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Launched in 2023, the New Faces of Finance list continues to spotlight financial professionals from across the private markets industry who are making a notable impact. Showcasing emerging talent, the list highlights individuals from a range of backgrounds and countries poised to become future leaders. Nominations came from across the industry, and the final selections were based on three key criteria:
• Evidence of leadership and innovation;
• The caliber of the firms they have worked with and any developments they were crucial in bringing about;
• Whether they possess an ‘X factor’ that distinguishes them as future leaders in private funds finance.
To qualify for this year’s list, nominees had to be under the age of 40 as of February 4, 2026. The 16 honorees represent a variety of talents and expertise, and are driving meaningful change in the private funds industry. Among them are Anna Nitschke, a COO and CFO at Activate Capital, known for driving tech-enabled operational improvements and cybersecurity initiatives; William Hillock, director of finance at L2 Point, recognized for his expertise in building scalable fund finance systems; and Katie Twomey, senior vice-president of finance and operations, who is noted for purpose-driven leadership and advancing social impact through innovative finance. Each of these finance professionals has made a significant contribution, earning recognition not only for their achievements but also for serving as role models for the next generation.
What truly sets many of these leaders apart is their commitment to mentorship beyond their core responsibilities. Matthew Phillips, partner and head of finance and operations at Valor Real Estates Partners, exemplifies this by actively engaging in industry dialogue and mentorship.
Explore the profiles to learn more about these exceptional individuals and their accomplishments. Congratulations to all honorees, and thank you to everyone who submitted nominations.
Blake Cholost, 33
Vice-president of finance, Kinderhook Industries
For more than eight years, Blake Cholost has been vice-president, finance, at Kinderhook Industries, focusing on building scalable finance and fund operations infrastructure across multiple investment vehicles. His early experience in public accounting at PwC provided a strong foundation in controls and audit discipline, which he has applied throughout his tenure at Kinderhook. During this period, he has supported operational growth as the firm’s AUM has expanded from approximately $2 billion to more than $8.5 billion, working closely with investment, operations and back-office teams on fund closings, systems architecture and process improvements.
He has also led initiatives to modernize back-office functions, introducing automation for accounts payable, expense reimbursement and reporting workflows, as well as leveraging outsourcing and AI to enhance efficiency. Combining expertise in accounting and finance with an understanding of technology-driven solutions, Cholost bridges technical execution and cross-functional collaboration. Outside of work, he enjoys skiing and golf.
Brett Niehaus, 36
Managing director, chief corporate and compliance officer, Balbec Capital
Lauded for his “technical expertise and a strategic mindset,” Brett Niehaus is a managing director and chief corporate and compliance officer at Balbec Capital, where colleagues also note his ability to translate complex compliance and corporate challenges into actionable strategies. He now oversees the firm’s global compliance program, brand positioning and corporate governance, ensuring alignment between regulatory expectations and long-term strategic goals.
Niehaus played a central role in scaling Balbec’s global platform, transforming its compliance function into a proactive, growth-oriented capability and shaping the firm’s market presence through strategic communications and corporate initiatives. He also partnered closely with the firm’s capital formation group, contributing to Balbec surpassing $1.7 billion in commitments for its latest fundraise. Prior to joining Balbec, he advised leading private fund managers on regulatory issues and compliance frameworks at ACA Group.
Katie Twomey, 36
Senior vice-president of finance and operations, Illumen Capital
Katie Twomey brings a unique blend of financial expertise and purpose-driven leadership to her role as senior vice-president of finance and operations at Illumen Capital. Passionate about using innovative financing to advance social and economic justice, she has built up her skills across a range of different environments, including asset management giant Apollo Global Management, non-profit Mama Hope and impact investor Illumen Capital.
Since joining Illumen, Twomey has launched institutional-grade operations and compliance functions, navigated SEC registration as a registered investment adviser and helped double the firm’s AUM within three years. She has modernized benefits, infused equity into hiring and promotion practices and introduced committee structures to strengthen governance. In her role, Twomey fosters an environment where employees feel valued and supported. Outside of work, she recently became one of the few women serving as a volunteer firefighter with Rockville Centre’s Defender Hose Company No 1.
Jen Liang, 33
Director, portfolio management, Novastone Capital Advisors
Having built Novastone Capital Advisors’ North American portfolio operations from the ground up, Jen Liang now oversees 12 investments across diverse industries. With more than a decade of experience in investment performance and leadership, she focuses on developing strategies to address generational succession in founder-led small and mid-sized businesses. Liang serves on portfolio company boards and Novastone’s investment committee, guiding decision-making, value creation and exit planning while also refining acquisition models in lower mid-market private equity.
Her work combines financial rigor with operational insight, identifying undervalued assets and untapped potential. Liang has previously held leadership roles at Wisp, one of Fast Company’s Most Innovative Companies, and at AIG, where she managed $13 billion in assets with a top-decile performance record. She has founded and exited successful ventures backed by Kickstarter and Techstars. Her approach reflects a commitment to practical execution and long-term growth, positioning her as an influential contributor to the evolving landscape of private funds.
Rose Araghchy, 36
Founder and president, R2 Advisors PC
As the founder and president of R2 Advisors, Rose Araghchy builds integrated financial systems that prepare organizations for investor scrutiny, operational scale and accelerated growth. Colleagues describe her as a “rare combination of systems thinker, strategist and financial architect.”
As an EY capital markets and financial services alumna, Araghchy is known for her systems-engineering approach to the CFO function, including a patent-pending financial strategy integration model and AI-enabled workflows for compliance, liquidity modeling and predictive analytics.
Her work fills a growing gap in the CFO market, particularly for private equity-backed companies that need finance functions built as cohesive architectures rather than siloed workstreams. Araghchy also teaches in George Washington University’s accountancy department and believes success is driven by strong partnerships and clarity: “The ability to step back, filter noise, and communicate the signal – calmly, transparently, and with principle – creates momentum. It aligns teams, stabilizes decision-making, and builds trust.”
Matt Treuth, 33
Principal, Access Holdings
Matt Treuth is a principal at Access Holdings, where he works across the investing and value-creation teams to modernize finance and data functions within lower-mid-market businesses.
He has built a unified data warehouse integrating live portfolio-company systems with macroeconomic variables, enabling automated reporting, predictive modeling and forming the foundation of Access’s AI-driven value-creation strategy.
Treuth has also stepped into CFO roles within the portfolio, including leading finance operations at pet services business WagWay Group, where he streamlined reporting and implemented new systems architecture and analytics tools. At Access, Treuth plays a hand in talent development, leading the finance track of the firm’s mentorship scheme – the ACE Program – and supporting junior staff in building their analytical and operational capabilities.
Speaking on his approach to finance, Treuth believes: “Being highly analytical and grounded in data is essential for driving value, not just managing costs.”
Conor Murray, 30
Product lead, fund finance operations, Validus Risk Management
Conor Murray is product lead for fund finance operations at Validus Risk Management, where he has played a central role in developing technology-enabled solutions for private capital firms. Peers describe him as “a truly creative and out-of-the-box thinker with the analytical skills and acumen to design unique solutions.” Murray initially worked on the ISDA advisory team at Validus, where he earned a reputation for expertise and client trust, before moving into his fund finance role.
In his role, Murray has collaborated closely with clients to understand the operational challenges they face and has spearheaded the design and deployment of Fund Finance Ops, Validus’s tech-enabled fund finance service. Murray began his career at Deloitte and later joined Royal Bank of Canada. Speaking on this, he says: “My approach to finance was shaped by working across advisory, banking and product roles, where I saw how complex challenges demand both analytical and creative thinking.”
Harriet West, 37
Partner, Proskauer Rose
A partner at law firm Proskauer Rose, Harriet West is described by colleagues as “a standout force” in private credit.
In her role, she advises on a broad spectrum of structures, including unitranche, first-out/last-out, holdco PIK, co-investments, subordinated, hybrid capital and restructurings across the UK, Europe and cross-border mandates.
Over the past four years, West has led or supported more than 100 private credit deals for clients including Arcmont Asset Management, Pemberton Asset Management, Barings, Corinthia Global Management, Ares Management and Goldman Sachs. She has also developed a strategic niche in the Italian market, executing more than 20 transactions over six years.
West is also a strong advocate and mentor for the next generation of lawyers. She established the Proskauer Women in Private Credit initiative, which has now been expanded to Proskauer’s global network, with over 500 network members in the UK.
William Hillock, 33
Director of finance, L2 Point
As finance director at L2 Point, William Hillock leads the fund finance function and strengthens how the firm models, reports and governs its investment vehicles. His work focuses on building scalable processes and transforming a lean team into a disciplined, high-trust operation.
Prior to joining L2 Point, Hillock managed the finance team at Khosla Ventures, overseeing 20 LP funds and multiple GP and SPV entities, directing audits, streamlining investor reporting and contributing to more than $2 billion in new fund commitments between 2023 and 2024.
Known for combining technical precision with mentorship, he has developed valuation and allocation models that improve audit efficiency and investor transparency, while coaching analysts to understand the rationale behind financial decisions. Earlier in his career, Hillock specialized in venture capital audits and valuations at Frank, Rimerman + Co, having trained as a chartered accountant at Deloitte in London. He also serves on the board of Summer Search, a non-profit focused on youth mentoring.
Ben Kruger, 35
Managing director, Clearlake Capital Group
Since joining the firm as an associate in 2016, Ben Kruger has risen through the ranks to become a managing director in the investment team at Clearlake Capital Group. He has played a role in several of the firm’s recent investments and exits, including taking board roles at NetDocuments, where he has helped to drive a 250 percent increase in annual recurring revenue, and at TEAM Technologies, which doubled its revenue through strategic add-on acquisitions and a sales-force realignment. Kruger has also co-led major transactions such as the merger of PrimeSource Building Products and Dimora Brands, the take-private of Endurance International Group, the creation of Constant Contact and Newfold Digital and the out-of-court restructuring of Service King and its combination with Crash Champions.
His software and technology expertise informs his current board roles at Clearlake portfolio companies, including Dodge Construction Network and TERREPOWER. Beyond this, Kruger leads staffing for Clearlake’s vice-presidents and associates, as well as overseeing recruiting, onboarding, training and mentorship.
David Miller, 34
Partner, Kirkland & Ellis
David Miller is a partner in Kirkland & Ellis’s Boston office and a member of the structured capital and insurance solutions team, advising on private fund formation and capital-efficient structures for insurance investing.
In his role, he frequently guides investment advisers, funds of funds, private credit, private equity and CLO equity funds through complex matters. Recently, he advised Oaktree Capital Management on the launch of a rated note feeder structure into its Oaktree Direct Lending Evergreen Fund, securing a $2.35 billion close.
He also advised Carlyle on its inaugural $600 million CLO captive equity fund. Over the past 18 months, Miller has served as outside counsel on several major transactions and supports veterans through pro bono discharge upgrades.
Colleagues describe him as having “an unrivaled ability to command a project,” drawing on his legal expertise and experience as a US Army officer to lead teams through innovative structures in a market where precedent counts for naught.
Anna Nitschke, 39
Chief operating officer and chief financial officer, Activate Capital
Based in San Francisco, Anna Nitschke, COO and CFO at Activate Capital, oversees the firm’s day-to-day strategic and financial operations. Since joining in 2023, she has focused on improving systems for investment, finance and operations through new tools, streamlined processes and updated policies. Nitschke sits on the firm’s AI committee, which targets automation of repetitive tasks, and she recently introduced an integrated expense and bill payment platform to reduce manual work.
Responding to rising cybersecurity risks, Nitschke partnered with a provider to lead a full risk assessment and is implementing a remediation plan, with hands-on training scheduled for early 2026. She also has strengthened partnerships with leading providers in fund administration, tax, audit, IT, compliance and insurance.
Outside of Activate, she contributes to industry groups such as venture- and PE-focused member organization VCBC. Nitschke is praised by her colleagues for her “exceptional ability to turn complex operational challenges into scalable, intelligent systems.”
David Kennedy, 35
Partner, Davis Polk & Wardwell
Elected partner at Davis Polk & Wardwell in 2024, David Kennedy has earned recognition for his commercial judgment and technical expertise. He advises direct lenders, financial institutions and corporate borrowers on a broad range of financing transactions.
Over the past year, Kennedy has worked on multiple back-leverage financings, debt-like preferred equity structures and committed NAV financings, helping banks and private credit lenders support sponsor fund acquisitions. Notably, he represented the lead arrangers and lenders in Finastra’s $5.32 billion refinancing – the largest private credit deal in the US at the time.
Other highlights include more than $4 billion in structured credit finance transactions in the first three quarters of 2025, including major refinancings and preferred equity issuances for Vista Equity Partners, Apollo, Kohlberg & Company and Bain-backed clients. Kennedy also has contributed to industry thought leadership by participating in webinars and having recently co-authored a chapter on the use of preferred equity in NAV facilities in Global Legal Insights: Fund Finance 2025.
Matthew Phillips, 38
Partner, head of finance and operations, Valor Real Estate Partners
London-based Matthew Phillips leads finance and operations at Valor Real Estate Partners, which specializes in urban and last-mile logistics. Since joining in 2017, he has scaled the finance function from inception as the firm has expanded to €4.5 billion in AUM and a portfolio of 200-plus assets across Europe. Phillips oversees financing, treasury, deal structuring and operations, with direct involvement in more than 120 transactions.
During his time at the firm, he has originated and executed over €2 billion in debt financings across the UK, France, Germany and the Netherlands. A champion of operational excellence, Phillips has implemented a modern finance tech stack, and standardized controls, and has introduced ESG reporting enhancements. Furthermore, he helped execute multiple joint venture structures with institutional partners and built a high-performing international team. Committed to mentorship and industry dialogue, Phillips contributes to conferences and roundtables for trade associations and publications.
Pascal Schuler, 38
Member of private wealth management unit, Partners Group
Switzerland-based Pascal Schuler, a member of Partners Group’s private wealth management unit, brings over a decade of expertise in private wealth investment strategies and regulatory frameworks. Known by his peers as a strategic thinker, he consistently drives innovation while upholding industry standards. Fluent in four languages, Schuler has become an adviser to clients, and his leadership was instrumental in forging a strategic partnership between Deutsche Bank and Partners Group to broaden access to private markets for high-net-worth clients.
He also contributed to a Clearstream-led working group focused on improving investment transparency for private wealth clients and champions employee engagement initiatives that strengthen workplace culture and team development. His background spans wealth management strategy, private banking, securities services, international client relationships and multi-market global operations. Sculer has also represented Switzerland in basketball at two European championships and various international competitions.
Sora Monachino, 39
Managing director, head of investor relations and marketing, Victory Park Capital
As managing director and head of investor relations and marketing at Victory Park Capital, Sora Monachino has quickly become a key leader in the firm’s fundraising strategy since joining in 2022.
She has helped secure commitments from more than 130 LPs, totaling about $1.8 billion across VPC funds, and recently led the close of up to $400 million from a major institutional investor, along with $75 million from a large public pension plan.
Monachino works closely with senior leadership to shape new private credit products, including an interval fund, an evergreen structure and tailored co-investment vehicles. She has also driven the expansion of VPC’s global investor base across Europe and Asia-Pacific and oversaw communications tied to strategic partnerships with Janus Henderson Group and CNO Financial Group.
A committed mentor, she plays an active role in VPC’s Day in the Life program for Chicago students.