In this exclusive fireside chat, Daphne Tong, Partner and Co-Head of Investments at WestCap, shared her insights on identifying a niche in private markets, her experience at Blackstone and GIC, and the unique operating equity model at WestCap.

Key Takeaways:

Identifying a niche: Daphne emphasized the importance of understanding where a firm has the right to win and focusing on themes that are adjacent to their strengths.

WestCap’s operating equity model: WestCap’s model combines investment and operating teams to source and accelerate companies, with a focus on thematic investing and a “co-pilot” approach.

Data and technology: Daphne highlighted the importance of using data and technology to identify and landscape companies, but emphasized the need for human judgment in the investment process.

Talent acquisition: Daphne discussed the challenges of replicating WestCap’s operating equity model, citing the need for operators with a unique blend of skills and experience.

LP concerns: Daphne revealed that distributions are currently the single biggest concern for WestCap’s limited partners, who are focused on differentiated returns in a crowded market.

About Daphne Tong: Daphne Tong is a Partner and Co-Head of Investments at WestCap, a growth equity firm that invests in marketplaces and software companies. With a background at Blackstone and GIC, Daphne brings a wealth of experience in private equity and growth investing.

Key timestamps:

00:09 Introduction to ION Influencers Fireside Chats
00:41 Daphne Background and Experience
03:39 Key Differentiators in Investment Approach
05:41 The Role of Operators in Deal Sourcing
08:57 Technology’s Impact on Investment Workflow
10:58 Thematic Investment Strategy and Decision Making
15:09 Evaluating Investment Opportunities
16:40 The Importance of Operators in Private Equity
20:23 Future Talent in the Investment Sector
22:08 Investor Concerns in a Changing Market
24:32 Inspiration from Leadership