We had the privilege of talking to Rana Yared from Balderton Capital about her impressive career journey. Rana shares what she loves about Balderton, as well as the lessons learnt from her past experiences, including being a VC Investor at Goldman Sachs and living through the financial crises. She discusses the qualities required to be a good VC investor: above all, a curious mind.
A: Rana, thank you very much for finding the time to speak with us! So, you are a Partner at Balderton Capital – one of Europe’s biggest and most successful VC firms. Prior to that, you were a Partner at Goldman Sachs. Could you take us back and tell us why you chose to join a VC firm?
R: I have been investing for 14 years. I was actually a VC investor at Goldman Sachs, and I did that from 2008 to 2020. So, why leave GS and do it at a VC? Once in a lifetime opportunity. Balderton is an equal partnership in economics and in vote – there are not many of those that exist out there. My really bad joke is: if I really wanted to jockey with people for pay and promotion, I should have just stayed at GS. It was a great organization for me. So, I had no interest in going through hand-to-hand combat of figuring out what my place was in another organisation, unless it was as an equal member of the company, and Balderton obviously offered that.
A: Amazing! You already have a lot of successes with Revolut, GoCardless and all the other big portfolio names. What about any failures or any challenges that perhaps helped you grow?
R: I lived the financial crisis. I remember exactly where I was on the trading floor when people thought Lehman was going down. And people think that was the only challenge in Europe, but I was investing here from 2008 to 2013 the first time, and then again from 2015 forward… The first and second European sovereign crises were existential for investing here, so it was very formative for when you tackle the environment in 2022 with a view that you have seen this before.
A: And what skills have been most useful to you personally as an investor? You have already moved cultures from the US to Europe, which requires a great level of expertise and people skills. So, what other skillsets do you rely on to be a great investor?
R: I am not sure that I have made that big of a change, because I have been investing in Europe since 2008 and have been in this ecosystem for a while in various formats, mostly on the FinTech side and now more broadly at Balderton. My parents are also not originally American by birth, so that cross-cultural element is quite normal for me. And skills-wise, curious mind. I think venture is definitely a game of a curious mind. So, having that innately is really helpful.
A: I also could not help but notice how diverse and gender-balanced your team is at Balderton. So, would you mind shedding some light on what characteristics you look for when you choose what investors join your team? What would make a good analyst or associate for you?
R: We are gender-balanced, which is great – I am really proud of that. Frankly, at the junior ranks it becomes increasingly easier, because we are seeing applications come through in a more balanced way, whereas, when I was in my early twenties, the applications were not 50/50, so it was harder to create a gender-balanced team.
Interestingly, the answer is the same one that I gave before: curious mind. Really good analysts and associates have an insatiable desire to learn and no task is too small. All the rest – the market deep-dives – you can learn. If you invest a little bit later stage and you have to do some Excel, it’s four-function math – you can learn. So, the rest of it is very teachable, but if you do not start with a pretty innate curiosity, it’s not for you.
A: That is very useful! Do you have a piece of advice for students or young people looking to break into VC on how best to prepare?
R: I think it is really hard to get a role in investing directly out of university. So, it is likely that someone has to go do something for 2 years. I would say just build a skill. Quantitatively, maybe consulting or investment banking. Maybe you go and work in a business. That is then what you bring to the table when you are interviewed by VCs. Because, generally, not only are we gender-balanced, but also skill-balanced: people have come from an operating environment, an investing environment, a consulting background – there is not a prejudice for one or another background per se. Just go get a skill.
A: Understood and noted. What would be your most and least favourite parts of your job?
R: I love meeting founders! I hate firing founders. Thankfully, that’s not something we have to do often.
A: And, lastly, could you provide a bit of an insight into what your day might look like?
R: My days are very varied. Ignore my Mondays: that’s partner meetings. Generally, it is a combination of meeting new companies (met 3 yesterday), doing some portfolio work, and then doing some reading about something I am interested in. Plus, mentoring, catch ups, whatever else.
A: That sounds really fun!
R: It is fun!
A: Thank you so very much for your time and insight.
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