Lisa Westley, Managing Director and Head of Strategy for Advent Tech, discusses Advent’s tech franchise, its differentiators, and unique culture.
Talk to us about the origins of Advent Tech. Where did you see the opportunity?
I love talking about the genesis of Advent Tech. I’ve been working with Bryan Taylor for a really long time, and when he met the team at Advent, it was symbiotic. There was complete alignment behind the two themes that guide our ethos:
- ‘Tech is a horizontal,’ which means that tech pervades all sectors and most areas of our lives; and
- ‘Tech is one ecosystem,’ where success means understanding both early disruptors and established incumbents.
This is our core strategy.
Were there any key lessons learned or challenges you faced as you embedded the tech franchise at Advent?
When we first started, Advent had this phenomenal franchise and reputation in the market, but the Advent Tech brand wasn’t well-established in hubs like Palo Alto and Silicon Valley. So, our biggest challenge in the first couple of years was brand building. It was amazing how the strategy took off so quickly and through a few standout deals, the franchise built itself much quicker than I ever thought it would.
How are things structured to encourage both cross-sector and tech-specific deals?
Cross-sector collaboration is fundamental to what we do. It’s really built into the culture of the firm. We are an incredibly collaborative place, and we operate as ‘one firm, one team.’ Because all we really do is focus on private equity, everyone is aligned. We have a shared incentive to make each other successful. I liken it to the sport of rowing: that beautiful picture of everyone working in unison. That’s what I picture when I think about collaboration at Advent.
The Palo Alto office is known for having a unique culture. How would you define it?
Our team is about being humble, being collaborative, and having a bit of fun. We have the broader Advent ethos and culture, but it’s so tightly knit in a small office like Palo Alto, that it becomes almost visceral. I think one thing that really symbolizes our culture is that we all have lunch together every single day. It’s a literal appointment in everyone’s calendar. Everybody comes to lunch, and we all sit together. There’s no hierarchy, and it’s a great symbol of what the team in Palo Alto is all about.
Do you have any examples of culture driving impact?
Absolutely. Our collaborative culture allows us to do deals that you wouldn’t see anywhere else. Aareon is a really great example of that. It was a large deal team made up of a local German team that had the relationship with the bank, the tech team in Palo Alto, and specialized expertise from teams in London and Boston. Everybody worked together hand-in-hand to drive an incredible transformation.
Last question for you, what’s the best piece of advice you’ve received?
That the business world is small and relationships really matter. People work with who they like. Someone I admire told me to think about every relationship as a bank account where you have to constantly make deposits, because one day you might have to make a withdrawal. This advice is so important at a firm like Advent, where collaboration is key. It’s why I always tell new people at the firm to invest in building those personal relationships. Do everything you can to pick up the phone, go to another office, and spend an extra day introducing yourself. Because it’s the personal relationships that matter.
