Day in the Life: Jens Tonn, director of private equity firm

0600 The alarm rings and the day starts - early. I get up, get dressed and leave the house, usually before my wife or daughter have stirred. Sometimes I delay my departure so that I can see my daughter wake up, but usually this isn't possible.

I spend part of each week travelling in Europe. On these mornings I have to get up at 5am to catch the first flight from Heathrow at 6.50 or 7.15.

0645 If like today I'm in London, I travel to work by bus and tube. I usually get something to eat on route to the office. I go for the continental option: a croissant and coffee. If I'm on a plane, however, I eat an entire breakfast tray.

0730-0830 At the office my working day begins with listening to voice messages and checking emails, of which I usually have around 30-40, spam included. I also take time to catch up on what the German and UK papers have to say.

0830 The first of my daily meetings kicks off in the 8.30 slot. A lot of my job involves meeting the advisors, managers and bankers who represent the companies we would like to work with and invest in.

About 75% of my time is spent finding new deals, progressing them and executing them; the remaining 25% is spent monitoring companies we've already invested in and liasing with our fund investors.

As a result, I have at least two external meetings every day; if I'm travelling in Europe I can have as many as four or five.

Today's first meeting is with a representative of a large European engineering group. He is trying to arrange a buyout for his division and he would like us to finance it. There is one obvious hitch: he doesn't have a business plan.

This is not unusual in continental Europe, where people have a very good idea of their business, but rarely put something in writing. Having a structured business plan written on a piece of paper is a very Anglo-Saxon thing.

In the absence of a business plan, the first meeting is doubly important. It's an opportunity to explore whether the buyout is viable. This means looking at whether there is a business case for the unit to stand on its own, as well as asking about competitors and the macroeconomic environment.

It's also a question of personal chemistry: the people we meet need to like us and we need to like them. If the deal goes ahead we will be working closely together.

1030 When the meeting has finished I take some time out to digest what was said. At Candover, the culture is that everyone does everything themselves, from originating deals to assessing their viability and executing them.

I run financial models to ensure the numbers discussed in the meeting make sense. I also research the industry concerned; if it's a big deal I contact industry specialists for advice.

1300 I meet the manager of a German conglomerate for lunch. Working in private equity is all about building up senior level relationships over time. If you know a CEO well, you will be the person they contact when they decide a part of their business is non-core.

It's a good idea to take an interest in promising people in the number two position. They may well become number one, or leave and go on to better things elsewhere.

1430 Back in the office, I spend time talking on the telephone to the CEOs and CFOs of companies for which deals are partially complete, as well as developing a business plan relating to the morning's meeting.

Life is very different if a deal is in the offing. In October and November 2002 I worked on Candover's €1b acquisition of Ontex, a Belgian manufacturer of hygiene products.

Having analyzed the business, established the viability of the buyout and developed the management plan, it was then a question of talking to the banks, raising the financing, going through the legal issues and drafting the deal.

As the coordinator of the process I was required for virtually every meeting; days were long and often frenetic.

1600 Draft a memorandum to update the other directors on the meetings I've had and on possible investment opportunities. Once every week, the Candover executives meet to consider what's in the pipeline: what's going to go ahead and what's going to be dropped.

2000 The working day finishes. However, it may go on into the small hours if a deal is going on.

On a couple of nights each week, when I'm in London, I go to dinner with German CEOs or their advisors. It's often easier for them to discuss business plans in a London club or restaurant than in a German venue; they're less likely to be recognised by bankers or competitors if they're in London.

If I'm not entertaining European contacts, I eat at home. I tend to stay in during the week, winding down and making preparations for the day ahead. But at the weekend, I take the opportunity to get out with my wife and daughter.

We go away for weekends at the coast, or take walks in the countryside or by the river. I love the British countryside: it's a great contrast to a week spent in offices and airports.