To mark International Women’s Day, the women of ION Analytics, including reporters and analysts at Debtwire, Mergermarket, Dealreporter, Cybersecurity Law Report, Hedge Fund Law Report, and Anti-Corruption Report have interviewed outstanding women in their respective jurisdictions and fields.

It is our honor to highlight these women and their accomplishments and contributions to their industries and share some of their insights and perspectives. These lawyers, advisors, and consultants from around the world specialize in private equity, restructuring, mergers and acquisitions, hedge funds, anti-corruption, data privacy, and more. We hope these remarkable women inspire you as much as they do us.

In Part II of this eight-part series, Lucinda Guthrie, Katka Krosnar, Laura Larghi and Joanna Socha help us spotlight these notable women in the field of mergers and acquisitions (M&A): (i) Liz Claydon, Global Head of Deal Advisory, KPMG, (ii) Michelle Le Merre, Finance Director for Corporate Development & Strategy, BAE Systems, (iii) Julie Lorin, Partner, Equistone Partners Europe, (iv) Christina Mann, Partner, Latham & Watkins LLP, (v) Agnieszka Pakulska, Partner, Avallon MBO, (vi) Rajaa Mekouar, founder and CEO, Calista Direct Investors, and Helen Rodwell, Partner, CMS Prague.

Part I of the Ion Analytics’ Women to Watch series.

Liz Claydon, Global Head of Deal Advisory, Global Sector Head for Life Sciences and UK Vice Chair, KPMG

Liz has spent the majority of her 18-year partner career advising clients across the Consumer, Retail and Life Sciences sectors on large, complex carve-out transactions & transformations.

What is the most important factor to consider for M&A in 2025?

There are many factors to consider in relation to M&A, particularly in the context of an ever increasing and complex geopolitical, technological and macroeconomic environment.

However, with this backdrop, if I were to call out one, it would be the need to recognise that successful M&A can no longer just be about leverage and margin expansion. It is now much more reliant on identifying value creation opportunities in the pre-deal phase. In the past five years, revenue growth has become the largest contributor to value creation, followed by margin improvement.

These important shifts highlight the ever increasing need to build – already during the due diligence phase – post-deal transformation plans that improve the financial and operational performance of the acquired entity to ensure an effective return on investment (RoI) is achieved. This is true whether through a portfolio hold period for private equity deals or to realise the identified synergies across the corporate landscape.

According to Level20’s 2024 Diversity Report, only 14% of senior investment roles in PE/VC in Europe are held by women, an increase from 10% in 2022. To what extent have you observed challenges for women reaching senior positions, and what advice would you give to those aiming for these roles?

Women can only be promoted if they exist in the organisations to begin with, and anecdotally, I believe women are not well-represented at any levels (outside administrative roles) in this sector. I think we need to question what is being done to address this as a pipeline issue.

The importance of culture in creating an environment where women can and want to progress, or want to join a firm if they’re coming externally, is an increasingly huge factor when people are making decisions about where they want to work.

While we are seeing some positive indicators. Changes in work environment post Covid (including increased flexibility towards remote working) and higher acceptance levels at employers regarding temporary part-time work certainly help. I have observed many large funds putting substantial efforts into creating an environment that enables and supports high performing female leaders to thrive. This will, however, take time to feed into an increase at the most senior levels.

A focus on gender equity overall, not just the progression of women, would improve the position for everyone, e.g. men feeling able to take paternity leave or shared parental leave(SPL), work part time and support home caring responsibilities.

In terms of advice, sponsorship is a key driver, looking for role models to support you, being clear about your career aspirations and not waiting for someone to tell you you’re ready.  Also, being brave enough to put yourself out there when progression opportunities apply.

What is the first big project that you took the lead on, and what did you learn from it?

One of the first projects I led as a new partner, over 15 years ago, was a large non-core divestment programme in the consumer healthcare sector. This involved the disposal of over 100 brands in more than 20 countries, over an 18-month period.

The complexity of the deal was heightened by cultural challenges, differing corporate structures, and the seemingly endless number of stakeholders to manage.

I learnt a lot about how to lead effectively by focusing on building a strong collaborative team and relationships from the start with the same common goals and objectives.

The key to this was strong communication, the importance of collaboration both externally and internally and a realisation that external, and often unexpected, factors will arise during a lengthy project. However, identifying the value implications of these as early as possible, and leveraging the trusted relationships built, will enable you to navigate through to a successful outcome.

Michelle Le Merre, Finance Director for Corporate Development & Strategy, BAE Systems

Michelle is a member of the Strategy Council, Finance Council and Chief Technology and Investment Office at BAE Systems, a global provider of technology-led defence, aerospace and security solutions. She is also a member of the GCV Global Defence Council for defence venture investing and the UK Defence Investor Network.  

What is the most important factor to consider for the aerospace and defence (A&D) M&A?

The first responsibility of governments is the defence and security of their people, and our industry plays a vital role in supporting national security and keeping people safe. It also delivers a significant economic contribution, driving growth through investment in research & development, employment and national supply chains. Defence is  the most complex and highly regulated sector for M&A deal activity, and we comply fully with all relevant export control laws and regulations in the countries where we operate.

Defence deals can and do take many forms – from new defence programme partnerships, large scale transformational acquisitions, technology bolt-ons, joint ventures or smaller minority investments. European defence primes are used to working collaboratively and forming partnerships, and this means they are adept at being creative to drive growth, making use of all those investment structures.

We work closely with our government relations team when it comes to exploring M&A opportunities. Although there are many important factors that influence the shape and outcome of a defence deal, the “most important” factor is government acceptance enabling a successful completion.

In 2023, McKinsey & Co found that women comprise approximately 20% of managing director and partner roles in private equity. To what extent have you observed there to be a reduced number of women in senior positions and what advice would you give to women who aspire to these positions?

Although the defence sector has a reputation for being a more traditional industry, there are a number of senior female leaders and role models across the sector. At BAE Systems, the chair is Cressida Hogg, five members of our Executive Committee are women (40%) and there are many senior female leaders like myself across the company. Our peers also reflect strong female leadership in their senior ranks.

Within BAE Systems, we offer many great employment and leadership opportunities.  We’re a global company with around 107,000 people working across more than 40 countries and we’re involved in some of the most advanced technology programmes!

My advice to females is to follow your dreams. You just need to work out the best route to get there, seize opportunities as they arise and back yourself.

What is the first big project that you took the lead on, and what did you learn from it?

I advised on many “big” projects when I was at DC Advisory, and one of my favourite clients was Hunting PLC, a global oil and gas engineering and services business.  When I was advising them, they had a charismatic leadership team led by Dennis Proctor, who had an agile and entrepreneurial approach to setting the strategic vision of the business. I was impressed with Dennis’ strong network that enabled him to be at the forefront of the industry and be ready to explore emerging trends that would drive long-term growth for the business.

Working with the Hunting team on their various acquisitions, divestitures and capital raisings, I recognised that there were many talented individuals contributing to our deal teams who were technical experts in their fields, but not in M&A. Each one of those team members had substantial value to add, and providing better, more inclusive leadership to enable them to navigate the M&A process, helped to achieve a successful deal outcome.

Julie Lorin, Partner, Equistone Partners Europe 

Julie has been involved with Equistone Partners Europe since 2000. Major transactions she has worked on include the buyout of Maisons du Monde, a leading distributor of home decoration products and furniture. 

What will be the most important factor driving M&A in 2025? 

In 2024, the French mid-market was difficult for a lot of sellers, with some assets not finding liquidity. I am convinced that 2025 will offer opportunities for agile buyers, as many sponsors seek to improve distributions to paid-in (DPI) in the context of lengthy fundraising. Strong selectivity should prevail, but the increased ability of buyers and sellers to meet on valuation may gradually enable a larger number of deals to complete.

According to Level20’s 2024 Diversity Report, only 14% of senior investment roles in PE/VC in Europe are held by women, an increase from 10% in 2022. To what extent have you observed challenges for women reaching senior positions, and what advice would you give to those aiming for these roles?

I am not saying there are no challenges for women seeking senior roles in private equity, but I believe they are not to be emphasised. When I am interacting with mentees in the context of the Level20 programme, I prefer to focus on the path to success.

I would advise women seeking senior roles to go for it without waiting, and not to ask more of themselves than they ask of others. Entering a fund after acquiring meaningful experience, either in adjacent sectors or in another fund, is also key to taking a senior role in an organisation. To gain this experience, younger professionals should seek places where they are exposed to a lot of diverse situations, and be active in the market, whatever the positioning. In addition – I do think it is now something that is carefully analysed by women searching for those roles – you need to choose the right team where you feel you would both be comfortable to become a decision-maker and be welcomed in this role by your partners. Fit with the team remains key for both men and women to evolve into senior/decision-making roles.

What was the first major project you led, and what did you learn from it?

I worked on the early stages of great success stories like Spotless and Webhelp more than 20 years ago, but I would pick my experience with Meilleurtaux in 2012 as a major project where Equistone completed one of its best returns in terms of money multiple, reaching over 8x after a four-year ownership and five acquisitions. It was one of the very rare deals I have seen where the investment thesis was deployed as planned at acquisition, with strong value creation both from the original credit mortgage business and in the online intermediation of other financial services.

There were numerous learnings for me. The key one was that you can be confident and create a lot of value from a challenging situation – the company was undergoing a restructuring when we bought it – when building on solid key pillars: a strong leadership with strategic vision, a clear business model and route to market, and an efficient operational team to deliver growth. I learned that you can succeed in a challenging market (the underlying real estate market was not good in 2013 and some competitors were suffering) with those strong pillars. The decisions made on this deal entailed risks, but we were completely comfortable taking those risks because we relied on strong fundamentals.

Christina Mann, Partner, Latham & Watkins LLP

Christina is a partner in Latham & Watkins’ Frankfurt office and a member of the corporate department. She advises private equity and corporate clients on corporate law, M&A transaction, joint ventures and carve-outs.

What will be the most important factor driving M&A in 2025?

The German election has brought more clarity to the European political scene and, together with a more stable economic outlook, allows me to look at the M&A market in 2025 with more optimism. Large companies, especially in the automotive sector, are under pressure to transform, which leads to a focus on the core business through carve-outs of non-core or underperforming assets, as well as an expansion into new markets and technology. German companies are seeking to bolster their US presence, with transatlantic takeovers being a key strategy, possibly also as a result of the tariffs. At the same time, US-based players continue to look for European targets as valuations are still below the US market. In terms of sectors, the technology and infrastructure sectors (in particular data centres) are expected to be leading the deal activity. Private equity firms have been sitting on assets and at the same time have a lot of money still to deploy, so we see a large pipeline of deals.

According to Level20’s 2024 Diversity Report, only 14% of senior investment roles in PE/VC in Europe are held by women, an increase from 10% in 2022. To what extent have you observed challenges for women reaching senior positions, and what advice would you give to those aiming for these roles?

The reassuring news is that the trend is positive. Fourteen percent is still a small share, but it is heading in the right direction. Women have come a long way and changes take time. I believe that it is very important to have role models, and with more and more women in leading positions the options increase. Finding the right mentor, focusing on networking, identifying allies and making oneself known, are all key for a successful career. I believe that men and women face similar challenges in our work environment, and we need to continue to improve how we deal with them. In that, I think allyship is key.

What was the first major project you led, and what did you learn from it?

My first project as a partner without a more senior partner supervising was a small equity investment. I was the decision maker, which felt empowering and at the same time frightening. I really enjoyed the freedom to lead the project and take decisions, while also feeling the responsibility. The main lesson I learned was to be open-minded. Especially during negotiations, it is important to be able to listen to your counterpart to understand their needs and find a solution, and not to have your mind already set on a pre-determined outcome.

Agnieszka Pakulska, Partner, Avallon MBO

Agnieszka started her career at Avallon MBO in 2006 as an investment analyst. Over the years, she has advanced through the ranks, becoming a partner in 2020.

What will be the most important factor driving M&A in 2025?

In my opinion, technological innovation and digital transformation are expected to be primary catalysts for M&A in 2025. As industries increasingly integrate advanced technologies, companies are likely to engage in M&A to expedite the adoption of digital tools, enhance technological capabilities, and maintain competitiveness in a rapidly evolving market. Specific drivers within this trend include:

• Artificial Intelligence (AI) and Automation: The integration of AI is transforming various sectors, prompting companies to acquire firms with AI expertise to bolster analytics, automation and machine learning capabilities.
• Cybersecurity: With rising cyber threats, robust cybersecurity measures have become essential, leading organisations to pursue acquisitions that strengthen their security infrastructure.
• Sustainability and Green Technologies: Environmental considerations are increasingly influencing M&A activity, with companies seeking to acquire businesses that align with sustainability goals and green technologies.

Additionally, Environmental, Social, and Governance (ESG) factors are playing a more significant role in M&A decisions. Companies are increasingly targeting acquisitions that reflect strong ESG practices to meet the expectations of investors, consumers and regulators.

According to Level20’s 2024 Diversity Report, only 14% of senior investment roles in PE/VC in Europe are held by women, an increase from 10% in 2022. To what extent have you observed challenges for women reaching senior positions, and what advice would you give to those aiming for these roles?

The quoted statistics (14% in senior roles) are average for the whole of Europe and it’s worth mentioning that in Poland only 8% of women hold senior investment roles, which shows an even bigger gender gap in the industry. The challenges women face in reaching senior positions in PE/VC are multifaceted and deeply rooted in both systemic and cultural factors. Women often face unconscious gender biases, where their abilities and leadership potential are underestimated. Additionally, the demanding nature of PE/VC roles, combined with limited flexibility, can hinder career progression for women with caregiving responsibilities. The same is true for the lack of flexible working options and traditional expectations for long hours and constant availability.  It’s also worth to mention networking gaps – in male-dominated networks it’s hard for women to access mentorship opportunities, or receive the support needed to advance.

And here is my advice. PE/VC is very focused on delivering outcomes. By consistently showcasing the value you bring to portfolio companies, or deal flows, you can strengthen your position for promotion. Additionally, it’s crucial to actively advocate for yourself, to actively promote your achievements and take ownership of high-impact projects. It’s also important to actively seek out and build supportive networks, including women-focused groups or industry events that provide opportunities to connect with like-minded individuals. These networks can provide valuable resources and advice. And don’t forget about mentoring power. It’s important to look for role models / mentors who have navigated the same challenges.

What was the first major project you led, and what did you learn from it?

The first major project was a management buyout of Velvet Care from Kimberly-Clark, a leading company in the hygiene sector. The success of the transaction enabled my promotion to partner position. The process taught me how crucial communication and alignment with all stakeholders are for a successful transition of the business, especially when moving from a corporate-owned entity to a privately held business. This project was also very meaningful for me personally, because at that time I gave a birth to two children and still managed to balance my family life.

Rajaa Mekouar, founder and CEO, Calista Direct Investors

Rajaa is a PE investor and financial entrepreneur with 25 years of experience across private markets globally. She has worked as a GP in different funds focused on the mid-marketsand as an LP with family offices in the UK and across Europe. Calista Direct Investors is an independent investment platform dedicated to partnering with Single Family Offices. Rajaa sits on several PE-related family-owned boards in Luxembourg where she moved in 2016, after 15 years in London. 

What is the most important factor to consider for M&A in 2025?

The crucial factor is geopolitical risk, especially in the context of US-Europe relations. US tariffs definitely matter for businesses that want to scale up internationally. At the same time, I believe that at the individual level in private equity, it is possible to execute successful M&A without being overly impacted by geopolitics.

According to Level20’s 2024 Diversity Report, only 14% of senior investment roles in PE/VC in Europe are held by women, an increase from 10% in 2022. To what extent have you observed challenges for women reaching senior positions, and what advice would you give to those aiming for these roles. 

There are many unconscious biases, even in the minds of women. I’ve noticed this in myself. The key is to be driven by a genuine purpose and have grit. My advice is to never give up on your objectives, which are based on inner values and natural skills. Patience is key. Last but not least, listen carefully to your intuition, it’s hard to beat. With this, many, if not most, obstacles are eliminated from one’s journey toward lasting success.

What is the first big project that you took the lead on, and what did you learn from it?

The biggest project so far has been launching Calista Direct Investors, which combined more than 20 years of work experience and personal growth efforts. The biggest lesson I learned was that timing is crucial. When the timing is right, things take off. It never occurred to me that being a woman would be either an advantage or a disadvantage.

Helen Rodwell, Partner, Head of Corporate and M&A, CMS Prague

Helen has extensive experience of leading large teams on complex transactions. She has advised on M&A transactions across a number of sectors, including financial services, private equity, energy, consumer products and manufacturing industries.

What will be the most important factor driving M&A in 2025?

Market uncertainty and geopolitical developments will remain a key factor, but as confidence returns, strategic acquisitions and consolidation in resilient sectors, such as tech, energy and infrastructure, will drive activity. Private equity dry powder and refinancing opportunities will also play a major role.

According to Level20’s 2024 Diversity Report, only 14% of senior investment roles in PE/VC in Europe are held by women, an increase from 10% in 2022. To what extent have you observed challenges for women reaching senior positions, and what advice would you give to those aiming for these roles?

Progress is happening but challenges remain, particularly around access to leadership roles and networks. My advice to women is to seek strong mentors, build a visible track record, and actively position themselves for leadership opportunities. Firms that embrace diversity will have a competitive edge.

What was the first major project you led, and what did you learn from it?

One of my early major deals involved a complex cross-border transaction with multiple stakeholders that were not culturally aligned. I learned the importance of clear communication, adaptability and anticipating challenges before they arise – skills that remain critical in every deal today.

 The responses have been edited for clarity by the Mergermarket team.