Operating Partners are judged on one thing: their ability to drive value creation across portfolio companies. Private equity firms don’t just want to hear about your experience—they want to see how you think, how you operate, and how you’ll deliver repeatable results.

If you’re preparing for an Operating Partner interview, there are three questions you must be able to answer clearly and convincingly.

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1. How Do You Identify Constraints?

Every portfolio company has bottlenecks—constraints that hold back growth. The best Operating Partners don’t just jump in with fixes; they start with data-driven analysis.

You need to demonstrate a playbook for:

• Building a list of constraints across the business.

• Prioritising the two or three that will deliver the highest ROI if solved.

• Supporting executives who may not have the skills or experience to identify these constraints themselves.

Private equity investors want to see that you think systematically and focus resources where they will truly move the needle.

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2. How Do You Build Strong Relationships with Portfolio Companies?

This is where many Operating Partners fail. Too often, they’re seen as “the PE firm’s spy” inside the business. That dynamic kills trust and undermines collaboration.

The best Operating Partners act as a bridge between investors and operators. They back the right executives, build buy-in at the portfolio company level, and create alignment towards the exit.

In interviews, you must be able to explain how you build trust, balance accountability with support, and prevent the relationship from breaking down.

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3. How Do You Document and Deploy Playbooks?

Value creation strategies only work if they’re codified and repeatable. Relying on what’s in your head isn’t enough.

Strong Operating Partners have:

• Documented playbooks, tested in multiple businesses.

• The ability to tailor those playbooks to each unique situation.

• A process for embedding them into the portfolio company so the executives own and execute the work—not the Operating Partner.

If you try to do the work yourself, you’re just another consultant. Your role is to empower management to execute and grow.

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Final Word

Private equity firms want Operating Partners who are disciplined, collaborative, and repeatable in their approach. If you can confidently answer these three questions—constraint identification, relationship building, and playbook deployment—you’ll stand out from the competition.

If you’re preparing for your next step as an Operating Partner—or hiring one for your firm—Raw Selection specialises in helping private equity firms secure the very best talent.