Did you know that across the largest PE firms in the US, 21% started their current role in the last 12 months, and 49% in the last 3 years? Only 33% have been in the seat for 5 or more years.

Operating teams are growing, and PE firms are increasingly dependent on them to drive EBITDA. 64% of operating partners say their teams are expanding. Most teams are new to their roles and are learning the seat, the portfolio, and the firm’s operating model.

At the same time, we often hear that first-time hires, especially in some specialist roles, fail at a high rate. Hiring activity continues to grow steadily in the function, but leadership in firms with newly formed teams often lacks agreement on the mandate and requirements.

Also below: the 11 operating partner and executive moves we tracked last quarter.

1. PE Backed/Portco CFO Hiring: Most Briefs Haven’t Kept Pace with the Role

The private equity portco CFO role was one of our most-discussed topics last quarter; the most effective PE portco CFOs engage early in operational decisions and build an evidence trail that holds up at exit.

  • Key Takeaway: All decision-makers on a CFO hire need to align on mandate and authority before the search starts; a recent report says this unlocks the full value of the hire, and it estimates roughly half of PE portco CFO appointments leave within 18 months.

2. Exits Are Back: Global Exit Value Rose 65% in Q3, Led by a Few Large Sales

Global exit value was up 65% from Q2, per PitchBook’s early Q3 data. Exit count rose only 9.3%, so a handful of large deals did most of the lifting.

3. Interim and Freelance Demand Is Rising in PE

Movemeon found that demand for strategy and transformation talent hit its highest level in over two and a half years in Q2, driven mainly by freelance demand in PE, while permanent postings stayed flat.

  • Key Takeaway: Interim and contract leaders can cover a specific phase, so plan for flexible talent alongside permanent hires.

Searches we’re working on at the portfolio company level

  • Operating Advisor, Value Creation (CFO’s Office), $1b AUM LMM/MM PE. The Managing Partner and Head of Portfolio Ops want to expand the team with their first specialist to work with portco CFOs to build high-value finance functions.
  • Value Creation/Portfolio Ops, Director (GTM & Sales Excellence), Head of Portfolio Ops and Value Creation function hiring a specialist to grow the team to focus on building high-functioning sales functions in traditionally blue-collar businesses.
  • CFO, Mid-Market PE-Backed Specialty Manufacturer. A portco experiencing rapid growth needed a more senior, multi-time CFO with deep experience in M&A integrations and team building, and leadership to prep the company for exit.
  • CFO, LMM Business Services. A lower middle market business services company in a “blue collar” business needed a PE-ready CFO to establish an elevated finance function that gives the sponsor and executive leadership clarity, insight, and reporting.
  • FP&A Lead, LMM Industrials PortCo. A lower middle market, PE-backed industrials portco needed its first mid/senior-level FP&A hire to establish the function under the CFO and provide the forward-looking analytics the sponsor and executive team require.

Notable Market Moves: Operating Partners and Execs

  • Ed Jones joins RoundTable Healthcare Partners (AUM ~$3.1b) as Operating Partner. He previously served as President & Chief Executive Officer of HealthTrust Performance Group / HCA Healthcare, a role he held for nearly 14 years.
  • Ross Bushnell joins One Rock Capital Partners (AUM ~$9.7b) as Operating Partner, focused on chemicals and process industries. He previously served as President & Chief Executive Officer at Pixelle Specialty Solutions.
  • Tom Orr joins Avista Healthcare Partners (over $10b invested historically) as Strategic Executive. He previously served as President & CEO of Seaway Plastics Engineering.
  • Nicholas Landry joins Abry Partners (AUM ~$16–17b) as Chief Financial Officer Operating Partner. He previously served as Head of Finance at EisnerAmper.
  • Justin Leavitt joins Regal Healthcare Capital Partners (AUM ~$1.3b) as CFO Operating Partner. He previously served as Chief Financial Officer at Lightfully Behavioral Health.
  • Maisha Glover joins Capitol Meridian Partners (AUM $1.9b) as Operating Partner. She previously served as Partner at McKinsey & Company, following senior leadership experience at Booz Allen Hamilton.
  • Leonard “Butch” Dollaga was promoted at AE Industrial Partners to Operating Partner. He previously was the Managing Director of Washington Operations.
  • Kate Jhaveri joins Eden Capital as Operating Partner. She previously held senior marketing leadership roles at TikTok, Twitch, Twitter, Facebook and the NBA.
  • Adam Feuer joins GenNx360 Capital Partners (AUM ~$2.2b) as Operating Partner. He previously served as Operating Partner & Board Director at One Rock Capital Partners.
  • Rob Holcomb joins The Halifax Group (AUM $1.5b+) as Operating Executive. He previously served as Director of Analytics at Johnson & Johnson.
  • Anne Bailey is promoted to Lead Operating Partner at Blue Wolf Capital Partners, overseeing the firm’s portfolio operations team. She has served as an Operating Partner at Blue Wolf since 2024 and previously was President of Modivcare Home.