With a degree in Engineering and Management from Durham University and a subsequent postgraduate qualification in Production Engineering and Management from Cambridge, Frances began her career in manufacturing.

In 1983 she moved into the venture capital and private equity sector, initially with 3i and from 1988 with the embryonic private equity division of Mercury Asset Management plc. In 2000 this became the independent business HgCapital, which now has some €2.7 billion of funds under management. Frances is Deputy Chairman and Chief Investment Officer.

Frances has worked with the management and boards of many different companies in many sectors and at many stages of their development over her 24 years in private equity.