In private equity, we talk a lot about returns.

But who are we actually serving?

LPs, obviously. They give us the money.
But portcos… they make us the money.

So here’s the uncomfortable truth most GPs won’t say out loud:

PE firms treat LPs like customers.
But treat portcos like cost centers.

You pitch the LPs. You wine and dine them.
You build decks. You overcommunicate.
You benchmark performance down to the basis point.

But your portcos?
You give them a 100-day plan, tell them to hit 30% EBITDA growth, and send in McKinsey to “help.”

Imagine if you flipped it.

What if PE firms treated portcos like clients?
• Gave them true value creation support
• Hired real operators, not just PowerPoint jockeys
• Invested in tech, talent, and go-to-market
• Built a service culture around their success

Because here’s the paradox:

The only way to serve LPs well…
Is to serve your portcos better.

Think of it as B2B2LP.