Q&A with Andrew Casey, corporate development deal lead, Vanguard Strategic Business Development
1. First, just give us a quick overview of who you work for, what you do, and how long you have been doing it.
I work for [US-based investment and financial services firm] Vanguard in its strategic business development team as corporate development lead, focusing on building and executing partnerships, venture investments and mergers and acquisitions. I am new to this role and recently transferred from Fidelity Investments, where I was in its corporate development team doing a similar mandate. I have been doing this for a number of years.
2. What attracted you to corporate venture capital (CVC)?
I love the aspect of incorporating business strategy with investing. And in the CVC space, it is exactly what you get. Additionally, I view the CVC space akin to what venture capital was in the 80s, burgeoning. The number of CVC shops keep increasing, flows deployed are increasing into the private company market and corporations are becoming better and better at participating and even competing for deals against both VCs and private equity (PE) firms.
3. What have been your greatest successes at your unit?
Being new to Vanguard, the greatest success is the formation of this team and the opportunity ahead of us over the next years. At Fidelity, I would say leading our investment into CMG (Capital Markets Gateway) and a few others that have yet to be announced.
4. What have been your biggest challenges?
The biggest challenges are moving as quickly as VC and PE shops, but that is not necessarily a negative aspect. Additionally, education into the market about the values of letting CVC units participate is becoming much easier, but still a reality for our industry.
5. What is your main professional ambition for the future?
I aim to lead a department like the current one I’m in over the next few years. I love the work I do and would treasure the opportunity to stand up a CVC unit, or run one that is already instituted in time. The intersection of strategy, deals and straddling the line of the mothership is great.
6. What do you think all CVCs could do better to make it a stronger industry?
Being vocal is the number one thing. We are horrible at pounding our chests like VCs. I understand why that is, but it hinders the market from understanding the successes and therefore has the potential to impact our future deals and relationships.
7. And, finally, for colour, what did you do prior to CVC or in your spare time?
Before Vanguard, I was in Fidelity’s team. Prior to Fidelity I helped build a seed-stage biotech startup out of Harvard’s iLab and was a marine before that. So military experience, to startups, to CVC work.
