Susan Cates
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Hey Susan — similar IB → PE path. Been thinking a lot about proprietary origination in education & workforce lately. Would be good to connect.
Hey Susan, see we share a similar PE path, though I was in London doing growth equity not investing in education and workforce companies. most funds at this point have stacked up a solid toolkit — PitchBook, CRM, maybe Grata or a sourcing consultant. but the proprietary pipeline rarely reflects the size of the stack. none of it connects systematically, so the firm's thesis and network intelligence don't feed into each other — origination stays inconsistent instead of compounding. wondering if that's still how it plays out at Leeds? — Russ
Hey Susan, see we share a similar PE path, though I was in London doing growth equity not investing in education and workforce companies. most funds at this point have stacked up a solid toolkit — PitchBook, CRM, maybe Grata or a sourcing consultant. but the proprietary pipeline rarely reflects the size of the stack. none of it connects systematically, so the firm's thesis and network intelligence don't feed into each other — origination stays inconsistent instead of compounding. do you disagree? — Russ
hey Susan — this kept rattling around. when I was doing growth equity we had every subscription going — PitchBook, CRM, enrichment tools, the lot — and I still spent half my time manually pulling origination together across all of it. always wondered if that was just us being disorganised or if it's genuinely universal. did you ever run into that at Leeds, or was it just us? — Russ
hey Susan — appreciate the connect either way. I'm in and around education & workforce origination all day — if you ever want to swap notes on what's working, I'm easy to find. — Russ
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Prospect Research
## PROSPECT INFORMATION: Name: Susan Cates Title: Managing Partner Fund: Leeds Illuminate Background: Susan Cates is the Managing Partner at Leeds Illuminate, a growth equity firm based in the Raleigh-Durham-Chapel Hill area that invests in the education and workforce development sectors. Her current focus is on driving impact and investment success by partnering with companies that improve outcomes for learners and workers. She also serves on several boards, including Primo Brands (where she is the Audit Committee Chair), Eruditus Executive Education, Mursion, Product School, Verto Education, and Project Kitty Hawk. Susan has an extensive background in education management and financial services. She previously served as the CEO and Board Member of the Association of College and University Educators (ACUE), COO of 2U, and held leadership roles at UNC Kenan-Flagler Business School, including President of UNC Executive Development and Executive Director of MBA@UNC. Her early career includes investment banking and private equity roles at ThinkEquity Partners, Merrill Lynch, and Wachovia Bank. She holds an MBA from UNC Kenan-Flagler and a B.A. from Duke University. Key Skills: Venture Capital, Private Equity, Online Education, Workforce Development, Executive Education, Strategy Development, and Leadership Development. Selected LinkedIn Posts and Activity: February 15, 2026: Reposted a hiring call for Verto Education, highlighting their mission to expand global education access and their 2026 theme of "Excellence, Efficiency & Experience." January 28, 2026: "Financial literacy is so important - I love that Jeremiah DeNonno is sharing these lessons with kids. Check out his new book if you have a chance!" May 11, 2025: Reposted ACUE content regarding the trust crisis in higher education, quoting Ted Mitchell: "Students expect college to prepare them for meaningful careers. But job readiness can't happen without exceptional teaching." March 1, 2025: "It was an honor to join the outstanding leadership team and my fellow board members at Primo Brands yesterday at the NYSE to ring the opening bell ahead of our Investor Day." August 20, 2024: "We are delighted to have Laura Pinnie Joye join our team!" at Leeds Illuminate. February 24, 2024: "Sharing a great opportunity in North Carolina for an important role - Director of Partnership Success at Project Kitty Hawk." February 23, 2024: "Communication and leadership skills can be learned and improved through practice and reflection - our partners at Mursion are doing great work in these areas." January 3, 2023: "Working with companies who move the needle for the learners and workers they support is core to our thesis at Leeds Illuminate. We're delighted to share our annual impact report highlighting the great work our companies are doing in their markets." October 18, 2023: "All my entrepreneurial friends - check out the terrific new SelfMade platform from The Mom Project! Congratulations to the TMP team!" April 6, 2022: "Delighted for Leeds Illuminate to be supporting the IntelyCare team!" following their investment in the digital nurse staffing platform. Fund details: - Description: We partner with innovators focused on expanding, improving and accelerating learning outcomes. We invest with the conviction that impact and investment success are inextricably interwoven at all stages of education and development. - Website: https://www.leedsilluminate.com/ - Location: Chapel Hill, North Carolina, United States - Lead qualification: Research: - Query: =Leeds Illuminate Susan Cates recent investments fund thesis - Answer: Susan Cates leads Leeds Illuminate, a growth equity fund investing in education and workforce development companies. Leeds focuses on firms with $10 million to hundreds of millions in revenue. Leeds Illuminate's thesis emphasizes upskilling and workforce access.