PE Operating Partner Recruitment

PE Operating Partner Recruitment

The Operating Partner appointment is one of the most consequential hires a PE fund makes because it defines the quality and consistency of operational value creation across the entire portfolio rather than at a single portco. A strong Operating Partner accelerates the delivery of the investment thesis at every business they touch, provides the GP with a credible operational resource that differentiates the fund in competitive deal processes, and builds the management relationships across the portfolio that drive alignment and accountability. Finding the right individual — someone who is genuinely an operator rather than a consultant, who has the credibility of a track record rather than the authority of a title, and who can work effectively within a fund structure — is a search that requires the same network access and precision as the most demanding portco appointment. To discuss your requirement, call 0203 834 9616.

Exec Capital recruits Operating Partners for private equity funds across the UK mid-market. The Operating Partner sits within the GP’s team and provides operational support, functional expertise, and value creation leadership across the portfolio — deploying into individual portfolio companies at deal completion, during value creation programmes, and pre-exit. Every Operating Partner mandate is run on a retained basis by our specialist team, with Adrian Lawrence FCA overseeing it, and with the same precision of brief and network access that we bring to portfolio company C-suite appointments.

We work with two kinds of hiring decision on this page. The first is the fund-level hire: private equity and venture capital firms appointing a full-time in-house Operating Partner, a retained operating adviser or executive-in-residence, or a functional specialist who leads one value creation lever — pricing, digital, talent, procurement or ESG — across the portfolio. The second is the portfolio-level hire: the operating executives a fund places into its portfolio companies, from an interim CEO or COO brought in after completion to the permanent leadership a value creation plan depends on. The two are closely linked, and many of our Operating Partner clients also use us for the portfolio appointments their Operating Partner identifies as needed.

What a PE Operating Partner does

The Operating Partner’s mandate is defined by the fund’s investment strategy and the specific operational capabilities the GP needs to bring consistently across the portfolio. In most UK mid-market funds, the Operating Partner operates across three horizons simultaneously.

Deal origination and diligence support — the Operating Partner provides operational assessment of potential acquisitions during the investment process, evaluating management team quality, identifying operational improvement opportunities, and assessing the operational risks and requirements of the business plan. Their input improves the quality of deal decisions and the specificity of the value creation plan before close.

Post-close onboarding and 100-day execution — the Operating Partner deploys into the portfolio company at deal completion, leading or supporting the 100-day plan execution, making rapid management assessment, and initiating the first operational improvement actions. This is where the Operating Partner delivers their most immediate value — the ability to accelerate the start of value creation by weeks or months.

Hold-period portfolio support — ongoing engagement with portfolio company management teams across the hold period: board attendance, operational review facilitation, management coaching, specific improvement programme support, and escalation management when a portco is underperforming. The Operating Partner is the GP’s operational eyes and ears across the portfolio between board meetings.

Many funds add a fourth horizon, which is exit preparation. In the 12 to 24 months before a sale, the Operating Partner often leads the work that turns operational progress into a credible equity story: tightening the KPI pack, closing gaps in the management team, making sure the improvements in the value creation plan show up in the numbers a buyer will diligence, and preparing management for the sale process. Our guide to exit readiness hiring covers the leadership side of that work.

The balance between these horizons varies by fund. A buy-out fund with a concentrated portfolio of control positions usually wants an Operating Partner who spends most of their time inside portfolio companies, often taking the chair or a non-executive seat. A growth equity fund with minority positions needs someone who influences without control and who can help founder-led businesses build their first professional management layer. A venture fund’s operating team tends to be broader and lighter, offering playbooks, introductions and functional help across a large number of early-stage companies rather than deep involvement in a few. The brief we write with you starts by placing your fund on that spectrum, because it determines the profile more than any other single factor.

It also matters where the Operating Partner sits in the firm. Some report to the managing partner and sit on the investment committee with a vote; others attend investment committee as a non-voting adviser; others have no formal role in investment decisions and focus entirely on the portfolio. Each arrangement is legitimate, but candidates read them very differently. Senior operators who have run PE-backed businesses will usually want to know whether their view on management quality and operational risk will carry weight before a deal is signed, and a role that only engages after completion attracts a different pool. If you are still working through how the Operating Partner fits with the deal team, our guide to the role of the general partner in private equity sets out the wider structure.

How it works

An Operating Partner search follows the same disciplined process we use for portfolio company C-suite appointments, adapted for a fund-level role where the hiring panel is the partnership and the stakeholders include portfolio company management teams. We agree the timetable with you at briefing, because it depends on the model you choose, the level of confidentiality required and how many partners need to meet the shortlist.

Referencing deserves particular attention for this role. A candidate’s account of a successful hold period is easy to tell and hard to check, so we take references from the investors who backed them as well as from colleagues, and we ask specifically about what changed in the business because of the candidate rather than alongside them. Our executive search methodology explains how we structure assessment more generally.

Operating Partner vs portco executive — the distinction that matters

The Operating Partner role is fundamentally different from a portfolio company executive appointment, and the candidate profile reflects that difference. A portfolio company CEO is accountable for running one business and delivering its specific investment thesis. An Operating Partner is accountable for improving the GP’s operational value creation capability across multiple businesses simultaneously, deploying different degrees of involvement at different portcos depending on need, and building the management relationships and credibility across the portfolio that allow them to be genuinely useful rather than merely present.

The most common mistake in Operating Partner recruitment is appointing an excellent portfolio company operator who is fundamentally a single-business executive — someone who thrives when they own a management team and a P&L but who is uncomfortable providing support and challenge without line authority. The Operating Partner must be as effective in an advisory and challenge role as they are in an executive one, and most portfolio company CEOs are not. We assess this dimension explicitly in every Operating Partner mandate.

In practice we test for it in three ways. We ask candidates to describe situations where they changed the direction of a business they did not run — as a chair, a non-executive, an adviser or a group executive overseeing divisions — and to explain how they did it. We look at how they talk about management teams they have assessed: whether they can be candid about weaknesses without becoming the person every portfolio CEO dreads seeing at the door. And we ask how they would handle the moment when their advice to a portfolio CEO conflicts with what the deal partner wants, because that conflict will come and the Operating Partner who cannot manage it loses the trust of one side or the other.

The distinction also works in the other direction. Sometimes a fund that thinks it needs an Operating Partner actually needs a strong executive inside one portfolio company — a COO to fix operations, a CFO to rebuild reporting, or a new CEO. If the brief points that way, we will say so and help you make that hire instead, through our portfolio company executive recruitment work.

Operating Partner models — how funds structure the role

Exclusive Operating Partner is employed directly by the fund and dedicates their full working time to the GP’s portfolio. This model provides maximum availability and alignment with the fund’s interests, and is most common in funds with four or more active portfolio companies and a clear operational value creation thesis that requires consistent resource.

Venture Partner or Portfolio Operating Partner is engaged on a retainer basis alongside other activities — typically one or two advisory roles or non-executive positions at portfolio companies. This model provides access to high-quality operational talent that would not be available on an exclusive basis, at a lower cost structure. It works best where the fund’s operational support needs are episodic rather than constant.

Sector Operating Partner is appointed for their specific sector expertise rather than their generic operational capability — a former CEO of a software business for a fund with a technology thesis, or a former retailer for a fund with a consumer thesis. This model provides the deepest subject-matter credibility at portfolio companies in the relevant sector but limited transferability outside it.

Operating Partner models compared

The labels vary from fund to fund, so it helps to compare the four arrangements we are most often asked to fill by what they actually involve rather than by title.

Most funds end up with a mix. A common pattern in the mid-market is one or two full-time Operating Partners supported by a bench of operating advisers who chair or advise selected portfolio companies, with functional specialists added as the portfolio grows and interim executives brought in where a single business needs hands-on leadership. Our work on venture partner recruitment covers the equivalent roles in venture capital, where the adviser and executive-in-residence models are more common.

Functional specialists: pricing, digital, talent, procurement and ESG

As portfolios grow, more funds hire Operating Partners for a single value creation lever rather than general operations. The logic is simple: if the same improvement opportunity appears in most portfolio companies, one specialist who has done it many times can deliver it faster and more consistently than each management team learning it from scratch. The specialisms we are most often asked to recruit are:

• Pricing and commercial excellence — price architecture, discount discipline, sales effectiveness and customer profitability, usually from a background in commercial leadership or specialist pricing work. The portfolio-level counterpart is often a commercial director inside each business.
• Digital and technology — technology due diligence, platform consolidation after buy-and-build, data and reporting, and the practical use of automation and AI in operations. These candidates often come from CTO or digital transformation director roles in PE-backed businesses.
• Talent — management assessment in diligence, leadership hiring across the portfolio, incentive design and succession. A talent Operating Partner usually comes from a CHRO background in PE-backed or multi-site businesses, and often works closely with the fund’s search partners.
• Procurement — spend analysis, supplier consolidation and group purchasing across portfolio companies, which can deliver early EBITDA improvement without touching revenue. The pool overlaps with procurement director candidates who have worked across multiple businesses.
• ESG and sustainability — ESG diligence, portfolio reporting to limited partners, decarbonisation plans and governance. Candidates often come from chief sustainability officer roles or specialist ESG teams at other funds.

Finance is the other common specialism. A CFO-background Operating Partner who leads reporting upgrades, cash management and exit preparation across the portfolio is a model that suits funds where finance quality is the main gap. Functional specialists need the same ability to influence without authority as a generalist Operating Partner, plus enough depth in their discipline to be credible with the functional leaders inside each portfolio company.

Operating advisers and executives-in-residence

Operating advisers (sometimes called senior advisers, industrial partners or operating executives) are usually former CEOs or chairs who work with the fund part-time. They bring sector knowledge to origination and diligence, and many take the chair of a portfolio company the fund acquires in their sector. An executive-in-residence is a variant: a senior operator attached to the fund, usually for a defined period, with the expectation that they will step into a leadership role — often as CEO or chair — at a business the fund acquires. Both models give the fund senior operating judgement without a full-time salary, and both depend heavily on finding people with the right sector record, which is where a search with real reach adds value. Our board advisory work covers related appointments.

When a fund should hire an Operating Partner

There is no single point at which a fund needs an Operating Partner, but the conversations we have with GPs tend to start from one of a small number of triggers:

• The portfolio has outgrown the deal team’s capacity. Deal partners can support two or three portfolio companies closely; beyond that, operational support becomes reactive and value creation plans slip.
• The same problems keep appearing. If several portfolio companies have weak reporting, the same procurement inefficiencies or the same gaps in commercial discipline, a dedicated resource will usually pay for itself in consistency alone.
• The fund is raising a new vehicle. Limited partners increasingly ask how a GP creates value beyond financial engineering. A credible operating team, with a record that can be evidenced, is part of the answer.
• Management changes have been costly. Funds that have replaced several portfolio CEOs within a fund cycle often conclude that better management assessment before and after completion would have avoided some of those changes.
• The strategy is moving. A move into buy-and-build, a new sector, or larger control positions usually changes the operational support the fund needs to provide.

Equally, there are situations where an Operating Partner is the wrong answer. A fund with two or three investments and no plans to grow the portfolio quickly may be better served by an operating adviser on a retainer. A portfolio company in difficulty needs an executive who will own the turnaround day to day — an interim CEO for a PE-backed business or a turnaround executive — not an adviser who visits fortnightly. And a business that needs part-time senior expertise in one function may be better served by a fractional executive engaged by the portfolio company itself. We will tell you which model fits before we start a search, even where that means a different and smaller assignment.

What good looks like: value creation plans, 100-day plans and portfolio talent assessment

Funds ask us to find an Operating Partner who will “drive value creation”, which is a reasonable aim but a poor job specification. In practice, the strongest Operating Partners are distinguished by how well they do three specific things, and we build our assessment around them.

The value creation plan

A good value creation plan is specific, costed and owned by management. It names the handful of initiatives that will move EBITDA and cash over the hold period, sets out what each will deliver and when, identifies the people and investment needed, and links directly to the exit case. A weak one is a list of aspirations copied from the investment paper. The Operating Partner’s job is to help management turn the thesis into the first kind, to keep it current as the business changes, and to make sure the board reviews progress against it rather than against the budget alone. We ask candidates to walk us through a plan they built or rebuilt, what they took out, and which initiatives failed and why. Candidates who cannot name a failed initiative usually have not been close enough to the work.

The 100-day plan

The first 100 days after completion set the tone for the hold period. A strong Operating Partner arrives with a draft plan built during diligence, agrees it quickly with management, and focuses on a small number of actions: confirming the management team and filling urgent gaps, putting in place the reporting the fund needs, launching the quick-win initiatives identified in diligence, and building the working relationship between management and the board. They also avoid the common failure of loading a new management team with so many fund-driven workstreams that the business itself suffers. Our guide to what PE firms get wrong in the first 100 days covers the hiring side of this period.

Portfolio talent assessment

The single most valuable thing many Operating Partners do is assess management teams accurately and early. That means forming a view in diligence on whether the existing team can deliver the plan, confirming or revising that view in the first months of ownership, and acting on it — whether by coaching, by adding a missing executive, or by replacing a leader who is not right for the next phase. The best Operating Partners treat this as a portfolio-wide discipline: a consistent assessment framework, a clear view of succession for critical roles in every portfolio company, and a pipeline of external candidates for the roles most likely to change. We often work alongside Operating Partners on this, through pre-deal management team assessment and the portfolio hires that follow.

Governance that supports the plan

Operating Partners frequently sit on portfolio company boards, and the governance they build matters. Larger private companies, including many PE-backed groups, must report on their corporate governance arrangements, and the FRC’s Wates Principles for large private companies are the framework most choose to apply. A good Operating Partner helps make the board a place where the value creation plan is discussed properly: a focused board pack, clear decision rights between the board and the investor, and an independent chair or non-executive where the business needs one. They also understand that as a director of a portfolio company they owe their duties to that company, not to the fund, and they manage that tension openly.

The candidate pool

Former portfolio company CEOs and COOs with multiple PE cycles are the highest-quality Operating Partner candidates. Their track record of delivering value within PE-backed businesses provides the operational credibility that portfolio company management teams respect, and their experience of the GP relationship from the portfolio company side makes them more effective in the hybrid advisory-and-challenge role the Operating Partner occupies. Individuals who have been through three or more PE cycles — across different sectors and different GPs — are particularly valuable because their pattern recognition across business types and situations accelerates their contribution at each new portco.

Functional specialists with PE portfolio experience — former CFOs, CHROs, or CTOs who have worked across multiple PE-backed businesses as interim or operating executives — are relevant for funds with specific functional value creation priorities. A CFO-background Operating Partner deployed primarily on financial management improvement and exit preparation is a coherent and effective model for funds where finance quality is the primary operational gap.

Former management consultants who have transitioned to operational roles occasionally make credible Operating Partners, but only where they have substantive P&L accountability in their background. An Operating Partner without direct experience of running a business under PE governance will struggle to command the respect of portfolio company CEOs who have. We screen for this explicitly.

Operating partners at other funds are an obvious source but not always the best one. Some are excellent and open to a move for a larger platform, a better carry position or a fund strategy that suits them better. Others have spent so long in fund roles that their operating experience has dated. We assess when a candidate last carried executive accountability and how current their view of the operating challenges in your sectors is.

Senior interim operators are a growing source, particularly for functional and interim portfolio roles. Experienced interim CEOs, COOs and CFOs who have worked inside several PE-backed businesses often have exactly the breadth an Operating Partner needs, and some actively want a fund-side role after years of moving between assignments. The question to test is whether they are comfortable moving from doing the work to helping others do it.

Corporate executives from group roles — divisional chief executives, group operations directors and heads of transformation at multi-business groups — sometimes have more relevant experience than their lack of PE background suggests, because they have overseen several businesses without running each one. They usually need more support in learning the pace and discipline of a fund, and work best where the fund already has an experienced Operating Partner they can learn from.

The pool for any given brief is smaller than it looks. Once you combine the right sector, the right size of business, a genuine PE track record and the temperament to influence without authority, the number of credible candidates in the UK is often limited, and most of them are not looking. That is why we approach the market directly rather than advertising, and why the quality of the brief matters so much.

Compensation and Package Structure

Operating Partner pay varies more than almost any other senior role in private equity, because the model, the fund size, the strategy and the candidate’s own preferences all change the structure. We do not publish figures on this page because a single range would mislead more than it helps; we discuss current market levels for your specific brief when we take it, and our private equity salary guide and operating partner recruitment guide cover the wider picture. What we can set out here is how packages are put together.

Salary and bonus

Full-time in-house Operating Partners are usually paid a base salary by the fund’s management company and an annual bonus. The salary reflects the size of the fund, the scope of the role and where the Operating Partner sits relative to the investment partners. Bonus is normally discretionary and linked to a mix of firm performance and the Operating Partner’s contribution across the portfolio. A recurring question is how to measure that contribution fairly when the Operating Partner influences outcomes without controlling them; funds that agree in advance which portfolio outcomes and fund-level objectives will be considered have fewer difficult conversations at bonus time.

Carried interest and co-investment

For senior in-house Operating Partners, carried interest is usually the most important part of the package and the main reason strong operators move to a fund. Allocations vary widely, as do vesting schedules and leaver provisions, and both are matters for the fund’s own documents and advisers. Candidates will want to understand whether their carry is in the current fund or only future funds, how it vests, and what happens if they leave. From 6 April 2026 the UK tax treatment of carried interest changed, with carry now taxed within the income tax framework and an adjustment applied to qualifying carried interest. Whether a particular Operating Partner’s allocation qualifies depends on the detail, so both the fund and the candidate should take specialist tax advice. Our guide to co-investment and carry at PE firms covers the mechanics.

Co-investment — the Operating Partner investing their own money alongside the fund — is common and sometimes expected. Funds use it to align interests, and candidates use it to share in returns beyond carry. The questions to settle early are whether co-investment is required or optional, how much, whether any financing is offered, and whether the Operating Partner can invest directly in portfolio companies where they take a board role.

Fee-sharing and portfolio-funded models

Some funds charge part or all of the cost of their operating team to portfolio companies, through monitoring or consulting fees or through direct engagements between the portfolio company and the specialist. This can make a larger operating team affordable, but it needs care. Limited partner agreements often deal with how fees charged to portfolio companies are treated against the management fee, and limited partners pay close attention to transparency here. Portfolio company management teams also notice when they are paying for support they did not choose. Before we search for a portfolio-funded role, we ask the fund to confirm the structure with its finance and legal teams, because it affects how the role is presented to candidates and how the Operating Partner is perceived inside the portfolio.

Advisers, executives-in-residence and interim executives

Operating advisers are usually paid a retainer or a day rate by the fund, sometimes with co-investment rights or equity in a portfolio company they chair. Executives-in-residence may receive a retainer during the search for a suitable business, followed by an executive package and management equity when they take a role. Interim portfolio executives are normally paid a day rate by the portfolio company, and where the role later becomes permanent, they may join the management incentive plan. Where an adviser or interim executive works through their own company, the off-payroll working rules may apply, and the engaging business — the fund or the portfolio company — needs to make a status determination. HMRC’s guidance on understanding off-payroll working (IR35) sets out the responsibilities.

Equity in portfolio companies

Where an Operating Partner or adviser takes a chair or executive role in a portfolio company, they may be offered a place in that company’s management incentive plan, alongside or instead of fund-level carry. This can create strong alignment with a single business but can also pull the Operating Partner’s attention away from the rest of the portfolio. Funds should decide the policy before the question arises, not on a case-by-case basis after an offer is made.

What an Operating Partner typically delivers in the first 12 months

Expectations for a new Operating Partner should be realistic. They are joining a fund with an existing portfolio, existing relationships between deal partners and management teams, and plans already in progress. A sensible first year looks something like this.

Months one to three: listen, assess and agree priorities

• Meet every portfolio company management team and visit operations, not just head offices.
• Review each value creation plan against actual progress and identify where plans are off track or unrealistic.
• Form an initial view of management strength across the portfolio and share it privately with the deal partners.
• Agree with the partnership where the Operating Partner will spend most time in the first year, usually the two or three portfolio companies with the most at stake.
• Join live deal processes to start contributing to operational diligence.

Months four to six: first interventions

• Lead or support the 100-day plan for any new acquisition, ideally having been involved in its diligence.
• Launch the first practical initiatives in the priority portfolio companies, owned by management with the Operating Partner in support.
• Start a consistent portfolio reporting set covering the operational KPIs that matter for value creation.
• Address the most urgent management gaps, working with the fund’s search partners on any hires.

Months seven to twelve: build the fund’s operating capability

• Introduce shared playbooks for the improvement levers that recur across the portfolio.
• Set up portfolio-wide initiatives where scale helps, such as group procurement or shared technology suppliers.
• Put in place succession plans for critical roles in each portfolio company.
• Contribute evidence of operational value creation for the fund’s investor reporting and the next fundraise.
• Agree with the partnership whether the operating team needs to grow, and in which functions.

By the end of the first year, a good Operating Partner should be trusted by most portfolio CEOs, valued in deal processes, and able to point to specific improvements they helped deliver. The financial effect of those improvements may take longer to show in exit values, so funds should judge the first year on the quality of the work and the relationships, not on returns alone. Our executive onboarding guide has more on setting up senior hires to succeed.

Placing operating executives into portfolio companies

Many funds come to us for an Operating Partner and stay for the portfolio appointments that follow, and many come the other way round. Alongside fund-level searches, we place operating executives directly into portfolio companies, on permanent, interim and fractional terms.

• Permanent leadership. Chief executives, chief operating officers and chief financial officers hired to deliver the value creation plan, through our portfolio company CEO recruitment and portfolio company COO recruitment practices.
• Interim executives. Full-time leaders placed for a defined period after completion, during a turnaround, or while a permanent search runs — an interim COO to stabilise operations or an interim CFO to rebuild reporting before a refinancing or sale.
• Fractional executives. Part-time senior leaders for smaller portfolio companies that need the judgement but not a full-time seat, such as a fractional CFO or a fractional CEO.
• Functional leaders. The commercial, technology, people, procurement and sustainability leaders who deliver specific value creation levers inside each business.

Where a fund has an Operating Partner in place, we work with them directly on these hires: they know the business, the plan and the gaps, and a joint brief produces a better shortlist than one written at a distance. Where a fund does not have one, we work with the deal partner and the portfolio company chair. For fund-level operations roles distinct from portfolio support, see our page on PE chief operating officer recruitment, which covers the COO who runs the fund’s own business rather than its portfolio.

Other ways to hire. If you are not sure whether you need a fund-level Operating Partner or a portfolio executive, start with our private equity recruitment overview, which covers fund-side and portfolio appointments together. We can then point you to the right format.

Who we place

Our Operating Partner and portfolio clients are generally:

• UK mid-market buy-out funds building or expanding an in-house operating team.
• Growth equity funds with minority positions in founder-led businesses that need professional management.
• Venture capital firms appointing operating partners, platform leads, venture partners and executives-in-residence.
• Newer and first-time funds that want an operating adviser or sector partner before committing to a full-time hire.
• Family offices and independent sponsors making direct investments who need operating support without a full fund team.
• Portfolio companies, and their chairs, hiring operating executives with the fund’s involvement.

Sectors we regularly cover include business and professional services, software and technology-enabled services, industrials and manufacturing, healthcare and care services, consumer and leisure, financial services, and infrastructure-related services. The candidates we place are typically former PE-backed chief executives and chief operating officers, CFOs with multiple exits, functional specialists in pricing, procurement, digital, talent and ESG, experienced chairs and non-executives, and senior interim operators.

Because each of the group’s specialist firms works with senior finance, executive and board-level candidates, we can draw on a wider network than a single-practice firm, and we are equally comfortable with confidential searches where the incumbent or the portfolio does not yet know a change is coming. Our confidential executive search guide explains how we handle those mandates.

Related Services

Private Equity Recruitment | Value Creation Executive Recruitment | 100 Day Executive Recruitment | Pre-Exit CEO Recruitment | Interim CEO for PE-Backed Firms | Managing Partner / Senior Partner Recruitment | PE Chief Investment Officer Recruitment | PE Partner / General Partner Recruitment | Portfolio Company CEO Recruitment | Portfolio Company CFO Recruitment | PE Chief Operating Officer Recruitment | Portfolio Company Executive Recruitment | Fractional CEO for PE-Backed Firms | Fractional CFO for Private Equity | PE Associate Recruitment | PE Non-Executive Director Recruitment | Venture Capital Non-Executive Recruitment | Private Equity Executive Search

Working with Exec Capital on an Operating Partner mandate

Every Operating Partner mandate is run by our specialist team, with Adrian Lawrence FCA overseeing it. The fund-level nature of the appointment — and the fact that it shapes the quality of every portco engagement for the life of the fund — makes the brief and candidate assessment as important as the search itself. We invest significant time in understanding the fund’s strategy, its portfolio composition, and the specific operational gaps the Operating Partner is being appointed to address before we define the candidate profile.

For the portfolio company executive appointments that the Operating Partner will support and influence, see our Private Equity Executive Search hub. For the portfolio company CEO appointments specifically, see our Portfolio Company CEO Recruitment page.

Adrian is a Chartered Accountant and former listed-company finance director who has worked inside PE-backed businesses, including as finance director of a business acquired through a private equity-backed management buy-out. That experience shapes how we approach Operating Partner briefs: we know what it is like to be on the receiving end of fund support, good and bad, and we brief candidates honestly on what the role will involve.

We also respect the confidentiality these searches usually need. Operating Partner appointments are often made before a fundraise is announced, before a portfolio change is communicated, or while an existing member of the operating team is still in post. We approach candidates without naming the fund until they have shown real interest and agreed to keep the discussion confidential, and we manage referencing carefully so that word does not reach the market early.

Engagement and fees

We agree the commercial structure with you at the start, in writing, and it depends on the model you are hiring for.

• Retained search for in-house Operating Partners and senior advisers. Fund-level appointments are almost always run on a retained basis. The fee is linked to the first-year remuneration of the appointment and is paid in stages through the search. Retained search gives you a dedicated team, a full market map and an exclusive commitment to finding the right person, which matters for a role where the pool is small and most candidates are not looking. Our guide to retained vs contingent executive search explains the difference.
• Day-rate basis for interim and fractional placements. Where we place an interim portfolio executive or a fractional specialist, the client pays a day rate covering the executive’s fee and our margin, invoiced monthly for days worked. There is no fee for an introduction that does not lead to an engagement.
• Portfolio programmes. Funds that expect several portfolio appointments over a period can agree a framework covering all of them, which simplifies approvals and gives each portfolio company the same terms.

A retained Operating Partner search includes the briefing meetings with the partnership, a written role and candidate specification, market mapping and direct approach, candidate assessment and written reports, referencing with investors and former colleagues, offer management including carry and co-invest discussions, and contact through onboarding. We do not quote fees on this page; call us on 0203 834 9616 and we will set out the terms for your brief.

Related Private Equity Appointments

• Private Equity Executive Search — All PE executive appointments across the investment cycle
• Portfolio Company CEO Recruitment — Portco CEO appointments supported and influenced by the Operating Partner
• Portfolio Company COO Recruitment — Operational leadership the OP frequently helps identify and onboard
• Value Creation Executive Recruitment — Specialist executives the OP deploys against specific thesis levers
• Private Equity Recruitment — All PE talent including fund-level and GP appointments

Frequently asked questions

What is a PE Operating Partner?

A PE Operating Partner is a senior operator employed by or attached to a private equity fund who helps portfolio companies improve performance. They support operational due diligence, lead or support 100-day plans after completion, oversee value creation plans through the hold period and help prepare businesses for exit. Unlike a portfolio company executive, they work across several businesses and usually influence rather than manage.

How is an operating partner in private equity paid?

A full-time in-house Operating Partner is usually paid a base salary and discretionary bonus by the fund’s management company, with carried interest and co-investment making up a large part of the long-term reward. Operating advisers are usually paid a retainer or day rate, and interim portfolio executives a day rate from the portfolio company. Levels depend on fund size, strategy and the role, so we discuss current market terms when we take a brief.

Do Operating Partners receive carried interest?

Senior in-house Operating Partners usually do, although allocations, vesting and leaver terms vary by fund and are set by the fund’s own documents. Part-time advisers less often receive carry and more often receive co-investment rights or equity in a portfolio company they chair. Since 6 April 2026, carried interest has been taxed within the UK income tax framework, so both sides should take specialist tax advice on how an allocation will be treated.

What is the difference between an Operating Partner, an operating adviser and an executive-in-residence?

An Operating Partner is normally a full-time member of the fund team working across the portfolio. An operating adviser is usually part-time, brings sector knowledge and often chairs or advises selected portfolio companies. An executive-in-residence is attached to the fund for a period with the expectation of taking a leadership role in a business the fund acquires. Titles vary between funds, so we always define the role by what it involves.

Who pays for an Operating Partner — the fund or the portfolio company?

In-house Operating Partners are usually paid by the fund’s management company. Some funds recharge part of the cost of their operating team, or of functional specialists, to portfolio companies. That needs to be consistent with the fund’s limited partnership agreement and transparent to investors, so we ask funds to confirm the structure with their finance and legal teams before we search.

What background do the best Operating Partners have?

The strongest candidates have usually run PE-backed businesses as CEO, COO or CFO through more than one investment cycle, and have also influenced businesses they did not run — as a chair, non-executive, adviser or group executive. Functional specialists need deep expertise in their discipline plus experience across several businesses. Pure consulting backgrounds rarely work without real P&L accountability.

How long does an Operating Partner search take?

It depends on the model, the sector, the level of confidentiality and how many partners need to meet candidates. We agree the timetable with you at briefing and report progress against it. Senior candidates often have notice periods and fund commitments to manage, which should be factored into your planning.

Can you place operating executives directly into our portfolio companies?

Yes. Alongside fund-level searches, we place permanent, interim and fractional executives into portfolio companies, including CEOs, COOs, CFOs and functional leaders. Where you have an Operating Partner, we work with them on the brief.

How many Operating Partners does a fund need?

There is no fixed ratio. A fund with a handful of control positions may need one full-time Operating Partner supported by advisers; a larger portfolio may justify a team with functional specialists. The right answer depends on how closely each investment needs support and how consistent the operational themes are across the portfolio.

Do you recruit Operating Partners for venture capital and growth equity funds?

Yes. Venture and growth funds tend to use platform leads, venture partners, operating advisers and executives-in-residence more than full-time generalist Operating Partners, and their portfolio companies are often founder-led. We adapt the brief and the candidate profile to that context.

Looking for an Operating Partner role?

If you are an experienced PE-backed CEO, COO, CFO, functional specialist or chair interested in Operating Partner, operating adviser or portfolio executive roles, please register with us and send a short note on the businesses you have led and the investors you have worked with. Current roles are listed on our opportunities page, although most Operating Partner searches are confidential and filled by direct approach.

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Sources and Further Reading

• UK Private Capital (formerly the BVCA) — the UK trade body for private equity and venture capital
• Invest Europe — value creation and operating partner research across European PE
• McKinsey — portfolio operations and value creation leadership research
• ICAEW — corporate finance and operational governance in PE-backed structures
• Companies Act 2006 — governance obligations relevant to GP-appointed Operating Partners on portco boards

PE funds appointing an Operating Partner may also require: Portfolio Company CEO | Portfolio Company CFO | Portfolio Company COO | Value Creation Executive | Pre-Exit CEO | All PE Executive Search