Operating partner at Bain Capital / Apollo / TPG / KKR / Silver Lake / etc. What does this job entail and what is the scope of responsibility / org? Had a couple of colleagues on the ops side exit into these roles.

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Depends on the fund. I work with PE frequently and their operating partners or value creation team sometimes act like internal consultants for quick stuff or helping with high level decisions in portcos. Sometimes they’re helping portcos make decisions on which consultants to hire. Sometimes they’re seconded to portcos in a C level role, usually COO. Sometimes they’re even SMEs for a particular industry, but that is usually ex CEOs who aren’t full time but have the same OP title.

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Investment team brings in the portfolio firm and operating team coordinates and helps run the actual company usually through collaboration with its management. There may be some overlap but that’s my impression.

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The abbreviated version: - PE has investment thesis for deal which translates into in-year and run-rate targets (ex. EBITDA up $X) - The operating partner (and team) take roles within the acquired company to achieve said targets. This could be as CEO, as an executive in respective areas of expertise or as an internal transformation office managing the pre-close planning and post-close integration. - Hit/exceed targets - Get paid

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I believe it means you will be sitting in a management position at their portfolio companies for short periods of time. I worked with a corporate client that was PE-backed and everyone in the C-Suite was an Operating Partner at the parent PE Firm. They all had <3 years of tenure at the company, much fewer than everyone in middle management, wish creates for some awkward working dynamics, as employees don’t like when PE firms buy their company. Seems like a cool role but you’ll be up close and personal with the cruel realities of private equity

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Were those operating partners generally principals/partners at consulting firms before they joined PE?

Watch Mad Men. Thats what Price does.

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