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An ACA who trained with Arthur Andersen's financial markets practice, Giles Derry initiates investment opportunities at Dunedin, named in 2007 as the BVCA/Real Deals' private equity firm of the year. He specialises in the financial services and leisure sectors. He has a degree in natural sciences from Durham University.
How did you get into private equity?
I found auditing too retrospective; my interest lies in what drives business forward. I tried to get in directly from audit but employers wanted relevant experience. I moved into my firm's corporate finance arm, and from there into private equity.
What do you like about the work?
Your relationship with management teams is ongoing, not transitory. Corporate financiers collect their fee and their job is done – but in private equity, that's just the beginning. You own the business and have to help steer its management, from acquisition through development over three or four years – always adding value – to profitable realisation of your investment.
What do you enjoy most?
Watching management teams mature and cope with some of the difficult challenges and dynamics that arise is hugely rewarding. Also, most private equity firms are relatively small, with collegiate management styles – big decisions get made and actioned quickly, which is fantastic.
What does the work involve?
There's no such thing as a typical day. I could be discussing pricing strategies, hiring a sales director, finding more money to buy other businesses, working on legal documents or helping with tax structuring. I get bored if I'm doing the same thing for too long – I love the variety.
What skills are essential in order to excel?
You're dealing with people from all walks of life and business backgrounds, many of whom are excellent – you can't think you know it all. You have to be able to identify what will translate into value creation, which means understanding and maximising cashflow, as well as looking at long-term strategic development.
Giles' tips
- The best route to private equity is via transaction services or due diligence; lead advisory or corporate finance; or insolvency or corporate restructuring.
- Personality is key – have the wrong approach and you won't get on. The right people can acquire the skills.
- Don't assume you know it all – you'll rely on existing teams for their experience and market knowledge.
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UK
