The Operating Partner seat has become one of the most critical roles in private equity. But where do firms actually hire Operating Partners from?

Through our work at Raw Selection—interviewing hundreds of candidates and partnering with firms across North America and Europe—we see two main backgrounds consistently feeding into Operating Partner roles.

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1. Ex-Operators

The most common route—especially in the lower to middle market—is from former PE-backed executives. These are ex-CEOs, CFOs, COOs, or other senior leaders who have already worked inside private equity-owned businesses.

Why? Because lower middle-market portfolio companies often require hands-on, sleeves-rolled-up execution. Firms want Operating Partners who can step into the weeds if needed, while also providing board-level guidance. Smaller operator teams demand it.

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2. Consultants

The other major feeder group comes from top-tier consulting firms—McKinsey, Bain, BCG, and others. This path is more common in larger firms (think Platinum Equity, Warburg Pincus, etc.) where Operating Partners don’t need to get as hands-on.

Instead, they leverage consulting-style skills:

• Diagnosing constraints

• Structuring value creation initiatives

• Delegating execution to large, well-resourced management teams

Some firms even run this like a career track, bringing consultants in at Associate/VP level and developing them into Operating Partner roles. Others hire them straight in at senior level.

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Why the Split?

It comes down to portfolio size and team depth:

• Lower/Mid-Market: Smaller teams, leaner structures → prefer ex-operators who can do and coach.

• Upper-Mid/Large-Cap: Larger, specialized management teams → prefer consultants who can structure, direct, and delegate.

Both backgrounds can work. What matters is aligning your skills and experience to the firm’s investment model and portfolio needs.

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Final Word

If you’re an executive considering the move into private equity, your background will influence where you best fit. Lower to middle market firms will value your operational track record inside PE-backed companies. Larger firms will often lean toward candidates with consulting pedigrees.

If you’re hiring—or exploring your next career move as an Operating Partner—Raw Selection is here to support. We specialise in connecting the right talent with the right private equity firms.