Beyond Limits: How Patricia Cloherty broke through the barriers of Private Equity?

In the still largely male-dominated world of private equity, Patricia Cloherty stands out as a pioneer.

Born in 1942 in San Francisco, Cloherty's journey from humble beginnings to CEO of Delta Private Equity Partners is a testament to her unwavering determination and intelligence.

In a field largely dominated by men, Cloherty's success is a source of inspiration for women who aspire to excel in finance and venture capital. Her achievements stand out not only for their financial impact, but also for her commitment to supporting projects that aim to make a positive contribution to the world.

Here we explore Patricia Cloherty's youth and upbringing, as well as the key moment when she crossed paths withAlan Patricof, a decisive encounter that led her into the world of venture capital. From her days in the Peace Corps to her brilliant career in private equity, we trace the trajectory of this remarkable woman who broke barriers and defied expectations. We also look at her significant contributions to the U.S. Russia Investment Fund, her years in Russia and the legacy she left behind.

Cloherty's journey as a private equity pioneer epitomizes determination, innovation and the relentless pursuit of progress. Her story highlights not only her impact on the business world, but also the importance of diversity and the essential role women play in shaping the future of finance!

Debut and education

Patricia Mary Cloherty was born on July 2, 1942 in San Francisco, California. She grew up in a modest family, with her parents, John and Doris Cloherty, and her three siblings. Her father had immigrated from Ireland at the age of 13, while her mother was originally from Victoria, British Columbia.

Patricia Cloherty's youth in San Francisco was marked by a solid education and a passion for learning. She attended San Francisco College for Women, a Catholic institution now part of the Jesuit-run University of San Francisco. It was there that she graduated in 1963 with a degree in Spanish literature and ancient Greek, testifying to her interest in languages and cultures.

After graduation, Patricia made the courageous choice to join the Peace Corps, an American governmental organization dedicated to humanitarian aid and development in developing countries. She was sent to a remote region of Brazil, where she taught farming families animal husbandry and agricultural techniques. Her commitment to others and her desire to have a positive impact on the world were thus expressed right from the start of her career.

The decisive turning point in Patricia Cloherty's life came in 1969 at a United Nations-related event, where she metAlan Patricof, an investor who was about to open a venture capital company. Despite his lack of financial experience, Patricof was impressed by Patricia's intelligence and offered her a position as a research analyst in his new company.

Patricof believed that Cloherty would be excellent at answering the fundamental question of venture capital: which business projects are worth supporting? Despite her lack of financial training, Patricia seized the opportunity and quickly climbed the ladder. Within two years, she became a partner at Patricof & Co. Ventures (later renamed Apax Partners), a firm that took early positions in iconic companies such as Apple, Office Depot and AOL. The firm grew spectacularly to become a multi-billion dollar global enterprise, and Patricia Cloherty eventually rose to the positions of Co-Chairwoman and President of the company.

This meteoric success in venture capital was remarkable, especially as it was rare for women at the time to make a career in this highly masculinized sector. Patricia Cloherty has become a role model for many women aspiring to succeed in the business world, and her journey has become a source of inspiration for those seeking to break down gender stereotypes and carve out a place for themselves in traditionally male-dominated fields.

Rise in the world of private equity: visionary spirit and social commitment

Following her success at Patricof & Co. Ventures, Patricia Cloherty demonstrated her visionary spirit by broadening her focus to other areas, including biotechnology and the high-tech sector. She has led investments in companies such asAgouron Pharmaceuticals, a pioneer in the production of protease inhibitors for the treatment of HIV, and Tessera Technologies, which specializes in protective packaging for computer chips. Her most notable achievements also include PPL Therapeutics, the Scottish company that gave the world Dolly, the famous cloned sheep.

In doing so, Patricia Cloherty has distinguished herself by her willingness to support projects with a positive impact, while also being a shrewd investor. In an interview with a Teachers College publication at Columbia University, she declared that she was not involved in "the race for profit", but rather in supporting people seeking to do good. She saw herself as a "Girl Scout Guide" who sought to leave things better than she found them.

In 1977, Patricia Cloherty was appointed Deputy Administrator of the U.S. Small Business Administration by President Jimmy Carter. However, her desire to make a significant difference prompted her to leave the world of finance to operate an investment company in partnership with her husband, Daniel Tessler. This transition once again demonstrated her courage and determination to explore new professional avenues.

Patricia Cloherty's career took a new turn in 1995, when President Bill Clinton appointed her to the Board of Directors of the U.S. Russia Investment Fund. The mission of this fund was to invest U.S. capital in Russia's transition to a market economy. In 1998, she became President of the Fund, marking the beginning of her career in Russia. Intended for a six-month assignment, her stay in Russia lasted twelve years, during which time she held the position of Managing Director of Delta Private Equity Partners, the fund's general partner.

The Russian chapter of his career: Investing in Russia and building international relations

In 1995, Patricia Cloherty embraced a new challenge by joining the board of directors of the [U.S. Russia Investment Fund](https://en.wikipedia.org/wiki/The_U.S._Russia_Investment_Fund), with investment capital of $440 million. Under his leadership, the fund is committed to supporting the development of the Russian economy in its transition to a market economy. Her private equity experience and in-depth understanding of financial markets have been invaluable in guiding the fund's investments in emerging Russian companies.

In 1998, Patricia Cloherty was appointed President of the fund, and it was then that the Russian chapter of her career really began. She moved to Russia for a planned six-month assignment, but her stay ultimately extended to twelve years.

As Managing Director of Delta Private Equity Partners, general partner of the U.S. Russia Investment Fund, Patricia Cloherty played a key role in the financing of over 50 Russian companies. She facilitated the creation of Russia's first mortgage bank, paving the way for home ownership for many Russian citizens. In addition, it supported the development of the country's first credit card bank, helping to modernize Russia's financial sector.

Among its most notable successes was the investment in the country's first bottled water company, meeting the growing demand for quality consumer products in Russia.

In addition, his leadership and interpersonal skills were crucial in building strong international relationships between American and Russian investors. Her commitment to Russia's economic development and her expertise in the financial sector were recognized by Russian President Vladimir Putin, who awarded her theOrder of Friendship in 2008.

The Russian chapter of Patricia Cloherty's career has been marked by both challenges and significant achievements. Her involvement in Russian private equity has been acclaimed, and she has become a respected figure in the business world in Russia and the USA. Her commitment to economic development and her desire to create strong ties between nations have made her an exemplary ambassador for private equity and an example for future international investors.

Patricia Cloherty's legacy: A role model for women in private equity

Patricia Cloherty's legacy in private equity is deeply marked by her role as a pioneer and role model for women aspiring to succeed in this traditionally male-dominated sector. Her remarkable career and success have broken down gender stereotypes and paved the way for new opportunities for women in business.

Throughout her career, Patricia Cloherty has inspired and encouraged many women to pursue careers in private equity and the financial markets. She has demonstrated that a woman can succeed in a highly competitive field by being true to her values, following her instincts and taking calculated risks. Her visionary approach and social commitment have also shown that it is possible to succeed professionally while making a positive impact on society.

As a leading figure in private equity, Patricia Cloherty has played an active role in the advancement of women in the industry. As President and Chairman of the National Venture Capital Association, she has worked to promote diversity and inclusion in the private equity industry. She has been an advocate for equal opportunities for women in leadership positions and has supported the rise of women entrepreneurs in technology and innovation.

Her impact has not been limited to the private equity industry in the US, but has extended internationally. Her role in the development of private equity in Russia, and her work to strengthen economic relations between the United States and Russia, have received both economic and diplomatic acclaim.

Patricia Cloherty's legacy is also evident in the many honors and distinctions she has received throughout her career. She has been recognized for her outstanding leadership and impact in the business world, including being named Businessperson of the Year by the American Chamber of Commerce in Russia, and being named to Forbes Magazine's list of 100 top decision-makers and investors.

Patricia Cloherty's career is a powerful reminder that women have their place in private equity and in all areas of business and finance. Her dedication to excellence, commitment to diversity and desire to drive the industry forward have opened up new avenues for ambitious women seeking to realize their potential in the business world.

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In conclusion, Patricia Cloherty was much more than a private equity pioneer; she was a driving force for change, paving the way for new opportunities for women in business and investment. Her remarkable career, marked by her visionary spirit, exceptional leadership and social commitment, testifies to her determination to achieve her goals while leaving a positive impact on society.
Ultimately, Patricia Cloherty has left an indelible mark not only on the private equity industry, but also on the hearts and minds of those fortunate enough to have rubbed shoulders with her or been inspired by her journey. Her positive impact on business, equal opportunities and international relations will remain etched in history, reminding us all that determination, integrity and commitment can shape a better future for all.

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Sources In Memoriam: TC Alumna and Trustee Emerita Patricia Cloherty '70 Patricia Cloherty, Trailblazing Venture Capitalist, Dies at 80