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Running Through Glass Ceilings
Roshini Bakshi
Managing Director, Private Equity, Everstone Capital Asia                                                                    
INTERVIEW • 5 min read
Roshini Bakshi built a phenomenal track record in driving consumer businesses and building brands before turning into an influential investor. A rare lateral hire into PEVC, she shares a no-holds-barred, authentic perspective on transitioning into the male-dominated space that is PEVC, and dealing with being an outsider in more ways than one. An avid marathon runner, Roshini has certainly taken running through glass ceilings quite in her stride.  
Q1. You have had a long and successful stint working with global companies across different geographies. Please share your journey into private equity with us, and how it came about. What prompted the move?
A: My first experience with PE was when I was heading operations for a software business invested partially by Polaris and by a PE. The PE investors attended board meetings and their only focus was on financial metrics. They came from a school that taught them to squeeze out returns using ratios and percentages and did not really care to understand business nuances. I, therefore, did not have a great opinion of the typical investment bankers and consultants, who had never been operators.
We moved to Jakarta in late 2014 and I had to quit my role as CEO for Walt Disney in South Asia. As I was thinking about my next career move, I met with Sameer Sain, co-founder and CEO of Everstone Group. When he explained that Everstone may be a PE firm, but its DNA is that of an operator- an operator building businesses and taking risks, e.g. Burger King which started with just a white sheet of paper. His team put in place the right management, created a menu from scratch, different from anywhere in the world, established a supply chain, cold chain, and was building the brand strategy pretty much like an owned business.
He convinced me that I could actually make a difference by working closely with promoters and management in the portfolio companies, using my previous experience and many times working as an operator to help create value across different areas, brand, and marketing, talent management, operations depending on the need and stage of the business.
Q2. There is a general belief that investing is an apprenticeship-based business and investors are groomed over years. What has been your experience transitioning into investing as a senior hire?
A: It is true that investors are fundamentally bankers and consultants and feel more comfortable with people who are cut from the same cloth. Because most of them have grown in this over years, there is a general perception that one needs to go through years of training before becoming the captain of a deal. It does not take much time to learn the enterprise valuations or funding structures.
However, this industry has always been a boys’ club, filled with previous bankers and consultants- most of them alpha males trying to climb on top of one another and prove they are the best. In this daily slugfest, the best thing a woman can do in this circumstance is not to try and mimic her male colleague, but to be comfortable in her own skin and bring her own strengths to the table.
So when I normally partner with an investor colleague in the deals we look at, I bring my operating skills to the table, understanding businesses instinctively, being able to analyze real issues and opportunities, and help create a value creation plan that I can sign off on as sensible and realistic.
Q3. You have worked with some of the most admired employers like American Express and Unilever. What part of Everstone’s leadership and culture resonates the most with you? Where would you rank it in terms of the quality of people and work environment that it has built, especially from a gender diversity point of view?
A: This is a tough question, but let me give an honest answer. There is a very high degree of independence and flexibility at work here. For nearly five years I worked in Singapore but my home was in Jakarta. The fact that I sometimes worked from home on a Monday did not really matter and no one questioned my integrity or work ethics. It was and has always been about the output only. The co-founders are entrepreneurs at heart and have built a firm that behaves like an entrepreneurial business, with a strong sense of ownership. In terms of gender diversity, Everstone has been quite far-sighted in driving the agenda of diversity and inclusion, to bring in and retain talented women. Apart from me, I have women colleagues who lead capital markets, legal, business development, investor relations, and human resources in PE. The Everstone group which includes PE, Real Estate, the green energy fund all have a significant share of women across functions and levels.
Q4. Please share some instances where you were at crossroads in your career and had to make tough decisions?
A: As women, we have a double disadvantage. We are yet to be treated as true equals at work, which means we work ourselves harder than men to get a seat at the table. At home, however, we are expected to play the supportive spouse and face career disruptions multiple times. I have faced it three times and each of this was when my husband moved. And each time, it was just as I was settled and achieving. I had to quit each of the jobs, and when I got options in different industries or sectors, I just took each of these as an opportunity to try something new and in the process, I actually managed to grow.
Q5. Do you recall any biases or assumptions made about you?
A: For sure.. lots! Initially, it was assumptions that I would get pregnant and stop work, then it was that I would not be able to put in the hours with young kids, initially in the tech company, I was not taken seriously as I was not a techie and then in PE that I have no previous investing experience and therefore will not know the financial contours of a deal. Each time, I have had to work harder, focus on my strengths, put aside my ego, prove my worth, and more importantly build a thick shell around me to not get hurt.
Q6. How do you manage self-doubt?
A: Still working on it.
Q7. You have said in an earlier feature with Winpe that your sons are your biggest cheerleaders, with full appreciation for your passion for your work. What would be your advice to young women as they aspire to build successful professional careers and happy family lives, at the same time?
A: I built a strong network of women around me who were equally proud and willing to support me to ensure I could work. I leaned on them all the time. My girl friends who kept an eye on my kids, my maids at home, my mother-in-law. My advice to other women is simple- build a strong network at home with other women. They are your cheerleaders and your children will become too as they grow and realize that they have a mother who is happy and has her own identity. Also set up expectations right at the start, get each person at home to contribute don’t feel terribly guilty if you miss seeing your kid’s first tooth fall, or a goal in a match.
Q8. Who has inspired you on your journey and why?
A: My dad, who brought me up to be an equal and only pushed me to strive and achieve.
Q9. What is the best work-related advice you have ever received?
A: It’s okay to make mistakes and fail. It’s what you do afterwards that’s important.
Q10. How do you unplug from work?
A: I love to run, explore new places, read and just spend time with family. I run long distance, my mind is so clear when I run and I feel so refreshed. I love to experience new things, places, food, and even during the last 12 months of lockdown, I have managed to find beauty in the everyday things around me, a new café, a new experience in the same city.
Q11. Most valuable leadership lesson?
A: Be willing to learn at every level and from even the youngest member of the team. And lead always from the back.
Q12. Top 3 parameters you consider while making an investment decision?
A: The following:
  • What is this business all about and why will it continue to exist and win 10 years later?
  • Who is the promoter or founder?
  • Who will buy this from us? And why?
Q13. Do you believe women can have it all?
A: I believe women can have a lot more than what they have today.
Q14. A dish that you love to eat or cook the best
A: Salads, I love to make. Chocolate in all forms, shapes, and sizes I love to eat.