The role of an Operating Partner is very different from being a C-Suite executive. Private equity firms don’t need another CEO—they need a coach, a strategist, and someone who can embed value creation into their portfolio companies.

Having worked with Operating Partners across Europe and North America, three traits consistently separate the best from the rest.

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1. A Coaching Mentality

Many Operating Partners come from C-Suite backgrounds in PE-backed businesses. The mistake? Staying stuck in “operator mode.”

An Operating Partner’s role is closer to a board-level coach than a hands-on executive. If you jump back into the trenches, you risk:

• Alienating portfolio company executives.

• Holding the expertise yourself instead of embedding it.

• Reducing exit multiples because the knowledge doesn’t stay in the business.

The best Operating Partners coach, develop, and empower executives. They make the management team better, not redundant.

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2. Documented Playbooks

Exceptional Operating Partners have documented, proven playbooks—not just experience stored in their heads.

These playbooks might cover:

• Financial reporting improvements.

• Operational efficiency programs.

• Sales and go-to-market strategies.

The key is that the playbooks are deployed through the executives, not by the Operating Partner directly. This drives margin improvement, scalability, and—crucially—reduces key-person risk at exit.

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3. Comfort Out of the Spotlight

Operating Partners don’t get the glory. Their role is to make the executives in the portfolio company shine.

That means:

• Preparing the CEO for board meetings.

• Anticipating investor questions and coaching the team on responses.

• Staying in the background while the executives deliver.

As one seasoned Operating Partner put it, “My job is to make the CEO look as good as possible.” Like a great boxing coach, you’re not the one in the ring—you prepare the fighter to win.

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Final Word

If you want to succeed as an Operating Partner, you must shift from being the star player to being the coach. Develop strong playbooks, embed them into management teams, and focus on making the executives look exceptional. That’s what drives enterprise value and maximises exit outcomes.

If you’re exploring your next Operating Partner opportunity—or hiring one for your firm—Raw Selection specialises in these appointments every year.