IVCA Profile: Shoshana Vernick, Co-Founder/Managing Director of Avathon Capital, 2025 IVCA Foundation Award Recipient at the IVCA Awards Dinner

For the 25th Anniversary year, the IVCA recently honored their 2025 awardees at the IVCA Awards Dinner – which took place on December 8th – and the recipient of the IVCA Foundation Award was Shoshana Vernick, Co-Founder/Managing Director of Avathon Capital. The IVCA Foundation Award recognizes an individual or firm who has significantly contributed to the IVCA Scholars Program or has made impactful strides in enhancing diversity within the Private Equity and Venture Capital community in Illinois.

Ms. Vernick has been instrumental in the development of the IVCA Foundation, but more importantly has been the force behind the continued and strong success of the IVCA Invitational, the primary fundraising event for the IVCA Scholars Program. Under her leadership, the event has reached record sponsorship, revenue and visibility. Her commitment to the event is evident, as well as her passion that drives the Foundation to continue to elevate its vision and execution.

Shoshana M. Vernick is a co-founder and managing partner at Avathon Capital, an investment platform launched in 2016 to foster innovation and growth in the education and workforce markets. Before establishing Avathon in 2015, Ms. Vernick was a Managing Director at Sterling Partners, a middle market Private Equity firm. Prior to Sterling, she served as an Associate at One Equity Partners LLC, where she worked on direct PE transactions including venture and management buyouts, and at Razorfish, a digital solutions provider. She began her career at Merrill Lynch in the Global Industries Group. She earned a BS with honors at Indiana University.

The IVCA recently interviewed Shoshana Vernick for insight into her career.

IVCA: The IVCA Foundation Award acknowledges your contributions to the IVCA Scholars program… What in your interaction with the program has impressed you the most about its success and why did you want to be a part of its development?

Shoshana M. Vernick: When the IVCA Scholars program was launched, it was an easy ‘yes’ for me to get involved from the very beginning. I wanted to be part of building this program because I believe opportunity is unevenly distributed but talent is not. The Scholars program creates a real on-ramp into VC and PE for students who might never otherwise see this industry as accessible, while strengthening the long-term talent pipeline for our firms. That combination of expanding access, investing in the future of our business community, and paying it forward resonates deeply with me. 

What has impressed me most is the caliber of the students we’ve been able to attract. When you spend time with them, you see how eager they are to learn, how grateful they are for the opportunity, and how driven they are to succeed. Their energy is contagious, and it pays dividends to participating firms while establishing a growing alumni ecosystem for the industry. 

IVCA: You are the prime mover of the IVCA Invitational event… What has been the key in your oversight of that outing that has made it an established yearly happening and how it gets the word out about the Scholars program?

Vernick: From the beginning, our goal with the IVCA Invitational was simple … create awareness for the Scholars program and raise the philanthropic support needed to sustain scholarships and build firm participation. The irony isn’t lost on me, but we landed on a summer golf outing as the best way to gather our community, raise money, have fun and provide real social interaction with the Scholars themselves. As a golfer, it was important to me to create an exceptional experience for everyone – whether you were new to the game or a low-handicap player. The keys have been a relentless focus on the details, strong partnerships with our sponsors, and making sure the Scholars themselves are visible and central to the day. 

Because the Invitational brings together more than 200 GPs, LPs, advisors, and friends of the community, it has become an event people want to put on their calendars year after year. We spread across two of the area’s best 18-hole courses and run a skills clinic. We use the day to connect students directly with leaders in the industry, share outcomes and strengthen relationships. Over time, the combination of a memorable outing and a clear mission has helped cement it as a ‘must-attend’ event and a powerful amplifier for the program. 

IVCA: Since VC and PE investments are establishing ever-expanding global reach, how does a diverse workforce create opportunity for investments both domestically and in all corners of the globe?

Vernick: A diverse workforce is a core competitive advantage. Teams that include those who bring different lived experiences, academic backgrounds and perspectives to the table are simply better at seeing around corners, spotting emerging trends and empathizing with new customer segments, in addition to importantly asking different questions about risk and opportunity. 

Domestically and globally, the markets we invest in are increasingly multicultural, digital and interconnected. Having people around the table who understand different communities and geographies, as well as the ways of solving problems improves our judgment and our ability to build enduring companies. As an investor in the education and workforce sectors, I see firsthand the importance of making sure your firm – and your portfolio company boards and leadership teams – represent the diversity of the markets you serve. 

IVCA: You are recognized as a PE and investment banking expert who also commits to a range of interests that creates a balance of disciplines. What is an example of an outside-the-business interest that both feeds your curiosity and your investment expertise? 

Vernick: I’ve already disclosed that I’m a lifelong golfer and have learned so much from the sport, and received so much back. In my youth, I worked in a retail golf shop and paid attention to every detail, caddied for members during events, taught little kids in summer clinics and played competitively. Golf has been a passion and a privilege as an adult as well, providing opportunities to see some of the most beautiful vistas, walk the fairway with incredibly interesting people and observe the unspoken integrity and actions of other players. It has been a way to deepen relationships and create shared experiences. 

However, my business curiosity is most fueled by people and conversation … whether that’s in person, in books, or on podcasts. I find the stories of founders fascinating and love to learn from history the patterns that have supported their creativity, resilience, innovation and longevity – qualities that matter when going into long-term partnership with others. Whether through experience or story, I want to keep learning, expose myself to new ideas and be a better sounding board and mentor for my team and our portfolio.

IVCA: In previous interviews you’ve said that you had no background exposure to Private Equity when you were younger… What was a key moment in that learning curve during your journey, and how does it inform your expertise going forward?

Vernick: I grew up in Munster, Indiana, the daughter of a teacher and a small business owner, and the product of a terrific public education. My world was loving and supportive, but nonetheless small. Studying abroad in Maastricht [the Netherlands] in my junior year was a big leap, and in hindsight, one of the best decisions I made. It was my first time in Europe, and it exposed me to cultures and possibilities I didn’t know existed. 

As an accounting and finance major, I returned that summer to an internship in public audit, and while a wonderful path, wasn’t the right fit for me. Back on campus senior year, I phoned a friend at Princeton and asked a simple question … “What are your smart friends doing after college?” She said investment banking or strategic consulting, neither of which had been on my radar. Investment banking interviews were up first. I still remember flying to New York City for the first time, completely excited and so nervous. Merrill Lynch was willing to take a chance on an eager, hard-working kid from Indiana and I was off to the races. It was during those early years in banking that I first learned about Private Equity. 

IVCA: So once you stepped into the PE space, how were you determined to pay forward the knowledge that you acquired?

Vernick: Coming into the industry without prior exposure has made me very attuned to the power of visualization and to creating access for those who don’t know what they don’t know. I try to make myself accessible to students and younger professionals while remaining conscious of creating room for their curiosity … and I’m also willing to open doors whenever I can. My own experiences have influenced my commitment to the IVCA Foundation and Scholars program. 

IVCA: Considering your deep involvement in the Illinois Venture Capital Association, what does it mean to be honored by your peers with the IVCA Foundation Award? 

Vernick: This community has given me tremendous opportunities over the course of my career, and it feels special to be honored for efforts aimed at opening those same doors for the next generation. 

I also see this as shared recognition because, as we all know, it takes a village. The IVCA Board, the IVCA Foundation Board, the Invitational Committee, participating/sponsoring firms and of course the members of our own teams … who provide direct mentorship and oversight of the Scholars … all play critical roles.

Most of all, this honor reinforces my belief that building a more accessible and diverse talent pipeline is not a side project – it’s central to the long-term success and viability of our PE and VC ecosystem.