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How to Find a NED With Investment and M&A Experience

  • Writer: Bridge Connect
    Bridge Connect
  • Sep 20
  • 3 min read

Introduction: Why Investment Expertise at Board Level Matters

Capital raising, M&A and strategic investment decisions are among the most consequential actions a board can take. They reshape balance sheets, redefine market positioning, and alter shareholder value.

For boards without deep investment expertise, these decisions carry elevated risk. The presence of a non-executive director with proven investment and M&A experience provides critical oversight, investor reassurance, and sharper challenge to management proposals.


The Role of a NED in Investment and M&A Oversight

An investment-literate NED does not replace bankers or advisors. Their role is to ensure:

  • Strategic Fit – Transactions align with long-term corporate strategy.

  • Risk Assessment – Boards understand downside exposure, not just upside potential.

  • Investor Alignment – Transactions strengthen, rather than undermine, shareholder confidence.

  • Governance Discipline – The process is transparent, independent, and defensible to regulators.


Where Boards Find NEDs With Investment and M&A Experience

Boards typically source such candidates from four pools:

  1. Former Investment Bankers or PE/VC Partners – Bring transactional experience and capital markets insight.

  2. Ex-Corporate Executives with Deal Track Records – Senior executives who led acquisitions, divestments or IPOs.

  3. Experienced NEDs in Investor-Backed Companies – Directors with portfolio experience in capital-intensive sectors.

  4. Advisors Turned Directors – Trusted strategic advisors who transition into formal NED roles.

Each pool offers strengths; the key is ensuring candidates can translate deal experience into board-level oversight rather than operational execution.


Qualities to Prioritise in Investment-Savvy NEDs

  • Strategic Judgement – Ability to assess whether a deal creates lasting value or short-term distraction.

  • Financial Acumen – Comfort with complex capital structures, valuations, and risk-adjusted returns.

  • Investor Connectivity – Networks with institutional investors, PE/VC funds, and lenders.

  • Negotiation Experience – Insight into deal dynamics and counterpart motivations.

  • Resilience – Capacity to hold firm against overly optimistic assumptions.

The Value of Investment Experience in Telecoms, Infrastructure and Technology

  • Telecoms Boards – Spectrum purchases, infrastructure partnerships, and M&A consolidation all require seasoned investment oversight.

  • Infrastructure Boards – Capital projects worth billions demand rigorous investment scrutiny.

  • Technology Boards – Frequent acquisitions of start-ups and scaling businesses require directors who can separate hype from genuine value.

In these sectors, investor confidence is directly tied to visible board-level expertise in M&A and capital allocation.


Red Flags When Appointing Investment NEDs

Boards should be wary of:

  • Dealmakers Who Cannot Adapt – Former bankers who focus on execution, not governance.

  • Conflicted Profiles – NEDs still tied to funds or firms that may bid on company assets.

  • Overstretched Candidates – Portfolio NEDs juggling too many roles to engage deeply.

  • Overly Optimistic Outlooks – Directors who consistently overestimate deal synergies.

The best candidates provide sceptical, grounded oversight while still supporting ambitious strategy.


Questions Boards Should Ask

  • What role have you played in past M&A decisions at board level?

  • How do you evaluate whether a transaction creates sustainable value?

  • What lessons have you learned from deals that failed or underperformed?

  • How do you balance investor expectations with management enthusiasm?

  • What risks would you prioritise in our sector’s investment landscape?


So What for Boards?

M&A and capital allocation decisions are too important to leave to management and advisors alone. Boards need NEDs who can challenge assumptions, anticipate risks, and ensure strategic alignment.

For investors, the presence of an investment-savvy NED is often a signal of board quality and governance maturity. For companies, it is a safeguard against costly missteps.


Board Conclusion

Appointing a NED with investment and M&A experience strengthens board oversight at moments of greatest risk and opportunity.

The strongest candidates combine:

  • Proven deal experience.

  • Strategic independence.

  • Investor credibility.

  • Sector-specific understanding.

In telecoms, infrastructure and technology, these qualities are not optional. They are essential to securing investor confidence and making sound long-term decisions.



Bridge Connect supports boards in appointing NEDs with investment and M&A expertise. With decades of experience in global telecoms, infrastructure and capital allocation, we bring independent oversight and strategic insight to boards facing transformational transactions.

If your board is planning fundraising, acquisitions or divestments, contact Bridge Connect to discuss how investment-experienced NEDs can strengthen governance and investor confidence.

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