Interview with Vaishnavi Katamreddy

Congratulations on your new role as Head of Buyout! What will you focus on first?
Thank you! I’ve been truly touched by the warm wishes from colleagues, our network of GPs, and most importantly our investors – that has been a real highlight for me personally.

Looking ahead, my ambition is to strengthen Golding’s position as the go-to Europe-headquartered small- and mid-cap asset manager. That means being both a trusted partner for the top-tier GPs we’ve built strong relationships with, and the platform of choice for global investors seeking attractive private equity opportunities through funds and co-investments.
My focus will be on leaning into our transactional DNA to build resilient portfolios for our investors. Over the past years we’ve shown that our emphasis on the small and mid-cap segment, combined with flexibility in how we invest, allows us to deploy capital and generate liquidity even in a challenging environment. Ensuring steady vintage exposure and consistent exits for our investors will remain at the heart of my priorities.

What opportunities and challenges do you currently see in the buyout market?
At our recent Investor Days, we used the image of a “big pause button” to illustrate today’s market dynamic. After a brief rebound in late 2024 and early 2025, Q2 once again brought a slowdown. Historically, environments like this often offer the best chances to outperform public markets – but only if you approach them with the right mindset. For us, that comes down to two things: focus and flexibility.

Focus means being very selective about where and with whom we invest. We concentrate on small- and mid-cap companies in sectors with strong structural tailwinds such as technology, B2B services, and healthcare, and we partner with GPs who add genuine operational value. These managers consistently deliver top-tier returns but are often access-constrained. Thanks to our long-standing relationships, Golding can open these doors for our investors.

Flexibility is equally critical. In slow markets, deployment can be the biggest challenge – and that’s where co-investments, late primaries and secondaries become invaluable alongside traditional primaries. Having the set-up to use all these access routes allows us to deploy capital effectively, capture attractive risk-return dynamics, and create earlier liquidity. In today’s market, that breadth is not optional – it’s essential.

What can investors look forward to from your team in the coming months?
With Daniel stepping up as CIO, we are strengthening our team at both mid- and junior levels – recruitment is already underway with encouraging early momentum.

On the investment side, we are broadening our coverage in two areas: first, independent sponsors, where we want to build relationships early, before these managers grow too large and access becomes more restricted. Second, sector focus: alongside our three core sectors – technology, B2B services and healthcare – we are starting a deep-dive into specialty manufacturing as a potential new focus area.

These initiatives reflect Golding’s culture as a learning organisation and our ambition to stay ahead of the curve, bringing differentiated opportunities to our investors.

You’ve been part of the team for three years. What do you value most about Golding’s culture?
From the outside, two things immediately attracted me to Golding: the strength of the overall platform, which enables investment teams to truly focus on what they do best – investing – and the opportunity to continuously learn from colleagues across different asset classes.

Since joining, I’ve been even more impressed by the outstanding quality of our junior and mid-level team. Their experience, motivation and fresh perspectives add enormous value to our discussions and give me great confidence in the future of our platform.

More broadly, the level of commitment across Golding is exceptional. Around 130 colleagues personally invested in our last multi-manager fund, contributing 2.6 per cent of the capital. That kind of dedication and alignment is rare in our industry – and it speaks volumes about the culture we have built here.

Which experiences from your previous career will be particularly valuable in your new role?
Over the past 20 years I’ve had the privilege of seeing private equity from different angles: as an LP, a direct investor and earlier in investment banking. Each of these roles has shaped the investor I am today.

13 years as an LP sharpened my judgement of risk and return by looking across portfolios, business models and both successful and failed deals. My direct investment experience gave me deep respect for entrepreneurs and deal teams, and a broad perspective on deal dynamics, key metrics and – crucially – GP team culture and incentives. And my years in investment banking instilled a strong work ethic that still defines how I approach diligences today: being thorough, well-prepared, and asking the tough questions – but always respectfully.

It’s this combination of experiences that I find most valuable in my new role, and what I aim to bring to Golding’s buyout strategy going forward.

Looking back, what advice would you give your younger self at the start of your career?
I would tell her to seek out mentors earlier. Speaking to people who have walked the path before me has made an enormous difference to my career. It’s something I try to pass on today by mentoring younger colleagues at Golding and through  the Level20 initiative.

And finally: Tell us something (personal) that’s not on your CV.
German is my fifth language. What began as a short sabbatical in 2011 turned into a new home – Germany has never let me go. By now, I am married and have two daughters (aged 9 and 6) – my strictest German teachers.