The Human Dimension: What Makes a Successful Investor

In a recent interview with Décideurs magazine, Ardabelle Capital Partner Célia Nataf shared her unique perspective on what truly makes a successful investor in today's private equity landscape. Her insights reveal why the human dimension remains at the heart of meaningful investment success.

From Science to Private Equity

Born and raised in Paris in a family of scientists, Célia's journey to private equity began at ESCP Business School, where extensive travel to London and Singapore for internships in M&A, corporate finance, and investment funds opened her eyes to the possibilities in private equity.

After starting her career in M&A at Barclays, she joined Eurazeo's mid-large buyout team, where she spent five transformative years learning the investor craft across various sectors. A particularly impactful transaction was the Mondelez carve-out, involving European brands like Carambar, Poulain, and Krema.

"The transaction was long, complex, different from what we were used to. We were able to recruit a new management team, restructure the group's strategy and give it new momentum. The strong industrial component made it fascinating."

The Mid-Cap Advantage

This experience revealed Célia's preference for human-scale investments where close relationships with management teams are possible. Unlike large-cap transactions where junior professionals rarely develop privileged relationships with top management, mid-cap investing allows for the human dimension and strategic project development that she finds most rewarding.

This preference led her to participate in the European launch of Eurazeo Brands in 2019, where she helped build a new investment thesis from the ground up with a small, entrepreneurial team.

Finding Purpose at Ardabelle

After a decade at Eurazeo and a brief stint at Montefiore Investment, Célia found her calling at Ardabelle Capital. The opportunity combined everything she was seeking: an entrepreneurial project with meaningful impact investing thesis.

"I love my job as an investor, but I aspired to add the notion of impact," she explains. "Ardabelle's project, led by Virginie Morgon along with part of my former Eurazeo team, added an important human dimension."

What Makes a Good Investor

According to Célia, the human aspect is essential for successful investing. Key elements include:

• Identifying entrepreneurs: Having good instincts about people and building rapport quickly
• Building trust rapidly: Creating confidence in record time since deals are competitive
• Choosing the right team: Avoiding mistakes in partner selection
• Ongoing support: Being present alongside management to help teams and entrepreneurial projects grow

Private Equity as Boxing

When asked to compare private equity to a sport, Célia chose boxing—a discipline she practiced competitively for years. The comparison is apt: both require complete preparation, with human and mental dimensions being fundamental.

"You need to know how to anticipate, protect yourself, and persevere."

This philosophy perfectly encapsulates Célia's approach to private equity—strategic, resilient, and always focused on the human elements that drive success.

The Future of Impact Investing

At Ardabelle Capital, Célia continues to champion the importance of meaningful relationships in building successful investments. Her journey from scientific family background to impact investing demonstrates how diverse experiences can inform a more holistic approach to private equity.

As she puts it, successful investing isn't just about numbers and strategies—it's about understanding people, building trust, and supporting entrepreneurs in creating lasting value for all stakeholders.