned with new demands, making benchmarking and re-scoping relationships more important than ever.A data warehouse is infrastructure, not a full data platform. Business value depends on mastering, validation, reconciliation, usability, reporting layers and user adoption.Data strategy is becoming a business agenda item, not an IT project, with a growing focus on ownership, self-service and behaviour change.AI adoption is accelerating through vertical point solutions. The opportunity is significant, but governance and internal knowledge sharing need to catch up to avoid duplication and wasted spend.Fund administration is diverging: some providers are investing in modern tech and automation, while others are constrained by legacy processes and systems.

Private markets is built on performance, but the industry often treats performance as purely output-based: deals closed, returns delivered, targets hit. In this episode, Alice sits down with Emily Cook, founder of FOUND and a certified performance coach, to explore what sits underneath those outcomes: brain health, cognitive performance, and the emerging concept of “brain capital”. Emily shares why measuring brain skills and brain health can help individuals, teams and firms make smarter decisions, reduce burnout risk, and build sustainable high performance in a “do more with less” market.Key topics coveredEmily’s journey from finance to performance coaching, and why she became focused on sustainable high performanceWhat “brain capital” means and why it matters in private marketsThe two sides of brain capital: brain skills (cognitive capabilities) and brain health (lifestyle pillars)Why cognitive ability is assessed at hiring, then rarely discussed againMaking the invisible visible: clinically validated cognitive testing for performance optimisationWhy personalisation matters, especially for time-poor professionalsWhat changes when firms take a team-wide approach: shared language, reduced taboo, better conversationsThe common pressure points in PE and private credit: sleep, stress, and attentionHow constant interruption and hyper-connectivity erode deep thinking and judgementWhat happens in the brain under overload: prefrontal cortex impairment and an overactive amygdalaWhy brain capital is also a risk management issue for firms and portfolio companiesPractical starting points: awareness, identifying bottlenecks, and protecting focused timePractical takeaways for listenersFor individualsTreat your brain like a performance asset, not an afterthought.Identify your own bottlenecks (sleep, stress, attention, overwhelm) and focus on the highest-leverage changes rather than trying to “do everything”.Create a weekly distraction-free block (Emily suggests 60 to 90 minutes) to support deep thinking and higher-value work.For leaders and teamsBuild shared vocabulary around brain health and performance, so people can speak openly without fear of judgement.Look for systemic performance blockers such as meeting culture, constant interruptions, and unsustainable workload expectations.Create team-wide protected focus time to improve attention, deep work and decision quality.For firmsConsider brain capital as both an optimisation lever and a risk management lens, especially in “do more with less” operating conditions.Extend the thinking beyond the fund to portfolio companies: stretched management teams may struggle to execute value creation plans even when strategy is sound.About the guestEmily Cook is the founder of FOUND, a performance coaching business working with private equity, private credit and broader financial professional services. Her work focuses on helping individuals and organisations understand, measure and improve brain health and brain performance as a foundation for sustainable high performance.

In this episode of On The Line, Alice speaks to Natalia Ramsden, founder of SOFOS Associates, business psychologist and cognitive performance expert. Natalia’s work sits at the intersection of neuroscience, leadership and organisational performance. She and her team help senior leaders and investment teams understand how their brains function under pressure, how they make decisions, and how they can build greater focus, resilience and clarity.Using tools such as brain mapping, biomarker analysis and psychological assessment, SOFOS creates development programmes that are grounded in data and tailored to each individual. A growing number of private equity firms are bringing Natalia in to give their leaders a genuine cognitive edge and to support healthier, more sustainable high performance.In this episode, we cover:From leadership consulting to brain optimisationHow Natalia moved from classic leadership assessment into building SOFOS, and why she wanted to bring medical, health and neuroscience disciplines into executive development.What a “brain lab” looks like in practiceHow SOFOS runs its programmes, including brain mapping (EEG), blood work, hormone and neurotransmitter analysis, sleep and heart rate data, and how all of this is pulled together into a personalised development plan.From supplements to brainwave trainingThe mix of interventions used, from diet, supplements and nootropics through to brainwave training, hyperbaric oxygen and light therapies, and how these are integrated into a very time-poor executive’s life.Why private equity leaders are a natural fitThe competitive, high-intelligence profile of PE professionals, why they are willing to share data in exchange for an edge, and how privacy is managed so individuals own their personal data while firms get high level themes.Cognitive efficiency as a competitive advantageThe difference between rereading a board pack three times versus assimilating it quickly, and how improvements in learning speed, decision-making and mental stamina translate into real commercial advantage.What the data is telling us about today’s executivesCommon patterns that show up in brain maps: poor sleep, overactive frontal lobes, being constantly “wired”, flattened stress variability and shrinking attention spans in a world of notifications, shorts and scrolls.The role of rest, recovery and timeHow chronic cortisol, lack of proper recovery and our relationship with time are reshaping executive brains, and why rest and deliberate downtime now sit at the centre of sustainable performance.How the programmes actually runWhat an engagement looks like day to day: intensive upfront data collection, one-to-one brainwave training and coaching, and lifestyle tweaks around diet, exercise and daily routines that protect sleep and focus.Beyond performance: impact on life outside workThe wider benefits clients report, from having energy left at the end of the week for family life, through to feeling mentally sharper, more emotionally regulated and more present.The future: brain gyms in PE firmsNatalia’s view on where this is heading: HR and L&D functions designing learning curricula around cognitive function, and offices where the physical gym sits next to a brain training set-up.Why this matters for private capital firms and LPsHow optimising the brains behind investment decisions can give firms a new edge, and how it can support their role as fiduciaries by safeguarding and enhancing decision quality over the long term.

In the second instalment with executive coach and former COO Cressida Hamilton, we explore one of the toughest challenges facing finance and operations leaders in private markets: managing time, energy and competing demands in roles that never stop.Drawing on 26 years in financial services, Cressida offers practical, real life advice for CFOs, COOs and senior ops professionals who want to take back some control of their day. This is a conversation about the real work: dealing with crises, making meetings matter, managing stakeholder demands and designing routines that reduce overload.If you or your team are regularly stretched, reactive or working into evenings and weekends, this episode will feel highly recognisable and genuinely useful.In this episode:Why ops leaders lose so much time Cressida identifies the two biggest time drains in finance and operations roles: constant crisis management and meeting overload. She explains why both are so difficult to avoid in private markets, and what you can realistically do to reduce their impact.Handling crises without burning hours How to stay calm when everything around you is reactive; the importance of asking the right questions before jumping in; why getting the right people on a call matters; and how to update stakeholders without creating more work for yourself.Making meetings purposeful Cressida’s simple three question test for any meeting: what do you want, does the other person know that, and what do they want? She sets out how this approach cuts down time wasted and improves alignment across the firm.Prioritisation in a world where everything is a priority Why CFOs and COOs struggle to control their own priorities, how to deal with conflicting demands from different stakeholders, and how to bring people together to agree the order of work instead of absorbing all the pressure yourself.Energy management for senior leaders How your chronotype shapes your productivity; why matching tasks to your energy is more effective than classic time management; and how small adjustments can lead to significantly better output and less exhaustion.Time blocking, planning and the Friday reset Cressida’s preferred approach to structuring a week, why planning becomes more important the busier you are, and the Friday routine that helps reduce overwhelm and avoid the Sunday night dread.Strategic time management without the jargon A practical explanation of what it actually means, plus how to run a simple time audit using the urgent/important matrix to understand where your hours really go.Who this episode is for: CFOs, COOs, finance directors, operations leaders, rising ops talent, and anyone in a high demand support or oversight role within private capital firms.

In this episode, Alice speaks with Seán Allen, Deputy Head of Finance at Coller Capital. Sean joined Coller 13 years ago as a financial analyst and now leads a 60-strong finance function across London and Luxembourg. His career has spanned Coller’s evolution from a single-strategy secondaries house to a diversified platform with credit and private wealth capabilities. This conversation delves into what it takes to rise through the ranks inside a modern private markets finance function. Seán shares candid reflections on leadership, influence, internal networks, navigating the shift from peer to manager and the importance of being proactive rather than reactive. The episode is especially relevant for next-generation finance professionals thinking about their own progression. Key discussion points Why staying put can sometimes be the power move: how luck, timing and Coller’s growth shaped Seán’s career Leadership loneliness: why senior roles feel isolating and the role of “running mates” in staying sane The jump from peer to manager: awkward transitions, first-time feedback mistakes and building confidenceHow authority is earned: relationships, problem-solving and letting go of technical one-upmanship The modern finance remit: moving beyond operations to influencing strategy, risk and product design Internal and external networks: why visibility across the business is a core part of the job Culture, accountability and feedback: the behavioural traits Coller values when assessing rising talent Proactivity, curiosity and problem-solving: what genuinely moves the needle for promotion A practical piece of advice for juniors: capture the things you want to learn and carve out time to follow through Why the CFO role is far more than “just the numbers” Who this episode is for Operational leaders, rising finance professionals, and anyone curious about what modern fund finance leadership looks like inside a global secondaries house. 

Head of Legal, Aimee Fabri joins Alice and Malcolm to trace an unconventional career from the Aldi shop floor to leading Oakley Capital’s legal function. She explains why legal belongs at the centre of the firm (not the side lines), how to balance breadth versus depth in-house, the value of “usefulness over perfectionism,” and how to build a tight, trusted network that you can lean on when it counts. Episode highlights Legal as an enabler, not a blocker: “We’re not here to say no, we’re here to say stop and think: how do we enable this the right way?” In-house = breadth and judgement: Moving from deep memo-writing to decisive, business-critical calls made in minutes. Healthy pride & healthy tension: Ops/Legal should benchmark outward against the market not against investment teams across the floor. Capacity and sustainability: Boundaries, trusted external counsel, and clear operating models prevent duplication and burnout. Networks that work: Small, reciprocal, “in-the-trenches” relationships beat noisy groups and notification overload. Key takeaways Integrate early. Legal adds most value upstream, shaping decisions rather than rubber-stamping. Codify and share. Use legal’s vantage point across deals to spot patterns and reduce friction. Set scope and escalate. Clear operating models and escalation rules protect capacity. Benchmark outward. Take pride in function; compare with market peers, not internal counterparts. Curate your network. Quality, reciprocity and real-world pressure-tested relationships > large noisy groups. 

Deepfakes are no longer the stuff of sci-fi. They’re here, and they’re targeting private capital firms. In this episode, Alice Murray is joined by Travis DeForge, Director of Cybersecurity at Abacus Group, to explore how generative AI is supercharging social engineering attacks and what fund managers can do to defend themselves. What we cover: What deepfakes are, and why private equity and venture firms are in the firing line Real-world attack scenarios; from cloned CTO voices to successful wire fraud cases How Abacus simulates deepfake attacks to test firms’ defences The biggest blind spots and bad habits when it comes to cyber risk Practical steps CFOs and COOs can take today to protect their firms Why no firm is too small to be targeted If you’re a finance or operations leader in private markets, this is essential listening for understanding how fast-moving AI threats are changing the risk landscape, and crucially, how to stay ahead of them. 

In this episode, Alice speaks to Cressida Hamilton, former banking COO and now coach at Chryse Coaching, about why operational leaders in private markets can’t afford to leave their personal brand to chance. Drawing on 26 years in financial services and her work as a personal brand and confidence coach (and author of The Art of Self Advocacy), Cressida breaks down: What “personal brand” really means and how it differs from “personal branding” The four pillars that shape your brand: values, skills, competence, and experience Why “letting your work speak for itself” is a myth and what to do instead Three simple, tangible actions to raise your profile inside your firm How to ask for (and get) honest feedback on how you’re perceived The small language shifts that make you sound more visionary, without the cringe factor How to balance ambition with authenticity in different organisational cultures Packed with practical tips, relatable stories, and plenty of straight-talking advice, this conversation will help any COO, CFO, or operations professional take control of their reputation and communicate their value with confidence. Listen if you want to: Stand out as a value driver in your organisation Build credibility and influence without feeling inauthentic Turn vulnerability into professional strength 

In this episode of On The Line, Alice sits down with high-performance coach Dean Leak, who has worked with Olympic athletes, C-suite executive teams and special forces. Together, they explore the lesser-known traits that underpin sustainable high performance: communication, belonging, clarity, and the ability to handle conflict well. Dean shares actionable tools for navigating high-pressure environments, creating space for disagreement, and building trust within teams. This isn’t about being louder or tougher, it’s about being more intentional. As Dean puts it: “High performance is ambition times clarity minus distraction.” Key topics covered: The myth of the flawless high performer: “Even Rod Stewart said Glastonbury was the most nerve-wracking performance of his life.” Why belonging drives performance: “We don’t often talk about oxytocin when we talk about high performance. But it’s belonging that lets people thrive under pressure.” How to handle conflict with skill: “Every team is dysfunctional. The difference is whether you avoid conflict, escalate it or use it to refine better ideas.” The three pillars of high-performing cultures: Trust, clarity, agency.“People crave clarity. When there’s a lack of it, they fill the gap with stories, judgments, cynicism.” Tools for better conversations: The two-minute mental warm-up Using “tell me more” to open people up Framing disagreement as healthy and necessary  “Before a difficult conversation, pause. Ask: What do I want the outcome to be? How do I want to show up?” Practical takeaways: Pause before conflict. Prepare your mindset and define your goal. Build trust through curiosity, not control. (“Tell me more.”) Lead with belonging: make people feel seen and heard. Don’t fear disagreement, frame it. “Would you mind if I challenged that perspective?” Reflect regularly on team dynamics, not just deliverables. 

With Bruce Hepburn and Steve Darrington of Mactavish In this episode of On The Line, Alice Murray speaks to Bruce Hepburn, CEO and founder of Mactavish, and Steve Darrington, long-time private equity CFO and member of The Line’s Editorial Board, and now also an adviser to Mactavish. Together, they dive into why insurance is one of the most overlooked, and potentially dangerous, blind spots in private equity. What we cover: How Mactavish evolved from risk analysis for insurers to advising policyholders directly Why most PE firms fail to understand their legal duties on disclosure and how that can leave them dangerously exposed Real-world examples of claims going wrong and why insurance only really matters when it’s tested How PE firms' operating models create unique risks around disclosure, governance, and claims management The rise of large, complex claims and why they’re happening more often than “once in a hundred years” The dangers of “it’ll be fine” thinking in PE, and why risk management is about more than just ticking the insurance box How external shocks, from supply chain disruptions to geopolitical risks, can quickly become direct risks for portfolio companies Why better insurance management is fast becoming a core governance issue for GPs How Mactavish’s new private equity advisory board (featuring industry veterans like Steve) aims to change mindsets across the industry  “You only find out you’ve got the wrong insurance when you try and make a claim… and that’s when you’re under the most pressure.” — Steve Darrington “It’s systemic: PE firms are time poor, transaction-focused, and they’re not wired to manage low-probability, high-severity risks… until it’s too late.” — Bruce Hepburn Listen now for a frank, behind-the-scenes look at risk, resilience, and what PE firms need to change before the worst happens. 

Recorded at the British Emerging Manager Institute Summit 2025Guest: Ed Stubbings, Founder, BEMI Host: Alice Murray, Editor, THE LINE_Episode Overview In this special episode of On The Line, Alice Murray sits down with Ed Stubbings, founder of the British Emerging Manager Institute (BEMI), live at the Institute’s flagship summit. Just one year on from launch, BEMI has become a rallying point for a growing community of first-time fund managers, independent sponsors, and early-stage private capital firms.Ed shares how the Institute came to life, why it exists, and what he hopes it can become; a true launchpad for the next generation of private equity firms.What We Cover 🔹 The origin story of the British Emerging Manager Institute 🔹 Why the 2025 Summit was designed like a house party (and why it worked) 🔹 A mission in motion: 30 new private equity firms by 2030 🔹 Why BEMI is designed as a "for now" community, meeting managers at the moment they need support most 🔹 Ed’s bold long-term goal:“If the platform can replace everything I do as a capital raiser, I’ll know I’ve done my job.”

Recorded at the British Emerging Manager Institute Summit 2025 Guest: Zoe Yeo, Partner, Headway Capital Host: Alice Murray, Editor, THE LINE_Episode Overview In this episode of On The Line, Alice Murray speaks with Zoe Yeo, Partner at Headway Capital, about the growing importance of emerging managers and independent sponsors in private capital.Zoe reflects on how Headway has sharpened its focus on backing emerging managers through deal-by-deal investing, and how institutional appetite for this corner of the market has evolved. She also shares her involvement with the British Emerging Manager Institute and why building community is essential to levelling the playing field for new talent.Whether you’re a fundless sponsor, a first-time fund manager, or an LP exploring this space, this episode offers an insightful look at the people, capital, and conviction fuelling this fast-moving segment of private markets.What We Cover 🔹 Headway’s refined focus on independent sponsors and emerging managers 🔹 How Fund 5 exceeded expectations and why institutional LPs are increasingly attracted to this market segment 🔹 Independent sponsorship as a destination, not just a stepping stone 🔹 The power of community and Zoe’s work with the British Emerging Manager Institute 🔹 Market outlook: why this might be a better time to invest than many think 🔹 Zoe’s advice for new managers navigating a tough environment: “Patience, persistence and conviction. And remember, you only need the right LP, not ten of them.”

Jan Gruter and Ben Cocoracchio, co-leads of Addleshaw Goddard’s Independent Sponsor practice discuss the rapid rise of ISPs in Europe and the importance of these deal-doers when it comes to the overall health of private markets.  The conversation delves into the evolving landscape of independent sponsors in the private equity market, coming off the back of Addleshaw Goddard’s recent independent sponsor forum.  The partners discuss recent event insights, market trends, and the future outlook for independent sponsors. They touch on the unique dynamics of independent sponsor deals, the challenges they face, and the opportunities for growth in the European market.  Takeaways There is a strong appetite for independent sponsors among investors. Independent sponsors offer flexibility and alignment with their deals. The European independent sponsor market is catching up to the US. Data collection and insights are crucial for understanding the independent sponsor landscape. Community engagement is vital for the success of independent sponsors. The independent sponsor model is seen as a positive contributor to the SME sector. There is potential for significant growth in the independent sponsor market in Europe. 

Sarah Clarke, co-founder of Rewire Partners and Insight Referencing, shares her journey into private equity and the evolution of fundraising and investor relations.  For Sarah, the tougher fundraising conditions mean relationships are at a premium, which in practice means adopting a constant fundraising approach, regardless of the fundraising cycle. But relationships with investors or potential LPs in today’s market require a deeper level of care and focus; what’s needed is respect.  The conversation also explores the future of investor relations, the role of technology, and practical guidance for maintaining strong relationships with investors. Ultimately, the discussion highlights the significance of respect in fostering meaningful connections within the industry. Key takeaways Sarah’s accidental journey into private equity.   Continuous fundraising is essential in today's competitive market. Investor relations should focus on nurturing relationships, not just transactions. Respecting investors as individuals is key to successful fundraising. Feedback from investors is valuable for improving future fundraising efforts. Basic communication and follow-through are critical in relationship building. The role of technology in fundraising should enhance, not replace, personal connections. About Sarah Sarah Clarke is a founder and managing partner of Rewire has more than 23 years of experience in private capital fundraising. Prior to Rewire, Sarah launched Foundation Fundraising Services where she worked with funds globally across all aspects of fundraising preparation and advisory services. Previously, she spent four years with Helix Associates. 

THE LINE UP_ steering committee member, Chris Hardy - Senior Fund Controller at Headway Capital - talks to Alice and Malcolm about his journey from auditing to private equity, his current role, and the evolving landscape of the finance function in the private equity sector.Particular attention is paid to the ever growing importance of collaboration, data management, and networking in driving career progression. Chris highlights the significance of building relationships within the industry.Key takeawaysChris Hardy transitioned from auditing to private equity, joining Headway Capital five years ago.His role as Senior Fund Controller involves diverse responsibilities including fund management and investor relations.The finance function in private equity is evolving, moving away from siloed operations to more integrated teamwork.Data management is crucial for meeting investor demands and improving reporting accuracy.Networking is essential for career progression, and Chris emphasises the importance of building relationships early on.The shift to remote work has changed how finance professionals collaborate and interact.Collaboration across different teams is key to driving growth and efficiency in finance roles.Chris believes that finance teams should take ownership of data to support decision-making.The future of finance in private equity will require adaptability and a focus on culture.Chris is passionate about helping others expand their networks and opportunities in the industry.

Kicking off our next gen initiative, THE LINE UP_ founding member Rachael Rickwood, FD of Northzone, takes us through her career journey so far. Rachael's story is somewhat unique, having decided to swap out a law degree for an in-house audit training scheme. She talks us through that decision and importantly, how quickly she was able to rise through the ranks. Rachael then tells us about her move to Northzone during the pandemic and with little previous experience of the venture capital industry. As well as exploring the value of practical experience versus formal education, we also cover the challenges faced by finance professionals today, and the importance of mentorship and career progression in the finance industry. THE LINE UP_ is all about supporting networking and sharing experiences as a means of navigating challenges and fostering growth.TakeawaysRachael transitioned from audit to venture capital during the pandemic.Collaboration and networking are essential for career growth in finance.Practical experience can be more valuable than traditional education.Finance teams are now expected to provide more strategic insights.The importance of culture in smaller firms can shape the work environment.Finance functions must adapt to changing market conditions and demands.There is a growing need for finance professionals to embrace technology.The future of finance will involve more collaboration and innovation.

George Ralph, Global Managing Director & CRO of RFA, highlights the increasing risks posed by AI on the rapidly evolving cybersecurity landscape. George shares real-life examples of cyber attacks to illustrate the impact of human error. He emphasises the importance of education and awareness in mitigating cyber threats, the role of technology in protecting data, and the need for robust policies and recovery plans. Beyond growing cyber threats, George touches on the challenges faced by emerging managers in the industry. He advocates for a community approach to support new fund managers, which in turn would improve overall cybersecurity resilience.TakeawaysCyber threats are more real than ever due to AI as it can both help and hinder cybersecurity efforts.Education is key to reducing cyber risks as human error accounts for the majority of data breaches.Robust policies are essential for recovery from attacks.Data literacy is crucial in understanding cyber risks, and while AI can enhance data analysis it can't replace human insight.Emerging managers need more support in cybersecurity.The industry must adapt to the evolving landscape of cyber insurance.

Stephanie Flooks shares insights from her extensive investor relations experience, detailing her role as an IR coordinator and providing practical tips and advice on how best to strengthen relationships with investors when also working with a busy investment team.Stephanie explores the current challenges of fundraising, the complexities of due diligence, and the impact of technology (both good and bad) on investor engagement. She leaves us with perhaps one of the most pressing questions when it comes to modern investor relations: when will cat memes be an acceptable form of reporting?TakeawaysThe role of an IR coordinator is multifaceted and central to investor engagement, especially when investment professionals are working across multiple deals and time zones. Improving the investor experience involves understanding their needs and preferences; often reading between the lines and pre-empting information requests.Will there ever be a time when cat memes are an acceptable form of investor communications?

In this broad and multi-faceted discussion, Ed Stubbings shares his journey from studying theology to becoming a prominent figure in the private capital funds industry. From his formative experiences at Bank of America Merrill Lynch, then to Houlihan Lokey, and in 2020 launching his consultancy business Ternion. He reveals the genesis behind the British Emerging Manager Institute and what has been achieved so far, including rapid international expansion.  Ed also provides tips on how to develop your own, authentic, personal brand. Key takeawaysEd's journey from theology to leveraged finance.The importance of mentorship and networking in career transitions.Being part of the founding team behind Beartooth provided Ed with invaluable entrepreneurial experience.Ternion evolved to address the growing needs of emerging managers.The British Emerging Manager Institute aims to support all new fund managers via free resources and a ready-made network of peers. Expansion into the US reflects the growing demand for a more robust emerging manager ecosystem.Personal branding can yield surprising results.Despite the current malaise, the future of private markets is promising, with an abundance of opportunities for innovation and growth.

Columnist Laura Callahan, HR and next gen talent expert, explores the challenges employers face in adopting AI, the importance of setting clear expectations, and the need for open communication about AI usage within organisations. Laura emphasizes the necessity of being intentional with AI applications to ensure efficiency and compliance.TakeawaysEmployers are learning AI usage through trial and error.Clear documentation of acceptable AI conduct is essential.Communication about AI usage must be open and ongoing.Ignoring AI adoption can lead to falling behind competitors.AI can enhance efficiency but requires human oversight.Employers need to define acceptable AI applications clearly.Collaboration is key in navigating AI policies.AI usage should be intentional and aligned with business goals.Employers should regularly discuss AI practices with their teams.

Holland Mountain's Jeremy Hocter discusses the critical role of data literacy and the management of unstructured data in private equity. He emphasises the need for a cultural shift towards data awareness and accountability, the importance of organising unstructured data for effective use of AI tools, and the necessity of maintaining document security amidst technological advancements.TakeawaysData literacy is essential for understanding and using data effectively.Cultural change within organisations is necessary to prioritise data.AI tools can help summarize and analyse data but they require good data practices.Document version control is vital to avoid confusion and errors.Security measures must be in place when integrating AI with document management.Awareness of data's impact on operations can drive accountability.Firms need to adapt to new technologies to stay competitive.

Holland Mountain's Jeremy Hocter shares his next operational focus for 2025: the importance of quantifying value creation and the need for a structured approach to understanding and communicating value creation levers. Hocter explores how firms can differentiate themselves through effective storytelling.TakeawaysCreating a taxonomy around value creation is essential.Firms need to quantify their value creation outcomes.Storytelling is crucial for private equity firms to communicate success.LPs are demanding more detailed reporting on value creation.Understanding historical data can inform future investment strategies.

Holland Mountain's Jeremy Hocter looks at how GPs can enhance their relationship with LPs by offering tailored experiences. Jeremy tracks the evolution of white glove servicing, emphasising the importance of standardisation and operational efficiency. The discussion also touches on the growing trend of self-service capabilities for LPs.Takeaways:GPs need to understand LP needs to tailor their services.White glove service is about providing bespoke experiences.Standardisation is an important factor in creating efficiencies when it comes to reporting and responding to LP information demands. Automating reports can free up time for bespoke services.Self-service capabilities are essential for scalability.Data management systems can enhance LP engagement.Learning from LP requests can improve reporting.

Stop shadow bookkeeping and get the best out of your fund admin relationshipIn this conversation, Holland Mountain's Jeremy Hocter focuses on the challenges of shadow bookkeeping and the importance of effective relationships with fund administrators. He explores the complexities of financial data management, the necessity of transparency, and the human elements that influence these professional relationships. Takeaways- Private equity firms should discontinue shadow bookkeeping.- Fund administrators are better positioned to manage complex calculations.- The relationship between finance teams and fund administrators is complex and requires attention.- Effective communication and transparency are key to a successful partnership with fund administrators.- Switching fund administrators can be a pain; often, the best option is to improve the current relationship.- Technology and process are fundamental in evaluating fund administrators.- A data platform can facilitate smoother transitions between fund administrators.

Jeremy Hocter from Holland Mountain discusses operational priorities for 2025. In this episode, Jeremy focuses on scaling AUM efficiently (without increasing headcount).The conversation also touches on the need for better data governance and the potential of AI to enhance operational processes. Jeremy shares insights on how firms can leverage outsourcing and improve the effectiveness of their investment teams by focusing on high-value tasks.Key takeaways:- There has been a broader shift towards prioritising digitization in private markets.- Firms are realising the need to scale AUM without increasing headcount.- COOs play a vital role in enhancing operational efficiency.- Outsourcing can provide scalable solutions for firms.- Investment teams often engage in low-value tasks that can be delegated.- Data quality and governance are essential for operational success.- AI can significantly improve processes if supported by solid data.- Cultural change is necessary to embrace new operational strategies.- Incremental changes can lead to substantial improvements in efficiency.Chapters:00:00 Operational efficiency and digital maturity in private markets12:30 Deleveraging the investment team18:10 Data quality and governance

The Line sat down with Rory Smith and Jeremy Cross to find out all about their new book, A working guide to fund finance.  Rory and Jeremy detail how the book came about and the process of putting it all together. Say the authors: A working guide to fund finance caters to the whole ecosystem of the fund finance market. It is designed to be a working guide that people can easily understand and read whoever they are and wherever they're from.   

After five wonderful episodes covering all corners of Steve's career and the private equity industry, in this episode we turn to Steve himself. We discuss his super impressive success as an international poker player, as well as his uncanny propensity to pick up celebrity pals. We also put some interesting and heartfelt questions to him asked by people in his network. And finally, Steve shares his three most important lessons in life. While this one isn't strictly private equity focused, it's a must listen for anyone working in the industry. A huge thanks to Steve for sharing his time and wisdom. And a massive thanks to you for listening. I hope you've enjoyed this series as much as I have <3

In this episode, Steve Darrington, explores the most pressing topic for the UK industry right now: the tax treatment of carried interest. With the government just weeks away from announcing its decision on how carried interest will be taxed, Steve looks back at the CGT tax treatment over his career, and how the industry's core incentivisation tool has evolved. Steve goes on to share his advice for the Chancellor; urging for decisiveness over anything else. 

In this episode, Steve Darrington, recently retired chief risk and finance officer of Phoenix Equity Partners, discusses the future business model of private equity firms. For Steve, the firms embracing advancements in data and AI will be at an advantage, especially as fund managers seek to grow AUM without simply increasing headcount. Steve also explores the recent growth in GP staking, and how the private equity industry has become a sector in and of itself.I hope you enjoy this instalment, and stay tuned for the following episodes.  

In this episode Steve explains how his particular outlook on risk evolved, the roots of which trace back to a formative litigious incident in his early career.  Steve examines the ‘chief risk officer’ moniker, often seen of as being the negative force in a naturally positive organisation.  If you missed the first two episodes, you can listen to the first here, and the second here.  I hope you enjoy this instalment, and stay tuned for the following episodes.  

Welcome to the second instalment of The Steve Darrington series. If you haven't listened to the first, don't worry, you don't need to, but I recommend checking it out at some point. In this episode, Steve looks back over his 20-plus year career in private equity; he talks about how the industry was back when he started out and how it's changed up into this point.In particular, Steve highlights the changing dynamics between private equity firms and portfolio companies. He also talks about how service provision has evolved over the past two decades; from very few options to outsource to today's impressive levels of service provision.  I hope you enjoy this episode and stay tuned for the following instalments. Here we go.Alice x

In this first instalment of the Steve Darrington series, we discuss his departure from Phoenix, the process of succession including internal negotiations and communication with LPs, and how it has all affected him personally.