1. What Does Success Look Like in This Role?

This is a must-ask question for any interview, regardless of job title. A strong answer should clearly define what success looks like for an Operating Partner within the firm.

• Does the firm have a structured understanding of what they expect from you?
• Have they mapped out what "good" or "great" performance looks like?

Be cautious of firms that struggle to answer this. It could indicate a lack of preparation or a firm that is still figuring out how to integrate Operating Partners effectively. This role is still evolving in many firms, but they should clearly know the outcomes they want you to drive.

2. How Do You Measure an Operating Partner's Contributions at Both the Private Equity and Portfolio Company Levels?

At the portfolio company level, measuring success is relatively straightforward—implementing playbooks, driving value creation, increasing EBITDA, and ultimately improving exit multiples. However, the real insight comes from how the firm values your contribution at the Private Equity level.

Many Operating Partners express frustration about feeling like a "second-class citizen" in the firm. Instead of asking directly, use this question to gauge:

• Does the firm integrate Operating Partners into its strategic decision-making?
• Are Operating Partners valued beyond just execution work at the portfolio level?
• Will you have a seat at the table for due diligence, investment decisions, and firm-wide strategy?

A weak or dismissive answer could signal a lack of appreciation for your role.

3. What Is the Process for Developing and Deploying the Value Creation Plan?

Your job is to execute value creation, but this question helps uncover:

• Does the firm have a structured approach, or is it driven by individual investors?
• Are Operating Partners given a voice in shaping strategy, or are they simply executing pre-set mandates?
• Is decision-making centralized with a managing partner, slowing down execution?

Some PE firms still operate with a highly centralized structure, where even minor value-creation initiatives require approval from senior leadership. This can lead to inefficiencies and frustration. Understanding the firm’s process will help you assess whether you’ll have the autonomy and influence needed to drive real impact.

Final Thoughts

Asking the right questions ensures you’re stepping into a role where you can succeed. If you’re an Operating Partner exploring new opportunities, reach out to Raw Selection, we specialize in connecting top talent with leading Private Equity firms!