Virginie Morgon, CEO of Eurazeo, discusses the scale achieved following Eurazeo's acquisition and combination with Idinvest Partners.
Insight
Morgon: Fundraising pressure forces PE firms to sell their best assets first
“When you have to show exits, you sell your best assets first.”
Insight
US management teams hold less leverage in PE deals than European counterparts
“The management team have less of a say in the U.S. Than they have in Europe. That's a big difference. They're less incentivized, and that was a surprise. They're less incentivized in terms of management package, so they less have a say. They're less important …”
Assertion Supported
Morgon: Pre-merger Lazard operated as three competing, mutually hostile houses
“There were three different banks just with the, you know, Lazar Frere, Lazar Brothers, Lazar Frere, and they hated each other. They were competing with each other, and I mean, the Brits were, they were the Brits, and the French were looking down on the Brits, …”
Insight
Morgon: The main diversity hurdle in finance is retention, not hiring
“Of course, I could see clearly that there wasn't that many women staying there. It's not that they were not hiring women as analysts or associates, but it's such a hard work, and I don't know, for some reason, we were losing a lot of women along the way, and t…”
Insight
Morgon: Maternity leave shouldn't block promotions if output matches annual standards
“It's not because you disappear for two months and a half that you can't get The same promotion, the same pay rise, because if you deliver in nine months while others deliver in 12, then good for you.”
Insight
Morgon: LPs Don't Credit Newly Assembled Unproven PE Teams
“Either you grow organic, takes time. You have to hire probably a team of three or four, but if they've not been working together, LPs would not give you credit immediately. A little bit of a first time team, first time fund type of reaction.”