The Different Types of Operating Partners

In cases where you got a PE firm that invests solely in an industry, then having these retired CEOs sitting around the table as operating advisors or partners is one flavor. If you're doing all oil and gas deals, they probably have an opinion or at least know somebody who knows somebody and any deal that you're looking at. A functional partner is not, they haven't been running the company but are used to getting their hands dirty. They're gonna be working further down in the management team with the portfolio companies.