Pivotal career moments that seem like luck are often the result of proactive effort. Jessica Patton attributes her first private equity job to 'serendipity,' but it was her intentional hustle—seizing a brief interview opportunity on the spot—that created the opening. True career luck is manufactured through preparation and action.
Early-career investors can feel like imposters advising seasoned executives. Jessica Patton left a coveted private equity role for an operating position at a portfolio company to build firsthand experience. This move gave her the empathy and credibility to become a more effective investor and advisor long-term.
Entrepreneurship requires a deep, long-term obsession with a single problem. At business school, Jessica Patton realized her generalist nature—enjoying variety and complexity across different areas—was better suited for investing than for founding a company. This self-awareness is crucial for choosing the right career path.
Business school offers the unique opportunity to move beyond applying for posted jobs. By strategically networking with influential figures like professors, you can co-create a tailored role that fits your specific skills and aspirations, as Jessica Patton did to land her position at Andreessen Horowitz.
The leap from ideation to launching a new private equity firm is de-risked by securing a significant anchor investor. For 5th Century Partners, this initial commitment was the critical catalyst, providing not just capital for the first deals but also the funds to cover salaries and initial operating expenses.
Countering the extractive stereotype, a modern vision for private equity is to create value for all stakeholders. This includes generating returns for LPs, providing liquidity for founders, and creating tangible benefits for portfolio company employees through improved benefits and broader incentive programs.
The most impactful career support from a partner isn't just encouragement, but honest, critical feedback. Jessica Patton's husband consistently challenged her to aim higher and avoid "playing small," acting as a crucial sounding board who pushed her beyond her comfort zone during pivotal moments.
Many professionals view asking for help as a weakness, but it's a strategic advantage. Instead of spending 20 hours on solo research, framing a problem and consulting experts for an hour can provide a faster, more effective path to a solution, leading to an outcome that is an order of magnitude better.
To effectively serve diverse consumer markets and solve complex global problems, the private equity industry must reflect that diversity. The traditional image of PE is outdated; the field is now a game for people with varied skill sets and backgrounds to drive innovation and opportunity.