IVCA Profiles: New IVCA Foundation Board Members Libby Baker & Kelly Zitlow
For 2026, the IVCA Foundation welcomed two new members to their board of directors – Libby Baker, Senior Director of Talent and Culture for The Vistria Group and Kelly Zitlow, Head of Corporate Communications for Water Street.
Prior to joining Vistria, Libby Baker led People Operations for Waud Capital Partners, was the VP of Organizational Development and Plant HR at Home Chef, and began her post-MBA career at McKinsey, where she worked in the Business Technology and Organization practices. Ms. Baker earned a B.A. in Economics at Northwestern University and her M.B.A. from Georgetown University.
Kelly Zitlow, previous to Water Street, led global public relations for Hewitt Associates, including the marketing/communications for an entrepreneurial healthcare e-business launched by the firm. Earlier in her career, Kelly held positions with global agencies, Burson-Marsteller and Young & Rubicam, and began her career as a television news anchor and reporter. She earned a bachelor’s degree from the University of Dayton, where she serves as a member of the Provost’s Advisory Council.
Libby Baker and Kelly Zitlow were interviewed regarding their roles on the IVCA Foundation board.
IVCA: Given your backgrounds, what is a brief outline of your career journey and how did you both end up working at your current positions for your respective firms?
Libby Baker: I began my post-MBA career at McKinsey & Company, where I spent seven years advising organizations across a range of topics and ultimately discovered a passion for organizational effectiveness and helping companies drive stronger performance through people and talent.
I brought that focus to the Private Equity industry and now focus on Talent and Culture at Vistria. I enjoy partnering with leaders on people strategy, performance management, and learning and development, and truly believe that thoughtful investment in talent is a critical driver of long-term value creation and sustained performance in Private Equity.
Kelly Zitlow: I began my career as a television news anchor and reporter, where I had the opportunity to interview numerous business executives. Their passion for building businesses inspired me to transition from journalism to corporate communications. I wanted to do more than tell stories; I wanted to help shape and elevate them to grow businesses.
After Water Street raised our first fund, I joined the team to help our portfolio companies craft compelling brand and communication strategies. It’s incredibly rewarding to work alongside our leadership teams to advance our shared goal of building market-leading healthcare businesses.
IVCA: What intrigued you both about sitting on the board of the IVCA Foundation, and what impact do you feel the Venture Capital and Private Equity industries have on the economic and community engines of Chicago, the State of Illinois and the Midwest?
Baker: Private Equity and Venture Capital operate at a scale that can drive meaningful change. The capital that moves through the industry creates real opportunity for good, especially in Chicago and across the Midwest. When PE and VC back innovative companies, they are also supporting the diverse group of local leaders, entrepreneurs, students, and professionals who run them. That diversity is Chicago’s competitive edge. The industry can open doors and ensure leaders from across Chicago’s communities help shape the region’s future, and that commitment strengthens the broader economic and community fabric of Chicago.
Zitlow: During my 20 years at Water Street, I’ve seen firsthand the profound impact our collective knowledge, experience, and resources can have in driving innovation and growth for both our companies and the communities they serve. The PE and VC industries are more than financial engines; they are catalysts for innovation, job creation, and economic growth. I’m excited to join IVCA’s Foundation Board to amplify our industry’s positive impact in Chicago, a city I dearly love, by supporting programs that develop and nurture diverse talent. These new voices bring fresh ideas and perspectives that will strengthen our industries even further.
IVCA: The VC and PE communities are getting more diverse as the new millennium rolls on. As women in the industry, what changes are you experiencing or observing given that more female voices are making decisions in leadership roles?
Baker: We’ve made progress, but I think it’s fair to say the work continues. What I’ve found encouraging is that as more women step into leadership roles, there’s often a broader lens on talent and leadership development. Many of the conversations expand beyond just hiring to include how we build strong teams, develop future leaders, and create environments where different perspectives can thrive. I’m a firm believer that a diversity of voices and thought ultimately strengthens firms and improves decision-making.
Zitlow: It’s truly exciting to be part of the tangible progress our industries are making toward greater diversity. As my career has grown at Water Street, I’ve learned that fostering a collaborative, team-first culture is as crucial as financial acumen in achieving success. Research consistently shows that diverse teams lead to stronger outcomes, a principle I see in action at Water Street. The variety of thoughts, perspectives, and experiences among our team enables us to make more informed and holistic decisions, enriching our strategies and results. As a leader, I’m deeply committed to cultivating an environment where everyone feels valued and empowered to contribute.
IVCA: Finally, what elements of what the IVCA Foundation promotes interests you the most, and how do you hope to make an impact regarding those interests?
Baker: I’m very passionate about continuing to broaden the voices, experiences, and perspectives represented in our industry. One of the IVCA initiatives that excites me most is the Scholars Program, which helps surface exceptional local students who may not otherwise have visibility into careers in Private Equity and Venture Capital. By introducing talented students to the industry early and creating more pathways into PE and VC, programs like this help ensure we keep attracting the best and brightest talent from across our communities.
Zitlow: I’m particularly drawn to the IVCA Foundation’s focus on education, mentorship, and job shadowing programs. These initiatives are crucial for cultivating the next generation of diverse leaders in our industry and communities. By leveraging my expertise in communications and marketing, I aim to raise the visibility and reach of these programs, encouraging more individuals from varied backgrounds to pursue careers in venture capital and private equity. I’m excited to collaborate with our board members to expand these opportunities, which I believe are vital for the continued growth and success of our industry.