Andra Frazier is an EVP Credit Administrator for Specialty Banking at Banc of California. She is responsible for overseeing credit risk approval for private equity and venture banking deals (life sciences, tech, fund finance), and for the bank's media and entertainment clients, including the film, television, music, and sports industries. Looking to build a stronger core foundation, she explored several executive education programs before ultimately selecting the Foundations of Private Equity and Venture Capital program at Harvard Business School (HBS) Executive Education.
Why did you choose to attend the program?
My interest in the Foundations of Private Equity and Venture Capital program was twofold. First, I wanted to get a well-rounded foundation that would give me credibility in front of my newly assigned team who are experts in this domain—and I wanted to earn that credential from the most reputable academic institution.
Second, I was looking for exposure to different global perspectives from a debt provider standpoint. When I talked to the HBS program advisors to see which program would be best for me, I realized that I wanted to connect with professionals beyond my own industry to expand my toolbox.
What were your objectives in attending the program? Were they met?
I wanted to gain more clarity on the core foundation of private equity and venture banking from experienced faculty. I quickly discovered that "foundation" isn't only about how to understand the foundation of the industry. It's also about how to set up the foundation of your mind.
The course delivered way more than I expected by revealing new ways of thinking and challenging me on many levels. During one of the case study discussions, for example, I found myself switching sides. That added great value because I realized: "Well, there could be more than one answer, or maybe my answer is not really the right one. You should look into this way of thinking." As a former business attorney, this reminded me of the thought process behind arguing both sides of a case—both the financier's side and the client's side.
What key takeaways from the program are you applying in your professional life?
There were two major takeaways for me. First, the way the program is structured was mind blowing. Through the case studies and the actual debate of the pros and cons in the classroom, the faculty took the discussions to a higher level. They focused on the different elements in a private equity venture, provided an introductory background, inserted the case in it, and challenged us to think outside the box from multiple perspectives. That fast-paced, intensive approach was highly effective for me.
Second, I came to understand that when you make a decision about an investment, there’s no right or wrong answer. It's about how you look at things. You have to be able to argue both sides of the case. In credit, it's the same principle. When I grant credit to a private equity, or venture-backed firm, I can only speak from the risk point of view of my institution. I may or may not know exactly the ins and outs of what’s going on in that client's industry or company. In our group, there were people who could potentially be my clients. So it gave me an opportunity to think outside my own box by listening to their experiences and their own challenges.
How would you describe the value of the program?
This program provided me with the right tools to sit in my company's meetings and have qualified conversations at a faster pace and a deeper level. I’ve broadened my mindset so that I can better assess risk. Getting multiple stakeholders to buy in to a decision isn’t an easy task. Now I'm able to steer my company into the right space where they can meet the clients' needs, and that’s given me unique credibility with both my clients and my company.
I didn't have knowledge of the global markets going into the program, but my bank does some cross-border type of financing. In banking, we tend to focus on the United States. But my living group and cohort were very global, and each case study focused on different geographical areas. This allowed me to think outside the box: "We're not going to be in this bubble forever. We have to see how our clients are actually investing in other regions."
Hearing that kind of conversation or debate from my global counterparts inside the classroom and during our group meetings taught me a lot about high-level, risk-based situations that I wouldn’t have had access to if I hadn’t been in this program.
What advice would you give to someone who is considering the program?
My advice: Just do it! If you do your homework and read the case studies beforehand, you'll be rewarded. The program itself—and the manner in which it is presented—is so engaging.
Being divided into learning groups gave us continued opportunities to work together. So when we went into the classroom, we were prepared to keep pace with the actual instruction. During breaks, we'd gather and learn from each other, bouncing ideas off each other and asking challenging questions.
Harvard has an ingenious way of putting people together from different walks of life!