Not that every Wednesday is ‘Tech Day’ on this newsletter, but today is, in part because of some timely tech news.
CD&R’s Theresa Gore: We published this during the CFOs & COOs conference, but it’s worth linking in the daily, as some of you may have missed the news alert, and because our interview subject knows her tech. Our February issue (which should be hitting your mailboxes soon) cover story is an in-depth interview with Clayton, Dubilier & Rice’s long-time CFO Theresa Gore. She talks about her LP-response policy (and the ILPA model LPA), heightened scrutiny of the industry (“good for the industry”), and gives advice to the next generation of finance and accounting pros.
And, of course, she gives us her take on the pace of technological advance in the industry. When Gore started out, Excel didn’t even exist (as she notes in the interview). But today: “If you’re not ahead of the curve on technology tools and looking forward to what might be tech-enabled in the future, you’re going to be competitively disadvantaged.”
As a 25-year veteran of one of the most respected firms in the industry, her thoughts are well worth a read.
So, you know, do that.
Canoe: Hamilton Lane has been on a bit of a tech tear. We recently reported it transitioned to an automated cash management platform called Hazeltree Private Markets. And now, it has put up financing for, and is a strategic partner with, Canoe Intelligence. Basically, it is the private markets equivalent to Plaid, which was recently bought by Visa. Canoe says it not only can help LPs create their own customized reports – as well as help predict, say, capital calls – but aims to help GPs streamline some of their operations, as well. Connor Hussey spoke with Canoe’s CEO to get the skinny.
Blackstone’s new CTO: The man who, it is said, built Blackstone’s internal tech department as it is today from the ground up, is stepping aside. The firm is bringing on Barclays’ former group CTO, chief innovation officer and member of its technology management committee, at the end of the month.
I’ll let you check the details out yourself. But I don’t know, is it interesting that a bank CTO is headed to take up the same post in PE? It’s not surprising, really: banking has lost its pride of place in the world, largely to PE. But (and this is for any of you headhunters out there), are senior bankers (or bank employees) making the switch often?
KKR makes its own tech hire: Not really a Private Funds CFO topic, but, hey, it’s Tech Day, right? KKR hired a managing director to co-head its technology growth equity business in the US. This comes only weeks after the firm made its final close the $2.2 billion KKR Next Generation Growth Fund II.
Email prepared by Graham Bippart