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Virginie Morgon

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66
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2021-07-19
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2021-07-19
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  1. “Would probably know about 3 billion. It's now about eight, and there wasn't any outside capital, maybe 500 million, maybe 600 million. And now we're managing, including the balance sheet, because I keep saying Eurazio is the largest client of the GP. We're managing $30 billion. And that's quite singular in our industry. We did that through organic hiring team in dedicated sectors, pool of talent, but also buying existing GPs to accelerate that transformation. Because when you have a balance sheet or actually publicly quoted shares as well, because I'm a public company, you can build your transformation through MNA as well, which I did.”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “In 2003. So we basically sold a number of historical assets, either real estate or public companies that we had. And we reinvested into more private equity-like businesses 20 years ago. And that was just at the time the investment of the wealth, of the company itself. So we say we invest our own permanent capital, our own balance sheet. But then came the change about six, seven years ago, which is a fabulous acceleration for us to go into managing third-party money alongside our balance sheet.”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Thanks for saying because sometimes I say that very old and highly respected lady because Urazo was born at the end of the 19th century in 1870. And Urazio was a corporate and operation where owning businesses running gas and water in France. So Gaz AO, gas and water and then progressively evolve into more of an investor type of holding company. We were owning real estate. We were owning big stake in public company, Banon, LET, many others, but more passive. There has been a number of merger between different entities, Eura France, Gazilla, that led to ASEAN. Long story short, Eurazo, as a private equity investor, was, it's about 20 years, I would date to found.”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Sector that I want to promote, invest in, be the decision maker, not just the advisor. And it became so clear. I quit in like a week. Although I loved it, I really did.”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Arsene was just born. I was working like crazy. I had no time off. I sort of had time off, but I didn't have. And I thought it's sort of more difficult than I've thought, although I was a partner than I've been a partner in nominative partners very early on like I was 30. But it's normal because your clients, they're working on the deal of their decade or their life. So they want you, but they don't understand. You have 10 clients like that who want you at the same time. So it's not because you have your young, you know, one month boy in your arm. They're happy for you. They're asking about our scenes. You're doing well. But then immediately they jump into their deal. And you're thinking, okay, so if that's going to continue like this, I would rather do this myself. I would rather be the decision maker. I would rather be the game changer in.”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Strategized really being on the side of your CEOs and advising them as best as you can for the future of the company, not dissimilar to what we do as investors. So, I mean, there's two types of bankers, you know, the transaction-led and then the more strategic bankers, client relationship. Why would private equity get in the way? Because remember 2004-5, six, seven, like craziness of private equity. And it was less about client relationship as bankers and more about securing a mandate with whoever was trying to buy whatever asset. And I thought, you know, this is too transactional for me. I mean, I like to be more building over the long term. Also, I had my third child, Arsene. So I had one who was for one.”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Okay, you're going to smile on that one, bitch. It's a funny story because I quit because of private equity and I joined a private equity firm. How bizarre is that? But I'll elaborate just a little bit. Okay, 17 years is a long time and I learn a lot. I love Lazard. I still do. It's really, I've got great admiration for banks like Lazard who really make a living on advisory. So everything that we do from morning to dusk is about advising best our clients. So what I love there, and that explains then why I wanted to go to private equity, I loved working for the same client over so many years. I work for early kids. I worked for Danon. I work for Kingfisher. I work in the luxury sector because it's not just about doing a transaction. It's about”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Way it's not because you disappear for two months and a half that you can't get the same promotion, the same pay rise, because if you deliver in nine months, what others deliver in 12, then good for you. So it was never really for me seen as either a problem or an obstacle, but it was all about hard work and I couldn't see really the difference between my male friend associate analyst and us. I mean, we were just working a lot and have no life and continues to try to smile and that investment thinking, isn't it?”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “It's sort of fun, and at the same time very serious. So it wasn't really never for me an obstacle. Of course, I could see clearly that there wasn't that many women staying. It's not that they were not hiring women as Annalies or associates, but it's such a hard work. And I don't know, for some reason, we were losing a lot of women along the way. And that's the big hurdle. keep the women make sure that for different reasons they feel welcome, loved, the infrastructure in a private equity firm or a bank is made also for them. It's difficult when you come back from a maternity leave because you know half of you is sort of disconnected and half of you doesn't really see that. So there's a lot of psychology and a lot of support and just the mindset. So promotion, pay rise.”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “I was raised by a working mom, a doctor. She's a doctor in law and she's a doctor in science. I never thought being a woman was a problem because I was raised in that sort of environment where men or women doesn't really make a difference. You just have to work hard, respect people, you know, have your own values and exercise your judgment. I had no idea that being a woman could be a problem because I was never raised with that thinking and I had my mom right there working just like many other male doctors around her. So that's, I think, a big thing first because you're not thinking it's a problem. I was actually thinking quite the contrary to be honest because I thought you're different, you're bringing something, a new energy, a new way of expressing, having people work together.”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “That was interesting. So, I was doing this on top of the rest and following clients. I think that helps. And being a woman, but an outspoken woman sort of helps as well. I mean, they actually quite liked the idea. There wasn't that many women in still not many. It makes a change in the way people interact with each other and in the atmosphere. And a lot of partners actually like working with me.”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “competing with each other and i mean the brits were they were the brits and the french were looking down on the brits and the americans thought they ruled the world and you know those french you know not obeying and not following the rules but at the end you know i created bridges that's for sure because i like working with bigger team of international culture and background and i certainly helped a lot in merging the three houses renegotiating all the economics of the partners and also finally working within lazange to prepare the ipo so that helps because you're really dealing with the very core of what makes a partnership and you create trust determination you have to fight because you know get all those partners together align economics their vision of the future you know one brand one name one pnn”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Hardworking, you know, disciplined, you do what you say, you say what you do, you deliver, you're going into detail, it's specific, you're really providing great support and safe harbor to your partners, you know, they can rely on you. All of this had to be there, of course. But there's this other layer which I think I brought is I was the only one at that moment to have started in New York, then worked in London, and then I finally joined Paris, not that I really wanted to go back to Paris, but Lazard was that house with that strength and that reputation in Paris. So I thought, you know, you have to be spending time there. But my point is I was the only one very early on.”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Sleeping three hours a night, discovering it all, I was probably 20. So that's sort of the beginning. And then linearly, I mean, I work basically 17 years at Lazard and I loved every of it. And then I quit, like literally, but there's reason for that. I quit after 17 years and I joined Urazio and Urazio that was at the end of 07. So I've been there for the last 13 years in different positions.”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Oh my God, earlier for brothers, that's important in the story and know who I am loved by many men, but at the same time, you know, treated like I should be. So I've got a very strong character. So it always started. I was born in Lyon, in France. And very early on, I start moving around, studying in Italy, came to New York to work, have been working also in Asia, discovered Taiwan, Korea, Hong Kong. I wasn't even 20. So that has that influence as well, for sure. I absolutely love Asia. And I feel very comfortable in Asia. And the US was my first work experience. I started as an intern at Lazar. And wow, best time ever, like working like a dog, partying.”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “My guest on the fifth episode of Private Equity Masters is Virginie Morgan, the CEO of Eurazio, a publicly listed asset manager that's one of Europe's leading private equity investors with more than twenty six billion dollars in assets, including 8 billion in permanent capital across private equity, private debt, and real asset strategies. Our conversation covers Virginia's background, transition to private equity, and Eurazio's rich history. We discussed the business strategy under her leadership, long-standing emphasis on ESG, European focus, investment strategy, and outlook for Eurazio going forward. Please enjoy my conversation with Virginia Morgan. Virginia, thanks so much for joining me”

    2021-07-19 · Capital Allocators · Private Equity Masters 5: Virginie Morgon – Eurazeo (Capital Allocators, EP. 204) · IDENTIFIED FROM THE TRANSCRIPT · source