Private Markets: 50 Women Leaders 2024

In association with Citco

Originally published on 11 July 2024


Private Markets: 50 Women Leaders 2024

The Hedge Fund Journal, which celebrates its 20th anniversary in 2024, has for some years been expanding coverage of private credit and private debt, through performance awards, fund profiles, manager profiles and associated expert content from lawyers and accountants illuminating topics such as regulation and valuation. This step into illiquid alternatives partly reflected credit hedge funds diversifying into direct lending and capital solutions, and some of the largest alternative asset managers now combine liquid alternatives with multiple illiquid asset classes. 

Given that we have been publishing our 50 Leading Women in Hedge Funds report since 2010, we thought a special report on women leaders in private markets seemed a natural progression. So, we are delighted to be publishing this first edition of Private Markets: 50 Women Leaders, in association with Citco, and to whom we are very grateful. 

We are delighted to be publishing this first edition of Private Markets: 50 Women Leaders, in association with Citco.

Hamlin Lovell, Contributing Editor, The Hedge Fund Journal

Researching for this report has given us the opportunity to engage with our wider network of asset managers, allocators, brokers and service providers to identify candidates.  

In addition to private credit and private debt, the report highlights senior women in private equity, buyouts, venture capital and secondaries, infrastructure, as well as some service providers notably law firms, depositaries and a recruitment agency with a special focus on diversity. 

Firms represented in this report include asset managers offering a pure play on one asset class, and more diversified asset managers that cover several; as well as allocators, including the UK’s largest pension fund, funds of funds, private banks and wealth managers.

Some 29 of the 50 women in this year’s report are investment professionals and this is a deliberate act on our part to combat the misperception that women struggle to reach the most senior investment roles in portfolio management, fund selection and allocation. Non-investment roles are in finance and accounting, law and compliance, human resources, and notably two women in the report are leading ESG at their firms. 


Many private markets strategies are pursuing ESG and/or impact investing in different ways. This could be sustainability linked ratchets on private loans, especially in Europe; increasingly extensive carbon reporting, and even fully fledged “impact investing”, especially in infrastructure. 

The featured women are also naturally focused on their firms’ own ESG credentials. Many women in the report strive to empower and mentor youngsters, students, trainees and colleagues. They are promoting diversity, equality and inclusion both inside their firms and in the wider industry, through committees, interest groups, industry groups and special initiatives. 

A handful of firms have disclosed aggregated firm level statistics that are very impressive in terms of the number of women (and sometimes other minorities) in the most senior positions. 

While some of the oldest and largest firms are present here, a purely quantitatively asset-based ranking would have overlooked many female founded firms. We wanted to showcase a variety of asset classes, strategies, geographies and firm sizes, including several firms founded or co-founded by women, with one started in 2022. Regardless of seniority in job titles, new private markets managers launched by women help to redress the balance of ownership in asset managers, which were historically nearly always founded by men.  

An asset size ranking could also have been almost entirely dominated by the US. In fact, only 23 of the 50 are US-based, with 15 in the UK, and the rest mainly in European countries including Belgium, France, Finland, Italy and Switzerland. There is more diversity in terms of countries of origin. 

The honorees are ordered alphabetically because this is not a competitive ranking. Honorees announcing their inclusion may be tempted to use terms such as “best” or “top”, but such superlatives can be perceived to exclude others who can demonstrate comparable seniority and achievements. The report is rather intended to provide a variety of role models to inspire future cohorts and generations of women leaders. 

We appreciate the efforts made by some firms to provide us with original content going beyond boilerplate corporate bios. There are also three extended profiles in the report.


by Claudia Bertolino, Head of Private Equity and Private Credit, Citco Fund Services (USA) Inc.

Holding the position of Head of Private Equity and Private Credit at Citco Fund Services (USA) Inc., Claudia Bertolino spearheads the Citco group of companies’ (Citco) wide-ranging plans to become the ‘next generation asset-servicer’ to private markets.

We are delighted to be sponsoring the First Edition of Private Markets: 50 Women Leaders in association with The Hedge Fund Journal. We celebrate the outstanding achievements of the 2024 honourees. They are an inspiring group of individuals.

At Citco, my team are focused on implementing operational efficiencies as part of plans to digitize the client experience within both private equity and private credit markets. Clients sit at the heart of everything Citco does, and the company is investing in its proposition constantly, creating and upgrading numerous solutions to enhance client interactions and create the best client experience possible.

There is a clear focus on client journeys and offering a more consultative service model, with Citco creating more digitized, technology-enabled platforms to support clients. In the coming years, our team are also planning further data integration between Citco and our clients, while helping to provide tools that increase collaboration between managers, lawyers, accountants and investors. With automation and cybersecurity increasingly front of mind across the industry, technology will play a key role as more clients adopt data-driven workflows. This is all part of Citco’s goal to be true partners with our clients, acting as their operational backbone.”

About Claudia Bertolino

Since becoming Head of Private Equity and Private Credit at Citco in 2022, Claudia has been instrumental in supporting the growth of the company’s Private Capital Markets’ assets under administration from approximately USD 650 billion to over USD 900 billion. This makes it the fastest growing, major division within Citco, and all the growth has come organically via existing client growth and client recommendations to prospects, rather than M&A.

In total, Claudia has over 20 years’ experience within the company, spanning senior roles in client service, accounting and business development. She has also been a member of Citco Fund Services’ Management Team for over six years.

Since joining Citco in 2000, her name has become synonymous with the alternatives sector, and she regularly speaks on industry panels and leads debates on a variety of topics. Alongside her work in the alternative investment industry, Claudia is a member of the New York Help for Children (HFC) Committee of Hearts and a Global Angel of 100 Women in Finance. Claudia is also the Founder and Board Chairperson of the MGB Memorial Scholarship Fund and is a Co-Founder and acting President of the Saint Joseph Regional Foundation, Inc.


Private Markets: 50 Women Leaders 2024