Tracy Harris, Partner and COO, joined Siris in 2019. In her role, Tracy oversees firm operations, investor relations, and ESG. Prior to joining Siris, she was most recently a partner at StepStone Group, where she served as a senior member of the small buyout, growth equity, and venture capital sector teams and led the firm’s ESG strategy.
Before working with StepStone, Tracy was Vice President, Customized Fund Investment Group at Grosvenor Capital Management (and the predecessor business at Credit Suisse). During her tenure at Grosvenor and Credit Suisse, Tracy helped manage the in-state and emerging private equity investment programs.
Tracy had previously spent eight years with Parish Capital Advisors, ultimately serving as partner, co-leading the investment process and investor relations. In her pre-private equity career, Tracy spent several years in the nonprofit sector at both Teach for America and the Center for Entrepreneurial Development (CED). Tracy received a B.A. from the University of North Carolina-Chapel Hill, with Phi Beta Kappa honors.
1.) What is in your pockets?
When I’m working from home, I usually wear leggings, which don’t have pockets. When I’m traveling for business, I’m typically in a dress. Again, no pockets. But regardless of my attire, I never go anywhere without hand sanitizer.
2.) What exciting thing has happened recently for you or your organization?
My organization, Siris, is an NY/FL-based, ~$7B AUM buyout firm focused on established technology and tech-enabled services investments. I got to know the firm in 2011 when I led both the underwriting of an investment in Siris’ initial fund and a co-investment in its first deal—which happened to be a company based in the Triangle. After having been an investor with the firm, [I was recruited by the founders] to join them in 2019.
My responsibilities have continued to grow here. I moved into the role of chief operating officer about a year ago, alongside my role as a partner overseeing IR, capital formation, and ESG. After more than two decades in the private equity industry, I continue to learn through the many hats I have been fortunate enough to wear, both as a limited partner (fund investor) and more recently as a general partner (fund manager).
3.) What is your favorite coffee spot?
I have two in the Chapel Hill/Carrboro area. My number one is Joe Van Gogh in north Chapel Hill. The coffee is delicious, and the baristas are the absolute best. My number two is Gray Squirrel in Carrboro. It has fantastic coffee to go with its good vibes.
4.) What keeps you up at night?
As a middle-aged working mom of twin teenagers, I think the better question might be what doesn’t keep me up at night! I’m still very much working on letting go of things that are beyond my control. But it’s really everything from the micro (my kids’ challenges, my parents’ health, my career strategy) to the macro. And from the literal aspect, my 25-plus-year sleep mate’s (who will remain unnamed) snoring.
5.) What is your favorite restaurant or happy hour?
This is a tough one. I really like to eat out, and my list of favorite restaurants is extensive. Focusing in on Chapel Hill/Carrboro, I would narrow it down to (1) Hawthorne & Wood for a nice night out, outstanding food, cocktails, service, and ambience; (2) Venable Bistro for something a bit more casual but always consistent quality; and (3) Carrburritos for the weekly family outing. I’ve been going there for more than 25 years. In fact, the aforementioned “sleep mate” and I shared tacos there on our first date.
6.) What is next for you or your organization?
The private equity industry is dynamic and always innovating. Two areas of innovation that are changing the way my organization and I work are the integration of AI across workflows at both Siris and at our tech-enabled service portfolio companies, as well as new delivery models for PE products. As it relates to AI at Siris, we must strike the balance between increasing our operational efficiency while protecting proprietary/confidential information. Our portfolio companies have to integrate AI in both operations and product/service offerings to meet the changing needs of customers. If we don’t fully embrace AI with appropriate risk management, we run the risk of being left behind.
As it relates to PE delivery models, nearly all fund managers are navigating the retail channel. This is a market that remained largely untapped by private market managers for many years but which has recently exploded (leveraging the “40 Act” and private wealth platforms). At Siris, we are also exploring fund structures that allow investors to hold strong-performing assets past the typical four-to six-year holding period (e.g., continuation vehicles, evergreen funds, and so forth). It’s amazing how different the industry looks today relative to when I entered in the early 2000s.
