Operating Partners Are Moving From Advisors to Execution Leaders
July 2, 2025
For years, Operating Partners were positioned as advisors. Experienced executives who supported management teams, pressure-tested strategy, and provided guidance at key moments.
That model is changing.
Across private equity environments, Operating Partners are increasingly expected to play a direct role in execution. Not as occasional contributors, but as active leaders embedded in how value is created and protected.
This shift reflects a broader change in how firms are approaching operating complexity.
Why the Operating Partner role is expanding
Three forces are driving this evolution.
First, portfolio complexity has increased. Multi-site businesses, add-on activity, and overlapping transformation initiatives have become the norm rather than the exception.
Second, execution windows are tighter. With selective deal flow and longer hold periods, sponsors are focused on driving results earlier and sustaining momentum longer.
Third, management teams are under more pressure. CEOs and functional leaders are navigating integration, growth, talent changes, and stakeholder expectations simultaneously.
In this environment, advisory support alone is often insufficient.
Where the traditional model falls short
When Operating Partners function primarily as advisors, a few predictable challenges emerge.
Advice without ownership.
Strategic guidance is offered, but accountability remains diffuse. Execution depends on already-stretched management teams.
Inconsistent engagement.
Operating Partners may be deeply involved during crises but less present during steady execution, leading to uneven support.
Delayed intervention.
By the time Operating Partners step in meaningfully, performance issues are often already visible.
None of these outcomes reflect a lack of expertise. They reflect a mismatch between expectations and mandate.
The shift toward execution-oriented Operating Partners
Increasingly, we see firms redefining the Operating Partner role to include direct execution responsibility.
Execution-oriented Operating Partners tend to:
Own specific value creation initiatives
Establish operating cadence and performance rhythm
Step into integration leadership when needed
Serve as a bridge between the board and management
Provide real-time problem solving rather than retrospective advice
In some firms, this looks like full-time Operating Partners embedded across portfolios. In others, it involves more targeted deployment during integration, restructuring, or growth acceleration phases.
The common thread is clear ownership.
How this changes leadership expectations
As Operating Partners become more execution-focused, expectations shift across the organization.
CEOs gain leverage.
Rather than absorbing all execution risk, CEOs have a partner who can drive initiatives forward and remove friction.
Boards gain visibility.
Clear operating ownership improves transparency and confidence at the board level.
Management teams gain clarity.
Decision rights, priorities, and timelines become more explicit when execution leadership is clearly defined.
This alignment reduces ambiguity and accelerates progress.
When Operating Partners create the most value
We most often see execution-oriented Operating Partners making the greatest impact in situations such as:
Early post-close periods when momentum matters
Multi-add-on integration strategies
Founder transitions or leadership changes
Operational restructuring or margin improvement initiatives
Scaling organizations that have outgrown informal processes
In these environments, execution leadership is not a nice-to-have. It is a differentiator.
What firms should consider as they evolve the role
As expectations change, so should how firms think about Operating Partner selection and deployment.
A few questions help clarify readiness:
Are Operating Partners empowered to own outcomes, not just advise?
Do they have the capacity to engage deeply across portfolios?
Is their mandate clear to management teams?
Are incentives aligned with execution success?
When these elements are missing, even strong Operating Partners struggle to drive impact.
Looking ahead
The Operating Partner role is no longer static.
As private equity firms continue to operate in selective, execution-driven environments, Operating Partners are becoming central to how value is created, sustained, and protected.
Firms that evolve this role thoughtfully move faster, intervene earlier, and support management teams more effectively. Those that do not risk relying too heavily on advisory models in environments that demand action.
In today’s market, Operating Partners are not just advisors.
They are execution leaders.
About the Author
Eric Tenety
Senior Client Partner
Eric Tenety is a Senior Client Partner at Morgan Samuels, where he advises private equity sponsors, founders, and operators on senior executive search and leadership transition mandates.
With more than 20 years in executive search, Eric has built a reputation as a trusted partner to high-growth companies across stages and ownership structures. His work focuses on aligning leadership capability with execution priorities, governance expectations, and long-term value creation, drawing on experience leading C-suite searches across North America, Europe, and APAC.
This perspective reflects patterns observed across recent leadership searches and ongoing conversations with investors and management teams navigating an evolving market environment.