To mark International Women’s Day, various women at ION Analytics, including editors, 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 profession, and share some of their insights and perspectives. These lawyers, advisors and consultants from around the world specialize in private funds, anti-corruption, data privacy, cybersecurity, private equity, restructuring, M&A and more. We hope these remarkable women inspire you as much as they do us.

In part VII of this eight-part interview series, Cybersecurity Law Report Editor-in-Chief Jill Abitbol, Hedge Fund Law Report Editor-in-Chief Robin L. Barton, and Anti-Corruption Report Editor Megan Zwiebel profile notable women in the data privacy, cybersecurity, private funds and anti-corruption law fields, including (i) Laura Perkins, Partner, Cadwalader, (ii) Amanda Raad, Partner, Ropes & Gray, (iii) Anne-Gabrielle Haie, Partner, Steptoe, (iv) Jessica Lee, Chief Privacy & Security Partner, Loeb & Loeb, (v) Micaela McMurrough, Partner, Covington & Burling, (vi) Madelyn Calabrese, Partner, Haynes Boone, (vii) Ranah Esmaili, Partner, Sidley, (viii) Genna Garver, Partner, Troutman Pepper Locke.

Part I of the ION Analytics Women to Watch Series.

Part II of the ION Analytics Women to Watch Series.

Part III of the ION Analytics Women to Watch Series.

Part IV of the ION Analytics Women to Watch Series.

Part V of the ION Analytics Women to Watch Series.

Part VI of the ION Analytics Women to Watch Series.

Laura Perkins

Partner – Cadwalader

Laura Perkins is a partner in Cadwalader’s Global Litigation group and member of the firm’s global Compliance, Investigations and Enforcement practice. She served almost a decade at the DOJ, rising to the rank of Assistant Chief of the DOJ’s FCPA Unit. Her practice focuses on government and internal investigations, crisis management, white-collar criminal defense and cross border compliance counseling, risk assessments and due diligence, and national security and sanctions issues.

In this moment of flux, what element of a compliance program are your clients focusing on the most? Why is this element particularly important right now?

My clients are paying particular attention to communicating with employees to ensure that employees understand that, regardless of what is going on in the world at large, the company’s commitment to ethics and integrity remains. Several of my clients have sent messages to employees or hosted team calls to remind them of the importance of complying with the company’s policies and code of conduct and to communicate that the policies have not changed. Given the potentially contradictory messages in the media, this type of guidance is particularly helpful for employees who may wonder if the company’s approach has changed.

To what extent have you observed there to be discrepancies in the number of women in senior versus junior compliance roles? What advice would you give to women who aspire to senior positions?

Unfortunately, as with many areas in business, I believe that women occupy a larger percentage of the junior compliance roles than the senior roles. That said, I think women have made great strides in recent years in improving their representation in the more senior compliance ranks.

I would encourage any woman who aspires to obtain a senior position to have faith that the goal is obtainable and to continue working hard to achieve it. I would also encourage women to find mentors who can help guide and support them as their careers progress. A mentor can provide invaluable advice on professional development and can often help make connections that further your career.

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

As a junior associate, I led the team assisting two senior partners in preparing for trial in a large civil case. The role was not initially intended for me; rather, it was originally the role of a senior associate who left the firm shortly before trial preparation began.

Because I was familiar with the facts and the documents, instead of assigning a new, more senior associate to the case, I was given the role and the opportunity to handle tasks that were well beyond my seniority (or experience) level, including questioning a witness at the trial.

This experience taught me that if you take ownership of your work and become a valued member of the team, opportunities will come to you. I also learned that if you trust in your abilities and don’t shy away from those opportunities, you will not regret it.

Amanda Raad

Partner – Ropes & Gray

Amanda Raad is co-head of Ropes & Gray’s global Anti-Corruption and International Risk and Crisis Management & Investigations practices and a leading lawyer, innovator and thought leader on global crisis management. With more than 20 years of experience, she guides clients through criminal enforcement actions, regulatory matters and internal investigations. She also helps clients build best-in-class compliance programs and assess risk. Raad co-founded R&G Insights Lab, a Financial Times award-winning differentiated offering that blends world-class legal services with data analytics and behavioral insights to address some of the most complex challenges facing businesses today.

In this moment of flux, what element of a compliance program are your clients focusing on the most? Why is this element particularly important right now?

Risk assessment, messaging and culture.

With the increasingly global nature of business, clients may feel like they are playing a game of catch up to effectively manage risk. There are new enforcement tools coming online like the U.K.’s Failure to Prevent Fraud Offence. Regulator expectations are simultaneously shifting, which can create risk as people look to navigate potential new internal and external expectations.

Instead of waiting to see where regulators land, we believe the time is now to refresh risk assessments to know which areas you really need to prioritize. Clear and consistent messaging during times of uncertainty is also critical. This messaging helps to remind people of company values and expectations that exist independent of any change in the external environment. Finally, I know there are a million definitions for culture, but for me, culture is the thread that cuts across risk areas and helps us understand the human experience within organizations. We have to understand culture to effectively operationalize a compliance program.

To what extent have you observed there to be discrepancies in the number of women in senior versus junior compliance roles? What advice would you give to women who aspire to senior positions?

I’m pleased to say that I’m seeing more women in senior global compliance roles, as well as both men and women advocating for women in leadership positions. This advocacy is based on data concerning effectiveness and not just a sense of fairness. We should continue to drive the research, data and advocacy, however, as – in addition to securing these positions – we need to keep women in these roles feeling that they have a voice and seat at the table.

My advice to women: keep going! Your voice is needed, and there is a tremendous community waiting to cheer you on. We all feel vulnerable sometimes, and maybe even like imposters. We are not. This article is publishing at the same time as the Women’s White Collar Defense Association Annual Meeting in Miami, where hundreds of women will gather from around the world to support each other. It’s inspiring.

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

I was lucky enough to lead a large risk assessment for a global organization as a senior associate. I poured my heart and soul into the relationship, the work and the team. Some questioned whether I was up to the challenge, and that made me question myself. I almost stepped to the side and nearly gave up when the client turned to other advisors for the next engagement. But instead, I focused on the long-term relationship. Several years later, I’m happy to report that we support the client as global compliance counsel. Two important lessons: 1) don’t take it personally, and 2) don’t give up.

Anne-Gabrielle Haie

Partner – Steptoe

Anne-Gabrielle Haie, based in the firm’s Brussels office, leads the European AI, Data & Digital practice. She advises clients on a wide range of digital-related matters, with a strong focus on data protection, privacy and cybersecurity, including compliance with E.U. laws, risk management, incident response transaction strategy and commercial negotiations. Haie also represents clients in enforcement and litigation actions before European supervisory authorities and courts. In addition, she has developed considerable expertise on AI and blockchain. Her clients include multinationals, startups and scaleups in diverse industries, and organizations in the life sciences and technology sectors.

What role is AI playing in companies’ privacy and/or cybersecurity compliance efforts? How prevalent is its use in the compliance context, and what are some of the most important considerations for companies looking to leverage it for those purposes?

As AI continues to revolutionize various industries and evolve at a rapid pace, its impact on privacy and cybersecurity is becoming increasingly pronounced, making these areas essential concerns for companies. The prevalence of AI in the compliance context is growing as organizations recognize its potential to enhance security measures and streamline compliance processes. However, it also presents challenges.

AI can assist in detecting and mitigating cyber threats by analyzing vast amounts of data to identify anomalies and patterns indicative of potential security breaches. For instance, machine learning algorithms can uncover subtle indicators of compromise that might be overlooked by traditional methods, allowing for quicker and more accurate threat detection. AI can be utilized to detect anomalies in network traffic, identify patterns indicative of potential security breaches and respond to threats more swiftly than human analysts. Conversely, the scale and sophistication of cyber threats are intensifying, with malicious entities exploiting AI technology to amplify their attack capabilities. AI-driven attacks can include sophisticated phishing schemes, automated hacking attempts and even AI-generated malware that adapts to security measures in real time. As a result, traditional cybersecurity measures may struggle to keep pace with these advanced threats.

Moreover, the interplay between privacy compliance and AI is complex given the opposing paradigms: privacy is largely about limiting interference with individuals’ personal data by minimizing the amount of personal data processed, while AI typically requires large datasets to expand its capabilities. This dichotomy creates challenges for companies striving to balance the benefits of AI with the need to comply with privacy regulations.

For companies looking to leverage AI for privacy and cybersecurity compliance, several important considerations should be taken into account:

• Thorough Due Diligence: Companies must ensure that AI does not introduce new security vulnerabilities or regulatory risks. This involves rigorous due diligence of AI vendors, a well-defined purpose for AI use, and the testing and validation of AI technology.
• Ongoing Monitoring: Continuous monitoring of AI performance is essential to detect any deviations or issues that could compromise security or compliance.
• Appropriate Training: Employees should be adequately trained to understand and manage AI technology, ensuring they can effectively oversee AI operations and respond to potential threats.

To what extent have you observed there to be discrepancies in the number of women in senior versus junior compliance roles? What advice would you give to women who aspire to senior positions?

Based on my own experience, rather than concrete figures, I have the impression that the privacy compliance world is very diverse and well-balanced, not only genderwise. I have been fortunate to have female role models throughout my career, which has been extremely important in broadening my perspectives. Seeing women who have successfully navigated their way to senior positions can be highly inspiring and demonstrates that such achievements are attainable.

For women aspiring to senior positions, my advice would be to go for it – work hard and consistently, remain curious and continually seek to learn. There is no reason you cannot ultimately reach your goal. This fast-evolving industry, like many others, values knowledge and expertise, so never stop investing in your professional development. Trust that your efforts will eventually be rewarded, even if progress seems slow at times. Patience and perseverance are key. It is also crucial to be willing to step out of your comfort zone. Growth often happens when we challenge ourselves and take on new, sometimes daunting opportunities. A lack of confidence or fear of failure can sometimes be a barrier. The only way to improve and achieve your goals is by trying, failing and trying again. Resilience and the ability to learn from setbacks are critical. Every experience, whether successful or not, provides valuable lessons that contribute to growth and success.

Additionally, building a strong professional network is essential. Connect with other professionals in your field and seek mentors. Networking can open doors to new opportunities and provide the support and guidance needed to navigate your career effectively.

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

Some years ago, my former boss mentioned that he was meeting a prospective client to assist them with drafting and submitting Binding Corporate Rules (BCRs) under the General Data Protection Regulation (GDPR). BCRs are a very heavy and complex process for organizations, involving extensive documentation and compliance measures to ensure data protection across the company group. At that time, I had never worked on BCRs, but the project piqued my interest due to its challenging nature and significance in the compliance field.

On my own initiative, I prepared a note for my former boss on BCRs to assist him in getting ready for the meeting. The client decided to hire us, and my former boss asked me to take the lead on this project. I am convinced that my proactive step in drafting the preparatory note and showing my interest played a crucial role in his decision to involve me. For the next few months, we worked intensively together on the project. This experience was incredibly enriching. I gained deep insights into the BCR process, enhanced my project management skills and developed a stronger understanding of GDPR compliance. Collaborating closely with my former boss also provided me with invaluable mentorship and guidance, furthering my growth in the field.

The lesson that I took from this experience is that sometimes you need to create opportunities for yourself by being proactive rather than reactive. Waiting for opportunities to come to you may not always yield the desired results. By taking the initiative, you not only demonstrate your enthusiasm and capability, but also position yourself favorably for new challenges. There are only benefits to such an approach. You either get involved in opportunities that you have been striving for, or, if it does not come immediately, you gain further knowledge and can be proud of yourself for trying. This proactive mindset can lead to unexpected and rewarding opportunities, as it did in my case.

Jessica Lee

Chief Privacy & Security Partner; Chair, Privacy, Security & Data Innovations – Loeb & Loeb

Jessica Lee helps companies in the U.S. and around the world launch, market and monetize their digital products and content. She advises companies in the adtech, e-commerce, and entertainment space, as well as clients in more heavily regulated sectors, such as healthcare and financial services, on everything from interest-based and addressable advertising, data analytics, location-based tracking, smart devices and wearables, to the use of emerging technologies, such as AI, VR and AR, and facial recognition. Lee has assisted organizations design their privacy programs and operationalize U.S. and international privacy and data security requirements.

What role is AI playing in companies’ privacy and/or cybersecurity compliance efforts? How prevalent is its use in the compliance context, and what are some of the most important considerations for companies looking to leverage it for those purposes?

AI is increasingly, but cautiously, used in connection with privacy and cybersecurity efforts. Even before the recent AI boom, companies were leveraging AI-driven tools to help with data mapping and data discovery and automating privacy impact assessments. However, the explosion of comprehensive state privacy laws over the last few years has pushed companies to mature their data governance programs, which can be a massive undertaking for companies with large volumes of data, legacy systems and inconsistent rules for handling data across the enterprise.

A lot of airtime is given to things like privacy notices, opt-outs and cookie banners, but in order to have your consumer-facing privacy efforts function properly, you have to have your internal processes in order. This means you have to know who your vendors are, and have a process for assessing their compliance at the outset of your relationship and throughout the lifecycle of the engagement. You have to know where your data sits, and how you use that data and the controls that need to be in place. And you must have a security program to protect your data from the inevitable cyberattacks. It is almost impossible to manage all of these obligations using manual processes. Whether it is basic automatic or more sophisticated AI systems, companies are leveraging AI tools to help them manage their risks and create efficiencies in their compliance obligations.

That said, AI doesn’t present an opportunity to set it and forget it. Companies need to evaluate the AI tools they are using to ensure that they can deliver on their promises and monitor their outputs to ensure that they are performing as promised. Delegating your Data Subject Access Request process to an AI Agent is an enticing proposition for companies, but the company (not the agent or the vendor behind it) will ultimately be responsible for errors. Companies need to understand the tool they are using and whether it was built for the purpose they are using it for, and then they need to ensure some level of human oversight and quality control.

To what extent have you observed there to be discrepancies in the number of women in senior versus junior compliance roles? What advice would you give to women who aspire to senior positions?

There has historically been a discrepancy in the number of women in senior versus junior roles across industries. I have been pleased to see that privacy has a large number of women in roles of varying seniority, and I feel fortunate that I know and have been able to work with a number of senior women in this space. That said, there is always work to do to increase representation. For women aspiring to senior positions, my advice is to be intentional about visibility and leadership. Seek out opportunities that connect compliance to business strategy – demonstrating how privacy, risk or regulatory compliance can drive revenue and innovation makes you indispensable. Having a strong data governance program can unlock a significant amount of value for companies looking to leverage their data for new AI-driven products. Being able to articulate how your work impacts revenue and brand positioning is key. Build relationships with key decision-makers and peers, find sponsors (not just mentors) and don’t be afraid to advocate for yourself. Lastly, look for ways to differentiate – understand what your “special sauce” is. The more you position yourself as a business partner rather than just a risk mitigator, the stronger your trajectory will be.

Micaela McMurrough

Partner – Covington & Burling

Micaela McMurrough is co-chair of Covington’s global and multi-disciplinary Technology group, co-chair of the Artificial Intelligence and Internet of Things initiative, and a member of the firm’s Data Privacy and Cybersecurity group. In her practice, she has represented domestic and international clients in high-stakes and complex commercial litigation matters, cybersecurity investigations and cyber incident response. She regularly engages with government, military and business leaders in the cybersecurity industry to develop national strategies for complex cyber issues and policy challenges. Prior to her legal career, Micaela served in the Military Intelligence Branch of the U.S. Army, where she was awarded the Bronze Star.

What role is AI playing in companies’ privacy and/or cybersecurity compliance efforts? How prevalent is its use in the compliance context, and what are some of the most important considerations for companies looking to leverage it for those purposes?

There are many ways that companies are leveraging these tools in compliance efforts. Some are using AI to improve their cyber defenses and privacy programs, including by deploying AI for threat detection, vulnerability management or enhanced authentication. I also see companies using AI (or exploring the use of AI) in compliance and governance efforts. The tools can review processes and suggest enhancements based on knowledge of compliance requirements or other available information. They can also review governance or risk management policies and procedures in order to identify ways to streamline, deduplicate or deconflict items across a governance program. In short, there are many ways these tools can play a role in compliance efforts, especially when guided and supervised by smart humans.

To what extent have you observed there to be discrepancies in the number of women in senior versus junior compliance roles? What advice would you give to women who aspire to senior positions?

The number of women in leadership in compliance positions is certainly on the rise from when I started my legal career, but there’s still room for improvement. That said, I’m encouraged by the number of junior women in the pipeline for these roles. I’m also encouraged by the number of women interested in tech roles. Across the board, there’s a need for more tech-savvy professionals to manage tech risk, and I’d love to see more junior women lean into their tech interests and become experts on the capabilities and limitations of available tools.

The technology and regulatory landscapes are constantly evolving and, as a result, I expect to see more opportunity for senior compliance roles related to tech in the coming years. Set yourself apart by immersing yourself in the technology now so that you’re an expert on capabilities and limitations when your number is called.

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

Soon after joining Covington, and before I was a partner, I was paired with David Fagan, one of the chairs of our cyber practice, to conduct a cyber incident response. It was an existential crisis for our client, who had experienced serious operational impact, and involved a lot of interaction with C-suite professionals. While David kicked off the engagement, he soon let me take the lead on client calls after demonstrating that I was ready for this responsibility. He was always there and able to jump in if needed, but, after a certain point, I became the main point of contact for the client. Along the way, I was able to hone my own skills and instincts, including to understand the types of questions that are top of mind for C-suite executives in these situations.

Importantly, David always made sure I was supported on the calls, instilling confidence and security. As I mentor lawyers early on in their careers now, I follow his example and allow them to take the driver’s seat once I feel they are ready for the task. Like David once was for me, I’m always there in the background as a safety net for them, too.

Madelyn Calabrese

Partner – Haynes Boone

Madelyn Calabrese is a partner in the Investment Management practice group of Haynes Boone. She focuses on the formation of private investment funds and regulatory matters for investment managers and broker-dealers. She serves as co-chair of the investment adviser regulatory compliance and broker-dealer regulatory practice groups, as well as the New York entry level hiring partner.

The private funds space continues to be dominated by men. What steps can private fund managers take to recruit and retain more women?

The topic of how to recruit and retain women in the private fund space is frequently discussed. I believe the focus needs to be on retention. Private fund managers need to value the contributions women are making and reward such with advancement opportunities and promotions. Firms should seek to fairly allocate opportunities and mentorship. Recognition of effort, contribution and value added are essential. Just like with a security or a portfolio company, fund managers need to invest in the long-term success of their talent.

According to a 2024 article, “Women in the Legal Profession,” published by the American Bar Association, women constitute roughly 50% of law students, federal government lawyers and law firm associates, but men continue to dominate the upper levels of the legal profession. Similarly, 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?

I’ve seen firsthand how women are well-represented at the associate level but become scarcer in partnership ranks at law firms. In the legal industry, a little more than 25% of partners are female, and that needs to keep increasing. This isn’t unique to law. I’m seeing the same challenges and progress within private equity. My advice for women is to seek mentors, don’t get discouraged, confidently bring your unique expertise to the table and find firms that care about your advancement.

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

As a mid-level associate, a senior male partner staffed me to lead a very complicated regulatory analysis for a large fund manager. I completed the analysis and presented my conclusion to the partner. In response, the partner said, “You expect me to believe that cockamamie conclusion?” While surprised by the comment, I remained confident and responded with a simple, “I do.” The partner decided that he wanted me to share my conclusion with another male partner to see what that partner thought. After I presented my conclusion, the second partner said, “Yep, that’s right.” The original partner responded with, “Great, thanks,” and we moved on. This experience taught me to always remain confident in my work and my ability.

Ranah Esmaili

Partner – Sidley

Ranah Esmaili is a partner in Sidley’s Securities Enforcement and Regulatory practice. She focuses her practice on representing private fund managers, registered fund advisers and trustees, investment advisers to individuals and separately managed accounts, and broker-dealers in regulatory and government investigations and examinations. She also provides advice and counseling to clients on a wide range of securities regulatory matters, including conflicts of interest and disclosure; fees and expense practices and disclosure; mutual fund share class selection and disclosure; material nonpublic information; off-channel communications; AI; and environmental, social and governance disclosure and compliance. Esmaili has been recognized by Chambers USA for Nationwide Securities: Regulation: Enforcement (2024). She has also been named to the Securities Docket’s 2024 list of “Enforcement Elite,” which honors securities enforcement defense counsel whom clients trust to handle bet-the-company matters. She joined Sidley from the SEC Enforcement Division, where she served as Assistant Director of the Asset Management Unit. In that role, she oversaw investigations relating to the activities of hedge funds, private equity funds, venture capital funds, registered investment companies, separately managed accounts and their investment advisers.

The private funds space continues to be dominated by men. What steps can private fund managers take to recruit and retain more women?

I am a big believer in engaging with candidates at the educational stage – during college, university and graduate school. This can be an effective tool in driving interest in your space and identifying talent early. Awareness is key, as some candidates may not even be aware of opportunities in the private fund sector. It is also helpful for students and candidates to be able to visualize themselves in the role, so promoting relevant success stories can help find the best talent from all backgrounds. Visibility and outreach can help build a more diverse pipeline and create organizations that more closely reflect one’s values and communities.

Recruiting and hiring women is the first step, but retaining them requires creating an environment in which all lawyers, including women can succeed. Firms can focus on policies that actively support career advancement for women, such as clear career pathways, leadership training, mentorship programs and flexible work arrangements. At Sidley, our Built to Lead^® professional-development initiative enhances our associates’ leadership skills while also deepening their business acumen. Sidley also pursues strategies to maximize the firm’s success in retaining its lawyers, including women, and promoting associates to partnership and elevating them to leadership positions. But whether you have formalized training and mentorship programs or not, it is crucial to provide opportunities for lawyers, including women, to be involved at every level. Ensure that everyone has opportunities to lead and succeed.

According to a 2024 article, “Women in the Legal Profession,” published by the American Bar Association, women constitute roughly 50% of law students, federal government lawyers and law firm associates, but men continue to dominate the upper levels of the legal profession. Similarly, 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?

The number of women in leadership positions across law is improving, but there is still a ways to go. The reasons are complex and often societal. For instance, our society can place an unequal burden on those managing household and family responsibilities or caring for others, who are – not always, but often – women. Many families struggle with the reality that two parents must work, and one parent may end up carrying a greater mental and administrative load. This isn’t always acknowledged in professional settings, though awareness is growing. A thoughtful organization will have paths to advancement that recognize that even the most exceptional professionals may have different needs and competing demands depending on stage of life. My advice to women aspiring to senior ranks is to take a hard look at the make-up of the senior-most ranks of the organization, as they can be indicative of the organization’s values, commitment and success in this regard.

Another piece of advice is to take charge of your own career. Be your own advocate and your own spokesperson to ensure you are seen and heard. And although formal mentorship programs can be invaluable, informal relationships can often be just as impactful. I encourage women to seek out opportunities where they feel supported and to build relationships with mentors who genuinely invest in their success. I strongly believe in the power of organic mentorship – finding a person who has achieved what you want to achieve and who is vested in your success.

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

Although I’m not certain I can pinpoint my very first big project, my time in government was replete with opportunities to take the lead on projects and was a defining moment in my career. Unlike in the private sector, where senior team members often lead and more junior members often support matters, many government staff attorneys own and work their cases from cradle to grave. That was certainly the case at the SEC, where I joined as a staff attorney and rose through the ranks to become an Assistant Director of Enforcement in the Asset Management Unit. As a staff attorney, I was responsible for every aspect of my matters – from opening matters, to conducting discovery and taking testimony, and eventually to making recommendations to the Commission concerning whether to bring enforcement actions. I learned to weigh evidence and equitable considerations and to understand not only the letter of the law but also the underlying policy driving the regulations. This type of hands-on experience can’t be taught. It uniquely prepared me for my current role as partner in a ranked securities enforcement and regulatory practice at a top-tier firm. I know and understand how SEC staff investigates and evaluates cases, and I can put myself in their shoes and proactively address issues that I anticipate will arise. For clients that come to me for regulatory advice, my knowledge of how SEC Enforcement thinks about regulatory issues allows me to help them achieve business needs while avoiding landmines.

Genna Garver

Partner – Troutman Pepper Locke

Genna Garver is a partner in the New York office of Troutman Pepper Locke. She provides targeted, practical advice to investment advisers and their proprietary private investment funds. She frequently advises private fund manager clients on formation and offering matters for both domestic and offshore funds, including hedge funds, private equity funds, private credit funds and funds of funds. Garver also represents institutional investors, funds of funds and family offices in connection with their private fund investments. A member of the Board of Directors of the National Association of Compliance Professionals and a member of its Regulatory Advisory Committee, she has also served as chair of its SEC Comment Letter Subcommittee.

The private funds space continues to be dominated by men. What steps can private fund managers take to recruit and retain more women?

To get different results, you’ve got to be willing to do things differently. For recruiting, that means expanding both the playing field and the potential players. Consider reaching out to different recruiters, posting positions on job boards hosted by women-focused industry groups, such as 100 Women in Finance, and leveraging other women in the industry with personal networks for potential applicants. Also, consider unconventional candidates who are well-qualified based on their skills – there are deep wells of women in our industry who are undervalued mid-career or looking to reenter the workforce and often overlooked.

For retention, managers should be – and should stay – curious. Needs evolve over the course of a career, and what works for one may not work for all. Flexibility has been key for me over the course of my career, but executive coaching and marketing training have also been crucial for my growth. If you don’t know what your employees need to succeed, ask. If your employees don’t know, seek out consultants who can help identify the right policies and programs. For those managers who have previously invested in similar efforts, beware of complacency. I also suggest avoiding distractions from awards, certifications and rankings for your past efforts, particularly those that are pay-to-play. Although they may boost the company’s reputation, they likely do not add value to your employees’ careers. If that money were instead invested in your employees, retaining them long-term would speak louder than any award.

According to a 2024 article, “Women in the Legal Profession,” published by the American Bar Association, women constitute roughly 50% of law students, federal government lawyers and law firm associates, but men continue to dominate the upper levels of the legal profession. Similarly, 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?

The reduction over the course of a career is strikingly obvious. It’s not easy for women to achieve senior roles, but it is possible and hopefully easier than for prior generations. Those who aspire to these positions need to have a strong network that will support them holistically throughout their journey. Fundamentally, these women need to maintain connections to people who can provide them with meaningful opportunities, not just advice. Seek out tree-shakers who understand the assignment. Look up and out – while you may not know anyone directly senior to you in your company or industry, there may be someone senior who is industry-adjacent and willing to be your cheerleader. People who are in the legacy-building stage of their career are typically more than happy to provide meaningful connections and opportunities.

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

I’m not sure I remember a specific project, but I can say that, at each stage of my career, I have learned so much from working with colleagues throughout the hierarchical chain – not just those senior to me but also those junior to me. Titles do not always equate to a level of knowledge and experience. When I was a junior associate preparing duplicate signature pages for an in-person closing, it was a paralegal (not the senior associate) who stopped me from having the client sign duplicate, original promissory notes. No one knows everything, and I can learn something from everyone.