An eye for investment potential
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Curiosity is the quality Jane Levy cites when asked about her successful career in the investment world. That hunger to know is what draws a person into developing expertise and spotting opportunities.
Now a strategic advisor to the Global Innovation Group at the US company Henry Schein, Wits and MIT Sloan alumna Jane (BCom 1991; BCom Hons 1993) also serves as Vice-President of the Wits Fund Inc Board.
“What I have learned from my experience is simple: explore what makes you curious, develop an expertise, turn challenges into opportunities, and consider every opportunity to try something new,” she says. “When you read my story, you’ll see that this strategy has brought me great career satisfaction, even though the path was never direct.”
Jane started her career at JPM Investment Management as a research analyst covering tech stocks. “I was on the buy-side, recommending stocks to the portfolio managers investing on behalf of investors. I researched and modelled hundreds of companies. I learned what makes a company a great investment. And I learned that in tech, a great company is often not determined by the state of its current financial statements.” She became skilled at assessing the size of the market and a company’s likely share of market based on its product roadmap, management team and differentiation.
Then, in 1999, she decided to move to a venture capital fund. “My pitch to Fred Wilson of Flatiron Partners was simple. I had been a programmer, I understood technology, I had the intuition to choose investment winners, and a successful process for valuing small companies.” At Flatiron she evaluated new ventures and recommended those that could grow into big companies.
In 2000, the Internet bubble burst. “Venture investment dried up. Investor and employee net worth were wiped out. JPM Chase took over our portfolio. I was back in a large organization, but not for long.
“I joined Unterberg Towbin Advisors, a technology hedge fund run by Jim Weil. Instead of evaluating and investing in companies for the long run, I learned about trading around a position, managing risk, and what makes a good short position. At a hedge fund, there are fewer restrictions, and many ways to gain or limit exposure to a stock or a sector. Besides the creativity, I loved the profit motive; I had the freedom to structure my exposure and to own/short what I wanted, as long as I made money.
“When Jim retired in 2004, I struck out on my own, raising capital and putting up a shingle for a long-short hedge fund called SEAL Capital, named after my young sons, Sacha and Eli. I was a sole practitioner. I traded the book, raised capital, spoke with investors, and ran the business. It was a glorious time.
“Then came the financial crisis of 2008/2009. I had just turned 40 and I needed a change. I painstakingly called each investor to explain that I was retiring and giving back the capital to stay at home with my children.”
Jane’s openness to new ideas soon led her to investing in startups herself. “I focused on sourcing companies raising capital at the seed stage. Over my ten years as an angel investor, I invested in about ten companies in consumer, health tech, crypto and financial services. I sourced deals and structured the transaction and then once the transaction was closed, helped the company with strategy, advice and introductions.”
Now Jane has a more formal role at Henry Schein, a publicly-traded distributor of medical and dental products. “I work around the edges of the organization, introducing the business units to interesting startups that I’ve sourced. I also help these startups with their strategy and with sourcing talent and capital. I have just scratched the surface of all the amazing innovation in health tech.
“As I look back on my 22-year career, it’s clear that my path was not straight or clearly defined. At times, it was rocky and I couldn’t see the way forward, but I always remained open to new opportunities. I stayed curious, leveraged my expertise, and pursued my interests.”
Her advice to new graduates:
“Take some time to reflect on what motivates you, explore what makes you curious, and envision the life you want to build. Make the most of every day! The opportunities to learn, explore, and connect are endless. This time is truly a gift. Approach it with enthusiasm and connect with a community that will support you in making the kind of impact you want to have on the world.”