Characteristics of a Successful PE–PortCo FP&A Relationship

In this episode of FP&A Tomorrow, host Paul Barnhurst and co-host Glenn Snyder discuss the dynamic intersection of private equity and financial planning & analysis (FP&A). With private equity firms increasingly focused on operational value creation over financial engineering, this discussion offers valuable insights into the evolving expectations for FP&A teams within PE-backed companies. The conversation covers everything from deal flow trends and building high-performing FP&A functions to the nuances of trust, alignment, and data in the PE environment.

Nate is a Senior Managing Director at Riveron Consulting, where he leads the private equity practice. With extensive experience supporting portfolio companies, Nate brings a sharp understanding of how to structure FP&A functions that drive value from early investment to exit. Jamie is Director of Financial Operations at Trivest Partners, a middle-market private equity fund. Jamie works closely with FP&A teams across Trivest’s portfolio, guiding companies through growth, transformation, and exit, with a clear focus on data-driven decision-making and operational excellence.

Expect to Learn:

• How private equity firms are shifting from financial engineering to operational value creation.
• Why FP&A is becoming a core strategic partner in PE-backed companies.
• The importance of early investment in data, tech stacks, and FP&A infrastructure.
• The difference between corporate FP&A and PE-backed FP&A environments.
• What skills and traits do PE firms value most when hiring FP&A professionals?

Here are a few quotes from the episode:

• “Private equity used to be all about financial engineering; now it’s about operational value creation.” - Jamie Lukaszewski
• “The most successful FP&A teams are the ones that align financial and operational KPIs to tell a complete story.” - Nate Heeren
• "You're not going to win many races with your legs tied together; you've got to be set up for success." - Nate Heeren

Nate and Jamie shared thoughtful and practical insights into the evolving relationship between private equity and FP&A. They emphasized the growing importance of operational value creation, the foundational role of trust and alignment, and the need for robust data infrastructure to support strategic decision-making.

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In Today’s Episode

[02:11] - Guest Introduction

[02:58] - What Great FP&A Looks Like

[04:42] - PE Trends & Market Shifts

[07:31] - Early vs. Late Stage Projects

[12:02] - PE & FP&A: Building Trust

[17:32] - Corporate vs. PE FP&A

[22:24] - Hiring: What PE Firms Look For

[32:49] - Successful FP&A-PE Relationship

[41:57] - Final Advice & Wrap-Up