The role of the Operating Partner continues to evolve. In 2025, with market turbulence, rising debt levels, and consumer spend under pressure, private equity firms are demanding more from their Operating Partners than ever before.

From interviewing hundreds of candidates and running searches across Europe and North America, these are the top three skills private equity firms want in Operating Partners in 2025.

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1. The Right Balance Between Player and Coach

Operating Partners must know when to roll up their sleeves and when to step back.

• In moments of urgency or crisis, you need to act as the player—jumping in to help the business move quickly.

• In normal operations, your role is to be the coach—equipping and guiding the portfolio company leadership to execute themselves.

Firms are looking for Operating Partners who can judge that balance perfectly. Come in too heavy and you undermine executives. Stay too hands-off and you risk missing critical interventions.

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2. Proven Playbooks – Especially in M&A

Playbooks have always been essential, but in today’s market they’re non-negotiable.

Private equity firms need Operating Partners who bring:

• Documented, tested playbooks for value creation.

• The ability to tailor those playbooks to different industries and portfolio dynamics.

• Experience in M&A integration, helping management teams absorb acquisitions and protect against covenant risks or debt challenges.

It’s no longer enough to rely on experience “in your head.” Firms want Operating Partners who can codify and embed their methods across multiple portfolio companies.

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3. An Eye for Talent

Markets are exposing weaknesses in leadership teams. As Warren Buffett famously said, “When the tide goes out, you see who’s swimming naked.”

Operating Partners are now expected to have a sharp talent assessment capability. That means:

• Spotting whether a CEO, CFO, or COO can scale.

• Knowing when to coach versus when to recommend a replacement.

• Having structured processes for interviewing, evaluating, and upgrading leadership teams.

In tough markets, having the right CXO in the seat is the single biggest driver of portfolio success.

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Final Word

Private equity firms in 2025 want Operating Partners who are adaptable, structured, and talent-focused. The combination of player/coach balance, proven playbooks, and strong judgment on leadership is what sets the best apart.

If you’re preparing for your next Operating Partner role—or hiring for one—Raw Selection specialises in connecting the right executives with the right firms.