IVCA Feature: Former IVCA Scholar Cass Ziebel, Now Principal at ParkerGale Capital

One of the finest commitments to creating a space for diversity, equity and inclusion in the Venture Capital and Private Equity industries is the IVCA Scholar Program. The IVCA Scholarship provides college students a very rare opportunity to be placed with a Venture Capital or Private Equity firm for ten weeks.

In addition, Scholars participate in informational and training sessions at a variety of investment firms and at professional service providers that partner with Venture Capital and Private Equity investors including accounting, investment banking, valuation, legal, consulting and more. The goal of this valued IVCA program is to create inclusive industries with more gender, racial and ethnic diversity.

To continue this 2024 series of articles regarding the program is former IVCA Scholar Cass Ziebel, who is now a Principal at ParkerGale Capital. Ms. Ziebel received her BS in Accounting from the University of Illinois and her MBA with Honors from Chicago Booth. She participated in the IVCA Scholar program in 2011 with Prairie Capital, and later participated as a presenter at the 2022 program onboarding sessions. The IVCA interviewed Cass Ziebel about her experiences in the program.

IVCA: Thinking about that time, how did Prairie Capital set up the training situation for you, and what aspects of those training sessions were most beneficial for you regarding your interest in the industry?

Cass Ziebel: I participated at Prairie Capital, a firm which had implemented the IVCA Scholars in the past when the program was in its infancy. I think they – like many other PE firms – weren’t set up at the time with a prescriptive onboarding or training protocol. As I’ve grown up in this industry, I understand why …  everyone in a middle market firm is scrappy and doing a lot at once, and honestly even as an intern, there was a ‘come in the room and learn as you go’ mentality.

I think learning from a young age that you hold responsibility for your own experience  – by asking questions, by asking to be in the room, by trying something new without someone asking you to do something first – is a lesson that helps you go far in this industry. I learned what a CIM was and spent a lot of time reading them and learning how to distill a 100-page deck down to a one or two page write-up to help an associate or VP decide if reading it was worth their time.

I remember working on some internal sourcing projects, asking questions like ‘Where do we historically get deals from? How often do we contact these bankers today?’ I learned what K-1s were from the CFO and listened in on Monday morning meetings and the investment committee. A generous senior associate spent a lot of time showing me how he modeled a deal and the assumptions that went into it.

IVCA: What are some other tangibles besides what you described above?

Ziebel: There’s a lot you can learn about a firm just by observing and being allowed in the room. I think Prairie Capital, like many other IVCA firms, views the program more as ‘what can we give/teach/show the individual’ instead of ‘what can we get out of the them,’ which makes for an ideal learning environment. Much of the learning happened in informal conversations over lunch or drinks, in seeing how someone handles a hard conversation, figures out a problem, or leads a meeting. That kind of learning and environment is hard to replicate in a classroom setting.

I didn’t know much about Private Equity before the IVCA Scholar interview process, but I really enjoyed the exposure I got to the world of M&A, and I enjoyed the fast pace and variety. From my time as an IVCA Scholar, I knew that I wanted to be in and around deals as I grew my career.

IVCA: What did you learn about the day-to-day decision making that also has proved valuable as your career has progressed?

Ziebel: I don’t know if I appreciated it as much then as I do now, but I started to learn how decisions are made in middle-market Private Equity. This often has a lot more to do with influencing and preparing than it does with just the facts and figures. A strong financial understanding and acumen may form the foundation of a deal, but you can’t get a deal done on that skill set alone.

IVCA: How did the IVCA Scholar program, in retrospect, introduce you to what you were going to pursue and get you into the nuts and bolts of the industry?

Ziebel: What I think the IVCA did a great job on  – and continues to do –  is in the exposure they give the Scholars to the broader landscape of jobs and opportunities in and around Private Equity … it doesn’t just rely on the internship experience at the firm itself.

During my experience, I was able to meet with leaders at hedge funds, directors and associates at other firms, investment bankers, accountants, and lenders. I started to understand how PE played a role in a much greater ecosystem and what other paths existed outside of the traditional ones, which gave me the confidence to stay around the industry but take a less traditional path myself.

IVCA: Much of the philosophy of the IVCA Scholars program was Diversity, Equity and Inclusion [DEI] before it even was a buzz term. Why is that important to you?

Ziebel: We often shy away from talking about DEI head-on in the Private Equity industry, but I think that’s a mistake. PE continues to have a pipeline problem when it comes to hiring and retaining women and people of color. The IVCA Scholar program gives people who otherwise would never get the chance a slice of access to this industry. What these interns do with the experience next is up to them, but it is an easy win for a firm to do something simply to increase equity in the world.

IVCA: Finally, as an ongoing supporter, what would you recommend to other up-and-coming undergrads regarding the value of the Scholar program if they have an interest in the Venture Capital or Private Equity industry?

Ziebel: I think these industries is one that is often mysterious and not very transparent to the people outside of its gates. It’s a ‘who you know’ environment, and the programs is an opportunity to get a foot in the door early in your career. Networking is a valued skill here, and the earlier you start, the more you can learn about what the job looks like and if it is a fit for you … and at what type of firm, because they are certainly not all the same.

I get a lot of inbound emails from undergrads these days who are interested in PE and VC and I try to pay it forward by spending some time with them on the phone, but what I’m often trying to understand is ‘why?’. A lot of undergraduates, MBAs and others look at PE roles as a status symbol of ‘success’ and pursue it blindly without trying to understand what the role entails and if it’s something they truly want to do.

The people I believe are the best in both industries are motivated by things other than the title, success, and money. They are genuinely curious, get a rush out of the hard work and hours it may take to get a deal done, and aren’t above working hand-in-hand with management teams and taking time to give back, mentor, and teach others That is because they genuinely love it.

For more information about the IVCA Scholar program, click here. For more on Cass Ziebel and ParkerGate Capital, click https://www.parkergale.com/team-store/cass-ziebel-principal.