With one week to go before 2026 and as we prepare for the new year, here are a few notes on Investment Outlook and how it will affect our PE industry and market dynamics. Generally, deal activity is likely to accelerate and the deal dam may be breaking in 2026…  Read More >

The fundraising environment has become challenging. Fund closes are hitting multi-year lows and first-time funds are barely getting off the ground. Middle-market firms are struggling while mega-funds vacuum up the lion’s share of LP commitments. But most of the headlines miss the real story. Capital Is Concentrating, Not Disappearing LPs…  Read More >

The AI bubble debate misses a fundamental point: bubbles are endemic to technological revolutions, and that’s not necessarily a bad thing. Consider the pattern across two centuries of infrastructure buildouts: Canals (1790s-1830s): Canal mania saw massive capital inflows, most canal companies failed financially, yet transport costs fell 90% and enabled…  Read More >

Designing the Modern Value Creation Team: Built for Profitable, Capital-Efficient Growth In buyouts, value creation now depends on one thing above all: driving profitable, capital-efficient revenue growth that translates directly into higher EBITDA and margin expansion. That mission defines how a private equity firm should design its Strategic Portfolio Ops…  Read More >

This is from discussions at Private Equity International 2025 – measuring the impact of a PE Operating Partner comes down to how they create tangible equity value creation across the portfolio. Their impact can be seen in three dimensions: advising portfolio management teams, enabling EBITDA growth, and directly creating EBITDA…  Read More >

Note: insights synthesized from KKR & Bain Mid-Year Reports, and PitchBook   Key Macro Implications for PE Rate Regime Reset: The “4% world” is here to stay—meaning higher baseline rates for Fed Funds, inflation, and bond yields. There’s no going back to ZIRP. As a result, capital has a real…  Read More >

Over the past two decades, operational improvements have become a well-trodden path. Many PE firms—especially in the upper middle market—have built internal teams to drive cost takeout, system upgrades, and operational rigor. While still important, this playbook is no longer differentiated. What remains rare, and increasingly valuable, is true go-to-market…  Read More >

PE Winning Formula is both: a) GTM Excellence + b) Operational Discipline To succeed, PE firms must now differentiate through genuine value creation, as they face intense competition, longer holding periods, and high-interest rates that limit leverage. Firms must focus on both GTM improvements and operational improvements within portfolio companies…  Read More >

Top PE firms that consistently deliver strong returns are disciplined, data-driven, and adaptable, but there is more to sustainable/durable success. Understanding what top investors prioritize can provide a competitive edge. Here are ten key insights that define their approach: 1. Firm Culture, Leadership Alignment, and Decision-Making Cultural fit and leadership…  Read More >

A few ideas for 2025 – to become the best in the industry, PE firms & teams have to the following approaches and insights from the sources: Focus on specific expertise and market segments Specialize: Hone in on specific areas like tech & be good at profitable revenue growth (aka…  Read More >

10 Strategies for Maximizing Value Creation in Private Equity The private equity industry has increasingly shifted from traditional financial engineering toward operational value creation as a primary driver of returns. Firms that consistently outperform do so by applying structured, repeatable playbooks that improve EBITDA, drive revenue expansion, and enhance operational…  Read More >

Private equity has expanded significantly over the past three decades, with fund counts and AUM reaching record levels. As competition increases and financing costs rise, PE firms must rely more on GTM Improvements (Profitable Revenue Growth Acceleration) combined with Operational Improvements to generate returns. # of PE Funds up 5x+…  Read More >

Here’s the core purpose of the GTM Operating Partner role in PE: Mission of the Role Own GTM value creation: Lead all commercial excellence aspects of Value Creation Plans (VCPs) from diligence through exit Support deal teams: Surface hidden GTM value opportunities in diligence, shape VCPs, and own execution post-close,…  Read More >

When we hire CEOs in PE, culture fit is one of the most underestimated challenges in. Even if the CEO has the right PE grade “functional skills” and operational expertise, if they clash with the company’s culture or fail to align with the team’s dynamics, it’s a recipe for disaster.…  Read More >

Scalability – Assessing a Ptential Investment’s Scalability During Diligence (for Middle Market Companies)   In software (for Tech PE buyouts), the margin between success and mediocrity hinges on accurately assessing scalability before writing the check. While revenue growth captures headlines, PE investors know that sustainable unit economics, operational leverage, and…  Read More >

“One Team” Strategy in PE: How the Investment Team & Operating Partners Work Together as a “Deal Team” by Stage of the PE Deal Process     1. PE Firm Receives Teaser (then CIM) Investment Team Initial screen for investment alignment (sector, growth, profitability, valuation) Preliminary internal discussion on deal…  Read More >

We are in the new era of “PE Value Creation” that we can affectionately refer to as 2.0.  Now it’s much more about better diligence & ownership than ever before. In the far more competitive world of PE, achieving superior risk-adjusted returns hinges on better diligence (which is surprisingly possible)…  Read More >

Just wanted to reflect on this year – here’s a concise overview of the private equity (PE) landscape and strategic insights for navigating it: The resilience of the PE industry, even amid a slowdown, underscores the critical role of value creation and revenue growth for investment success. To stimulate deal…  Read More >

Creating value in PE requires more than just GTM Improvements or Operational Improvements. It demands a systematic and scalable value creation process that can be applied across the portfolio. This approach is not about ad hoc interventions or one-off solutions but about designing a structured framework that enables consistent, repeatable,…  Read More >

I was at a PE Conference and someone asked me what the GP should look for in hiring a GTM & Revenue Growth / Commercial expert to help create value for their Investment Team and for Portfolio Companies. While on a train for a few hours, I jotted down just…  Read More >

(WIP – Draft) Here is a summary / short list…   From Operators to PE Investors: David Rubenstein – Carlyle Group (was a policy advisor to the White House) Scott Sperling – from Aeneas Group to TH Lee Carl Eschenbach – from VMware to Sequoia (Growth PE Investing) Greg Brenneman…  Read More >

This is how Top-Line Growth or Revenue Growth is the primary Value Creation driver for Tech PE portfolio companies. In PE, focusing on increasing revenue and profitable revenue growth initiates a cascade of beneficial downstream effects: – Increasing Revenue and Profitable Revenue Growth (Capital-Efficiently) Initiating with a strategic emphasis on…  Read More >

By actively engaging across each phase of the private equity investment lifecycle, Value Creation Teams (Operating Partners) ensure a tangible outcome, enhancing both portfolio equity value creation (EVC) and investor returns.   Sourcing & Deal Origination – Identifying potential investment opportunities through proprietary networks, investment banks, and industry relationships. Operating…  Read More >

PE – Assessing Success Factors Before Acquiring a Company When evaluating a potential investment, I focus on businesses with strong fundamentals, clear value-creation levers, and predictable, sustainable growth. These are the key criteria that make an acquisition attractive: Strong Leadership or Replaceable Gaps Evaluating whether the management team is strong…  Read More >

Reflecting on the last several years in PE , I’ve been contemplating what I genuinely like about the job. This is primarily for my personal reflections and to articulate my thoughts more clearly but it genuinely starts with a true privilege and a tremendous responsibility to be in PE. Similarity…  Read More >

Pricing Assessment for Private Equity Portfolio Companies: A Framework for Value Creation Pricing optimization is a key driver of revenue growth, margin expansion, and overall enterprise value for private equity-backed companies. A well-structured pricing strategy enhances customer acquisition efficiency, strengthens retention, and increases expansion revenue. This framework prioritizes the most…  Read More >

How PE Can Unlock Equity Value Through Strategic Pricing Optimization Pricing is one of the most powerful levers for value creation. Monetization improvements for PE-backed companies, a disciplined, data-driven approach to pricing can unlock significant equity value by improving unit economics, accelerating growth, and expanding EBITDA margins. Pricing as a Direct…  Read More >

Many middle-market PE portfolio companies leave money on the table due to misaligned pricing models, value leakage, or friction in customer acquisition and retention. A structured approach to pricing optimization helps identify gaps, refine packaging, and maximize revenue potential. This framework ensures pricing captures the full value delivered while maintaining…  Read More >

An Operating Partner who relies on a prior “PE playbook” often misunderstands the nature of value creation. Those playbooks were built for specific portfolio companies, under different market conditions, with distinct teams and capital structures. Each investment thesis demands its own operating model. Applying old frameworks wholesale risks missing the…  Read More >

In the role as a PE Operating Partner, your primary responsibilities involve not only helping the Investment Team with diligence in the process of add-on mergers and acquisitions for our anchor portfolio companies, but also ensuring the seamless integration and enhancement of these new additions (ex: GTM  team and process…  Read More >

Nearly every principle that separates great investors from average ones maps directly to private equity (from William Green’s book “Richer, Wiser, Happier”) Fundamentals over forecasts – PE underwriting – focus on business quality, cash flow, and durability Margin of safety – entry valuation and deal structure are the PE version…  Read More >

Just sharing ideas, thoughts and notes I’ve collected on the principles for successful leadership in PE – PE firm success requires a blend of strategic vision, adaptability, and leading the way for disciplined execution at portfolio companies. But the most effective leaders excel by mastering these core principles that drive…  Read More >

In PE, many of the best deals and LP relationships don’t come from cold outreach. They come from referrals.  But most professionals handle referrals sub-optimally: they either passively wait for them, or they ask for introductions in a way that creates extra work for the referrer. The result is fewer…  Read More >

These 10 principles distill what consistently drives returns in private equity, cutting through deal stories to the repeatable processes that actually compound value. Alignment with management teams is critical to sustained value creation Operational value creation ultimately outweighs financial engineering over time Incentive alignment shape outcomes more than headline strategy…  Read More >