Paul Kennedy joined CHAMP Private Equity in July 2005 after completing a BCom majoring in corporate finance and a BScience majoring in mathematics at The University of Adelaide. He is part of a team that looks at new investments and monitors existing investments.
Describe your day-to-day role.
For new investments we usually start on background research on the company and the sector it is in, identifying opportunities and risks. As a transaction develops, my role will be to conduct financial analysis, build a financial model and do more research. I will also work with and collate inputs from external advisers such as accountants, industry experts, legal advisers and financiers.
With current investments, it is mostly a monitoring role in tracking the company’s performance and being involved in development of strategy. I will attend board meetings and help assess things like changes to capital structure and any bolt-on acquisitions.
How did you arrive at CHAMP?
I was in corporate finance for two-and-a-half years at Credit Suisse First Boston. I worked with the CHAMP team on a business they were selling, and it looked like an area that would interest me. A position came up and because I had worked with the team and knew them, it worked out.
What’s the fun part of the job?
The main thing for me is the opportunity to learn about new businesses and new industries. We have a broad exposure, and I like being able to identify areas of opportunity and see that come about, and being able to help build something and see it grow.
What’s the not fun part of the job?
The worst thing is when you miss out on a transaction, because you put so much of yourself into it. Towards the end of a deal you often work long hours and missing out can be very deflating.
Paul’s Tips:
- It’s quite rare to enter private equity directly from university, so it’s important to develop a strong skill set in financial analysis. Investment banking and corporate finance is good for that.
- Develop what I would call business judgment skills, take an interest in stock markets, read the financial press, and think about what makes good businesses and why some struggle.
- There is a strong work ethic that is required in private equity and investment banking. That is a habit that starts early. People do look back to your results, so it’s important to learn those skills, learn to hit deadlines, and show initiative.
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