Georgia Ling, Investment Analyst in ECI’s Investment Team, reflects on why she swapped advisory for investing, what people outside the industry tend to get wrong about private equity, and the life skill she learned at Pickle Shack.
Q: You moved from M&A advisory to ECI’s investment team. What prompted the change?
I wanted to get closer to the realities on how businesses work and operate in practice. On the advisory side, you spend a lot of time prepping businesses for sale and learn how to construct a compelling story on slides. I’m quite a curious person, so I wanted to get a layer deeper, and move into an environment where I spend more of my time forming a view on how those stories would actually play out in reality, staying with the company’s journey post-transaction.
Q: What did you know about ECI before joining, and how has the reality compared?
I had come across ECI before, as they were well covered in my old team. I was once lined up to work with ECI on a buy-side, and remember asking one of my colleagues what working with ECI was like. He was highly complementary, stating that they’re very straightforward and considered to work with. The buyside unfortunately fell through, but I came into ECI with a positive perception from the start.
I was pleasantly surprised that the outside-in perception of ECI has matched the reality of working here – there’s sometimes quite a mismatch between the two! Everyone is straightforward to work with, and very intentional about their actions. There’s a lot more autonomy and ownership over your time, which is something I’ve valued since joining.
Q: What do people outside the industry tend to get wrong about private equity?
I think people assume private equity houses are all the same – and I don’t blame them! If you look at various firms’ websites, they can seem quite homogeneous – similar strategies, similar value creation pillars, and the same jargon, so from the outside in, there doesn’t really seem to be much difference between them.
I personally found it surprising that two firms can have quite similar strategies and operate in the similar parts of the market and yet be completely different to work with. Culture, past experiences, and hierarchy plays a huge role in influencing this, and so I think it’s important not to bundle up all private equity firms under one umbrella!
Q: What have you been enjoying working on?
I’ve been involved with some of our recent deals (Paragin, Helio Intelligence), which has been a great learning experience. I’ve enjoyed meeting management, analysing and dissecting data and discussing views as a case team. Something I appreciate about ECI is that everyone is keen to listen and consider the opinions of each member of the case team.
I found the space that Helio operates in particularly interesting. One of the reasons why I studied Philosophy, Politics and Economics at university was because I really wanted to better understand how the political climate and context feeds into economic decision making. Helio helps with exactly this process, so I’m really excited to see how the company evolves over the coming years!
Q: You read philosophy at university. Do you have a philosophy or mantra when it comes to work?
Something I picked up in banking and during COVID: understand what is in your control and what is not. Especially when it feels like the world is becoming more uncertain, it’s important to appreciate that you can’t control everything. You can, however, control your own response, and how you approach the work in front of you. Learning to separate the two has helped me manage the stress of the job.
Q: What advice would you give someone hoping to move into private equity?
I think the biggest piece of advice I’d give is to spend time understanding your motivation for wanting to move into private equity and having a clear view of what your priorities are. There are many different reasons people are attracted to the industry, but it’s worth being clear on what you’re looking for and what trade-offs you are willing to accept, as that will influence what type of investor you want to be and what type of firm you want to work at. Hopefully once you’ve gone through this exercise, you’ll be much more compelling in the recruitment process as your answers are genuine and considered.
Quick Fire with Georgia:
What was your first ever job
From the ages of 16 to 18, I was a front of staff for a wedding catering company called Pickle Shack. I learned that I have a taste for canapés (arancini is my favourite), became the dedicated champagne bottle opener in my family (they think I am a professional) and formed an intense appreciation for those working in service industries. Being on your feet for the 8-hour shifts is hard work!
Where is next on your travel list?
Japan. I know, it’s a classic… but everyone also comes back raving about Japan, and the food and scenery looks gorgeous. I want to plan a road trip where I could eat my way through the country.
If you could instantly learn one new skill, what would it be?
Mandarin. I never learnt growing up, mostly because there were no Chinese schools in Devon at the time. I think it’s a practical language that unlocks a world of culture (and would spare me those slightly awkward moments when someone speaks Mandarin to me, and I am left looking lost!). I did take lessons at university, but it’s hard to speak it properly with my accent.
How would you spend an ideal day off?
I would get up early for a Lagree class (it’s the new reformer pilates), then have a leisurely walk and read a book at Regents Park. Afterwards, I’d grab an early dinner with friends and then round off the evening with some live music. Some of my favourite evenings have been concerts at Wigmore Hall in Marylebone, or the Roundhouse in Kentish Town.
What is the best thing you have ticked off your bucket list?
Machu Picchu, which I did just before joining ECI. I really underestimated how much the altitude would affect me, but it was well worth it as the atmosphere on the hike up was otherworldly and exceeded all of my expectations!
