Marie-Claude Boisvert of Sagard Private Equity: Eye on Canada’s mid-market

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There continue to be fewer women than men in private equity in Canada, though women are making strides. Recent studies indicate that more women are working in the alternatives space than a few years ago, particularly at private equity, venture capital, and hedge fund firms.

According to Preqin’s 2020 Women in Alternative Assets report, trends are encouraging. In that follow-up to their 2017 study, data indicated that initiatives around inclusion and gender equality are improving circumstances for women, but there is undoubtedly still work to be done.

The most recent global statistics from the report indicated that the proportion of female alternative assets employees has increased to 19.7 per cent from 18.8 per cent in 2017. In terms of leadership roles, however, the same study reveals that at managing director level and above, significant gender imbalance remains.

Marie-Claude Boisvert is one of the leading women in Canadian private equity and is raising a fund for Sagard Private Equity Canada, where she is a partner. Here, she shares her experiences in the industry and describes the choices she has made whilst carving out a successful career path for herself.

What interested you about your career path as a student, and what decisions did you make regarding education as your passion developed?

“I was raised in an entrepreneurial family environment and realized how fond I am of business builders early on. It also became clear how my personality, skills and interests were compatible and complementary to theirs. I have always loved numbers and was looking for a university program that would allow me to develop my passion for business and my interest in finance. I wanted to have the ability to do both in a dynamic social environment where teamwork was key. This led me to do a BAA at HEC in Montreal and an MBA at INSEAD in Fontainebleau, France.”

What was your journey from student to your role at Sagard?

“I have been fortunate to have had a series of challenging and rewarding positions over the years in different areas, ranging from professional services to operational roles, to being a private equity investor in the Canadian mid-market. Each career phase was about contributing to the group’s mission and objectives and applying lessons learned to the next role. I started my career at KPMG in Montreal before jumping into investment banking at Goldman Sachs in London.

“I then came back to Montreal to take the role of EVP and CFO at Greiche & Scaff, a then family-owned Montreal eyewear business that had just partnered with a private equity investor. This operational experience was eye-opening because it allowed me to better understand the entrepreneur and operator perspective, which has served me well in my subsequent roles as an investor. Because of that experience, I appreciate the view of portfolio companies and what it takes to build a business.

“From there began my career in private equity: I first joined Kilmer Capital Partners in Montreal, where I saw firsthand the valuable support that a well-regarded, hard-working and successful family (the Tanenbaums) can bring to a mid-market PE fund. Following that, I joined Clearspring Capital Partners, a fund that is also focused on the Canadian mid-market, led by Larry Stevenson (founder of Chapters bookstores) and now at Sagard.

“I chose Sagard because of the quality of its people and network, the values-based culture and its ambitious plans for mid-market companies in Canada. Sagard Private Equity Canada’s mission is to become the partner of choice for entrepreneurs and management teams of Canadian mid-market companies … with $10-30M EBITDA in three sectors (services, manufacturing and financial services) and to help them change their growth trajectory. This segment is currently underserved in Canada, so it’s exciting to be a part of building something like that.”

What is the private equity landscape like now post-COVID, and how are you approaching that landscape?

“As we like to say, there is never a dull moment in mid-market private equity. The last 12 months have been positive for finding investment opportunities. We are on a path to having deployed almost a fifth of our committed capital, with what we view to be strong portfolio of companies.

“We have also found there is strong interest in alternative investing firms like Sagard. We are currently raising our first fund, Sagard Private Equity Canada I. We recently achieved an important fundraising milestone that we will be happy to share soon. We are still open and will gladly accept more, of course, but we are very proud of reaching this milestone so quickly.

“As we look to next year, with the uncertain economic context, we will continue to focus on investing diligently in Canadian mid-market companies with resilient business models, strong cash flow conversions and defensible market positions, where we believe we have the ability to change their growth path with our capital, our network and our experience.”

What advice might you give to the next generation of young women in this field?

“My message to women looking to enter or evolve in this field is that, with the right support system, your passion, skillset and commitment will help you overcome the challenges that sometimes come with working in the industry.

“Building a career in private equity requires commitment, hard work, and motivation. The hours are very long and pretty unpredictable and that affects your entire personal ecosystem. I am grateful for the support of my family, my friends and dedicated, very talented teams. But I thoroughly enjoy what I do every day.

“My advice would be to never lose focus on the long-term objective and find the right teams to help you grow and contribute to your organization’s success. Be generous early on with your time and support your collaborators and network. In doing so, you will learn faster, and you will build relationships with others who are also passionate about your industry.”

Responses have been edited for clarity and length.