What does it take to guide one of the world’s longest-standing private equity firms through constant change while still delivering steady results? That’s the perspective we get today from Paul Newsome, someone I’ve known for years and always admired for his clear thinking and good judgment.

Paul is Head of Portfolio Management at Unigestion, a Geneva-headquartered firm with $11 billion in mid-market private equity under management. He’s been with the firm for more than two decades, helping it grow from under a billion in assets to a truly global presence with offices across Europe, the U.S., and Asia. Along the way, Paul has worked across secondaries, primaries, and directs, and now leads on investment solutions and client relationships. His career spans time at Procter & Gamble, a stint in tech corporate finance, and venture investing during the dot-com boom before settling into a long run at Unigestion.

In our conversation, Paul opens up about Unigestion’s unique ownership model tied to a charitable foundation, the culture that keeps people at the firm for the long haul, and how they’re using AI to sharpen decision-making and improve due diligence. We also talk about his personal journey from lessons learned in boarding school and his early career in consumer goods, to the challenges of moving a young family to New Jersey to open Unigestion’s U.S. office, to the advice he’d give his younger self. It’s a wide-ranging discussion about stewardship, adaptability, and the future of private equity.

Episode Highlights:

[00:51] Paul Newsome is Head of Portfolio Management at Unigestion, overseeing $11 billion in mid-market private equity.

[02:32] Paul shares Unigestion’s history, structure, and its charitable foundation ownership model.

[03:25] He reflects on his 23-year career at the firm and evolving roles from investment head to client and business development.

[05:23] Paul explains how Unigestion manages global teams, collaboration, and incentive structures.

[07:38] Discussion turns to employee retention, tenure, and culture within private equity firms. [09:17] Paul talks about his education at Shrewsbury School and Oxford, and lessons that shaped his approach.

[12:28] He compares stewardship in teaching with responsibility in private equity investing.

[14:10] The charitable foundation model at Unigestion is described, including its impact on culture and identity.

[15:11] Paul recalls his early career at Procter & Gamble and the business lessons it provided. [16:03] Engineering shaped his problem-solving approach, always seeking the most elegant solution. Occam’s Razor and how the simplest answer is often the best.

[18:29] Conversation shifts to AI, machine learning models for deal evaluation, and their predictive accuracy.

[21:19] Large language models are being tested for analyzing fund documents and predicting returns.

[23:04] He reflects on AI’s broader implications for efficiency, legal work, and employment in finance.

[26:18] The team’s approach to assessing portfolio companies’ readiness for AI adoption is outlined.

[29:09] Paul discusses his transition from consumer goods into tech corporate finance and venture capital.

[33:40] He explains why he left P&G during the tech boom to pursue corporate finance in London.

[36:24] Paul recounts his time at Bank Boston’s venture arm and the effects of the dot-com crash.

[40:14] He describes joining Unigestion in 2002, opening the New York office, and moving with his family.

[44:38] Cultural and business differences between Europe and the U.S. are shared, including networking styles.

[49:12] Paul gives career advice to his younger self: seek variety, stay adaptable, and value attitude over competence.

[53:56] He emphasizes Unigestion’s cultural diversity and the importance of global collaboration.

[54:48] Paul highlights enduring client and GP relationships, and why backing emerging managers remains central to success.

Resources & Links Related to this Episode

• Paul Newsome - Unigestion
• Paul Newsome - LinkedIn