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In PE, basically serve as the eyes and ears of the sponsor and help drive the transformation plan (100 day and onwards). Usually a 3-4 year role as you won’t make many friends.
Best way to get a role is to know the sponsors and demonstrate any ability to execute and deliver.
Adding to McK 1 - for some funds (Platinum is the big one I know of) VP transformation is kind of the entry point to VP in their Portfolio Ops teams.