Zeena Rao’s journey from a multicultural, untraditional upbringing to becoming a Managing Partner at ICV Partners, LLC, is a testament to her resilience, vision, and unwavering commitment to excellence. With over 25 years of experience investing in family, founder-led, and corporate orphan businesses in the services sector, Zeena has built a reputation for creating value while preserving company legacies. In this International Women’s Day feature, we explore how her leadership in private equity is transforming businesses and empowering founders.
Early Life and Influences: A Foundation for Success
Zeena’s passion for entrepreneurship was sparked by her parents, Hemant and Dolly Rao, who immigrated to the UAE in the 1970s and built businesses despite limited resources and no formal training. They exemplified perseverance and determination.
Born in India and raised in Dubai, Zeena witnessed firsthand the challenges and triumphs of running a business. Her immigrant parents’ ventures — a carton factory and a Chinese restaurant — taught her resilience, adaptability, and the value of supporting entrepreneurs.
Watching their struggles left a lasting impression, instilling a deep respect for founders and an interest in business. “Observing my parents navigate business complexities without good advisors or access to capital shaped my drive to support entrepreneurs and help them succeed,” she says.
Growing up in Dubai’s highly multicultural environment, Zeena learned to appreciate different perspectives, find common ground and build strong relationships. Her competitive spirit was honed through tennis, where she achieved a national ranking in the United Arab Emirates. The discipline and persistence she learned in sport continue to guide her approach to business and leadership today.
Discovering Private Equity: Aligning Passion with Purpose
Driven by a desire to study business, Zeena moved to the United States at the age of 16 to pursue a degree at The Wharton School. After graduating magna cum laude in Economics, she started her career in investment banking, gaining valuable experience in M&A and financing transactions. However, her desire to work closely with entrepreneurs led her to private equity which is recognized as the ideal intersection of entrepreneurship, capital, strategy, and long-term growth.
“I realized private equity was the perfect alignment of my passions: working alongside founders and helping businesses grow,” she reflects. Joining ICV Partners during its early years marked a significant milestone in her career. At ICV Partners, Zeena focuses on investments that unlock the full potential of businesses in the services sector. The firm specializes in collaborating with family and founder-led companies, as well as corporate carve-outs, to drive transformative growth while preserving the core values that made these businesses successful in the first place.
One standout example of her leadership is the investment in Horizon Air Freight, a niche maritime logistics company. Under her guidance, the company transitioned from a family-led U.S. operation to a global business expanding to 30 locations across multiple continents. Revenues increased approximately six-fold, earnings before interest, taxes, depreciation, and amortization more than tripled, and the employee base grew from 28 to 400 individuals. “We invested in Horizon in partnership with Steve Leondis, the company’s CEO, and several members of management who also invested alongside us. We worked together to grow the Company’s capabilities, including advancements in technology, operations and customer service, and made strategic acquisitions which allowed the Company to thoughtfully grow its service offering in marine logistics and its presence. Together, we transformed Horizon into a global logistics leader,” she proudly states.
Zeena currently leads investments in the Services sector serving on multiple boards including Interstate Auto Care, FleetOptics, Mintz Group, and JK&T Wings. She previously served on the boards of Horizon Air Freight, Cargo Airport Services, The Public Financial Management Group, Marshall Retail Group, and Entertainment Cruises.
A Founder-Friendly Approach to Private Equity
Zeena and her team at ICV Partners prioritize alignment with business owners and leadership teams, ensuring that strategic growth initiatives are implemented without compromising company culture. “We recognize that the company’s culture and values contributed to its success,” Zeena explains. By conducting thorough assessments early in the investment process and collaborating with CEOs and leadership teams, they ensure growth strategies are consistent with the leadership team’s values.
“We provide not just capital, but hands-on strategic support, industry expertise, and an extensive network to accelerate growth while preserving what makes a business unique,” she explains. “We empower the leadership team to execute in ways that align with their unique culture and vision,” she says.
Balancing Career and Family: A Delicate Dance
For Zeena, maintaining balance starts with purpose-driven work. “Helping founders scale their businesses motivates me every day,” says Zeena.
Managing a demanding career while raising two daughters has been one of Zeena’s greatest challenges and accomplishments. Without immediate family nearby, she and her husband developed a system that allowed both to thrive. “Our daughters are our pride and joy, and we strive to set an example for them. We’ve built an organized household where intentionality guides our time,” she says. The vibrant culture and strong community in Miami has provided an ideal environment for their family.
Zeena also prioritizes ongoing learning and mentorship. “I’m a lifelong learner,” says Zeena. An active member of YPO (Young Presidents’ Organization), she continuously engages with other leaders to exchange insights. She also serves on the board of Junior Achievement of Miami, where she supports programs that teach students about entrepreneurship and financial literacy.
Focus has been another pillar to her success in finding balance. She has been in private equity for over 25 years investing in family, founder and corporate orphan businesses in the services sector. “Staying focused has allowed me to develop meaningful relationships and a strong track record without spreading myself too thin. I have learned to say no to a lot of interesting things,” says Zeena.
Investing in People: Mentorship and Leadership Development
Mentorship holds a special place in Zeena’s leadership philosophy. Having started as an Analyst, she values the professional development of her team and leads by example. At ICV, Zeena has played a pivotal role in developing talent, particularly through the firm’s formal two-year Associate program, which has helped launch over 50 successful careers. “Many of our Associates have gone on to top business schools, and onto careers in asset management and operations, and some have started and built their own firms. We are very proud of them,” says Zeena.
ICV prioritizes expanding access to top-tier talent. “We believe that great businesses are built by great people, and we focus on ensuring that we attract and develop the best talent to drive performance,” says Zeena. By broadening access to highly skilled professionals, the firm enhances its ability to deliver strong results for investors and stakeholders.
Zeena’s advice to aspiring leaders in the private equity sector is straightforward: “Private equity demands commitment, resilience, and a long-term mindset. Passion for driving growth and mentorship is essential to building a fulfilling career.” She emphasizes that investing in people not only drives individual success but also strengthens businesses and communities.
“Private equity is an apprenticeship business, so mentorship is very important to the development and longevity of the firm,” she explains. “My favorite accolades are the notes and cards I get from Associates, sharing how their time working with me has shaped their careers,” she says.
Conclusion
Zeena Rao’s journey is a powerful example of resilience, vision, and strategic leadership in private equity. As we celebrate International Women’s Day, her story reminds us of the impact of mentorship, investment in people, and a commitment to values-driven business growth. With a focus on empowering entrepreneurs, creating lasting value, and delivering strong performance, Zeena continues to shape the future of private equity—one investment at a time.
