Summary
Klein Hersh successfully filled a critical Managing Director position for a biotech venture fund, exceeding client expectations by quickly securing a candidate who became a catalyst for growth – expanding the firm’s deal sourcing capabilities and leading a $1.5 billion acquisition.
Challenge
An emerging force in the early-stage venture capital arena sought Klein Hersh’s expertise to fill a critical position: Managing Director for their biotech venture fund. As a first-time client, they were drawn to Klein Hersh through the firm’s extensive network and trusted relationships in the biotech and venture capital sectors. Beyond the need for a strong match in terms of expertise and experience, the client desired diversity in their leadership ranks, but had faced hurdles in attracting top candidates as a smaller fund. There was a strong sense of urgency in filling this critical leadership gap, as they would be replacing a team member who had recently departed.
Approach
Recognizing the importance of this challenge to the fund’s growth and success, the Klein Hersh team approached the search with a commitment to understanding the firm’s unique value proposition and the specific attributes that would attract top talent.
Klein Hersh’s strategic approach involved:
- Immersing ourselves in the client’s story and culture, identifying the essence of what sets them apart, what makes this opportunity special, and what type of candidate would excel in their environment.
- Homing in on the ideal candidate profile – defining the desired background, key criteria, scientific training, and accomplishments required for success.
- Scouring our extensive, established network to identify the top talent matches, effectively communicate the opportunity to these candidates, and perform a detailed qualification assessment to ensure nothing is overlooked.
- Coordinating interviews, candidate debriefs, and reference and background checks.
- Continuing communication through final offer preparation and closing, candidate transition period, and post hire follow up.
Results
The search for this new leader exceeded all client expectations, securing not only a new Managing Director, but a catalyst for growth. Klein Hersh’s search process was extremely efficient, lasting four months from start to finish, with the winning candidate presented within the first two weeks.
Upon joining, the Managing Director significantly expanded the firm’s bandwidth for deal sourcing and management, providing access to new deals and expanding their geographical network. They also sourced and invested in a company that was acquired for close to $1.5 billion in cash. The impact of this role extended to the candidate as well, who met their goals of transitioning from a corporate fund to an institutional fund, gaining greater decision-making power and financial opportunities, and joining multiple boards. The Managing Director has been creating impact in this role for two and a half years at the time of publishing.
Upon the completion of the search, the client shared that “Klein Hersh is a go-to executive search firm for our venture capital fund and portfolio company. They have an incredible reach and network including the highest caliber individuals in our ecosystem. They’re not only able to connect us with top talent, but also to align and home in on cultural compatibility. They are high touch, but at the same time work very quickly to find a match and drive the process forward. People are what drive our work and Klein Hersh is a trusted thought partner to us when thinking about the talent and hiring landscape.”
The success of this project underscores Klein Hersh’s ability to leverage deep industry relationships and effectively identify top talent for our clients, and can be replicated with other venture capital firms looking to strengthen their teams and expand their impact in the biotech sector. Contact our team of experts to discuss opportunities to partner with your organization for rapid team scaling.
