Q&A: KKR's Silke Scheiber

Why did you decide to start working in private equity, and the industrial sector in particular?

I was first attracted to PE by the diversity of the skill set required in the profession. I also like the challenges you face in this profession - turning companies around, finding new ways to grow them, and improving their financial performance. It always seemed like an exciting profession to me. When I began looking at potential places to join, I really liked KKR's European platform, which was not common at the time.

When I began working at KKR, I spent time in many different sectors, but over time I focused on the industrial space. There are a lot of well-positioned companies with strong brands and technology that have the potential to become market leaders, nationally and internationally - particularly in Europe. We find many hidden gems in Europe's industrial sector and so I am actively working on potential opportunities across the whole continent.

KKR partner Silke Scheiber on investing in the industrial sector, team diversity and gender quotas

Have you ever considered founding your own fund in order to be your own boss?

To be successful in private equity, the platform is important. For me, it is ideal to be working on an international platform where you get comprehensive input from an excellent, diverse team and driven people who you can learn from. Exchanging thoughts with experts in many different fields is a strong advantage in order to get the best results and to help tackle the challenges that come with acquiring and creating value in large international businesses.

I believe in the benefit of our global platform to help companies reach their full potential. KKR has always promoted entrepreneurship. In my daily work life, this means that I have a lot of freedom to shape the way my team works.

Do you think the male-dominated world of private equity may be a reason for some women not to consider this field? Was it a reason for you to re-consider?

As a profession, private equity demands a lot from you, namely because of the travel, critical decisions you have to make on a regular basis, and the extensive workload. Therefore, the job is made for people who have a great level of assertiveness combined with ambition. This is irrespective of gender. Our investors don't differentiate between male and female investors; only between good and bad investors.

I think the main reason that makes people shy away from working in private equity is that the job requires a lot; hence the pool from which we fish when recruiting staff is generally very small. I think the argument that private equity is not female-friendly is a bit "overdramatic". If you want to be successful, you just have to be determined. And not everybody is ready to make the necessary sacrifices.

It is always a matter of compromise wherever you work in the end. It is not private-equity-specific; there needs to be a lot of discipline and planning in order to work out a balance between family and career.

What advantages or disadvantages do women have when working in private equity compared to men?

In the end, your individual performance and your track record are what matter - your gender is irrelevant. What our investors look at is what returns you've delivered.

However, women are different from men in some ways, and this needs to be recognised. In my opinion, the best results are achieved with a mixed team, because we complement each other. We are all equipped with the same tools, so to speak - we all know how to run due diligence or how to structure a deal. But sometimes, the EQ - emotional intelligence - varies between women and men, which does not mean one is better than the other. It broadens the perspective if women join the team, because they take in nuances that a male-only team might not notice.

The recently introduced statutory female quota for the boards of German companies has attracted some criticism. Where do you stand on this?

I do not support a female quota, especially if it is statutory. From my perspective, this simply is a form of positive discrimination for women and will not help. In my opinion, it is necessary to support women throughout their career, and we have to start early on. Over time, women will manage to accomplish a career - if they want to. I'm a big supporter of encouraging companies to hire women to reach an equal proportion of female and male staff, but I personally wouldn't want to be hired just because they have to meet a quota. Companies should always hire the most qualified person - no matter the gender, race or age.

What is your outlook on private equity activity for 2014?

Some of the structuring reforms across Europe are slowly beginning to show positive effects. Improved confidence will lead large corporations to doing more acquisitions and divestments. This will, in turn, lead to increased dealflow for us. At the same time, the banking sector still strongly needs to deleverage, which leads to a greater need for private equity. Moreover, companies in the mid-market sector, particularly in the German Mittelstand, are increasingly considering partnering with a private equity firm - they are looking for the know-how and capital to expand or internationalise their businesses. Overall, we expect a robust dealflow in the coming years, certainly more that in the last few.

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