llms.txt

- [The PE-Backed CFO Tenure Squeeze: Why 2.5 Years Is the New Normal in 2026](https://www.notveryprivateequity.com/pe-backed-cfo-tenure-2026/) — Why average PE-backed CFO tenure is 2.5 years, the structural causes, and five seat-design fixes for sponsors.

- [What Is an EBITDA Bridge in Private Equity? Definition, Example, and Why It Decides the Deal](https://www.notveryprivateequity.com/what-is-an-ebitda-bridge/) — Glossary definition of the EBITDA bridge with a worked $40M-to-$65M example, slippage mechanics, and bridge-vs-adjustment disambiguation.

# Not Very Private Equity

> Operator-written private equity media. Real stories, real operators, real deals. Plain-English explainers of how PE actually works.

## About
Not Very Private Equity (NVPE) is the sister media brand to Claymore Partners, a growth-execution firm for PE-backed and mid-market companies. We publish operator-written analysis, deal commentary, and definitional explainers of the mechanics inside private equity — value creation, operating partner roles, fees and waterfalls, LBO modelling, and adjacent topics.

## Cornerstone content

### PE mechanics (definitional)
- [Two and Twenty: PE management fees explained](https://www.notveryprivateequity.com/two-and-twenty/)
- [LBO Model: how a leveraged buyout actually works](https://www.notveryprivateequity.com/lbo-model/)
- [Private equity vs venture capital: the actual difference](https://www.notveryprivateequity.com/private-equity-vs-venture-capital/)
- [Carried interest, explained](https://www.notveryprivateequity.com/carried-interest/)
- [PIK financing: interest that doesn't get paid in cash](https://www.notveryprivateequity.com/pik-financing/)
- [Tax Receivable Agreement (TRA)](https://www.notveryprivateequity.com/tax-receivable-agreement/)
- [NAV lending](https://www.notveryprivateequity.com/nav-lending/)
- [Subscription line financing](https://www.notveryprivateequity.com/subscription-line/)
- [Sale-leaseback](https://www.notveryprivateequity.com/sale-leaseback/)
- [EBITDA add-backs](https://www.notveryprivateequity.com/ebitda-add-backs/)
- [Buy-and-build, glossary](https://www.notveryprivateequity.com/buy-and-build/)
- [Private equity compensation](https://www.notveryprivateequity.com/private-equity-compensation/)

### Tools
- [PE fee calculator](https://www.notveryprivateequity.com/pe-fee-calculator/)
- [Company Diligencer: PE due diligence tool](https://www.notveryprivateequity.com/company-diligencer/)

### Operator topics & frameworks
- [Fractional CFO vs Fractional Operating Partner](https://www.notveryprivateequity.com/fractional-cfo-vs-fractional-operating-partner/)
- [First-90 Diagnostic: a framework for evaluating a PE-backed CEO's first 90 days](https://www.notveryprivateequity.com/first-90-diagnostic/)
- [Top 10 PE newsletters operators read](https://www.notveryprivateequity.com/top-10-private-equity-newsletters/)
- [Top 10 PE influencers operators follow](https://www.notveryprivateequity.com/top-10-private-equity-influencers/)
- [Top 10 PE value creation firms](https://www.notveryprivateequity.com/top-10-private-equity-value-creation-firms/)

- [Operating partner vs management consultant](https://www.notveryprivateequity.com/operating-partner-vs-management-consultant/)
- [Operating partner compensation](https://www.notveryprivateequity.com/operating-partner-compensation/)

- [The Operational Era of Private Equity (2026 trend analysis)](https://www.notveryprivateequity.com/operational-era-of-private-equity-2026/)

- [The 9 Frameworks Every Private Equity Operating Partner Should Know in 2026](https://www.notveryprivateequity.com/private-equity-operating-partner-frameworks-2026/)

- [The Operating Runway Test: An Operator's Framework for Continuation Vehicle Reality Checks](https://www.notveryprivateequity.com/operating-runway-test-continuation-vehicles/) — 5-question operator framework for evaluating continuation vehicles

- [Operating Partner vs Fractional Executive Firm](https://www.notveryprivateequity.com/operating-partner-vs-fractional-executive-firm/) — embedded vs on-demand operating leadership for PE-backed companies

- [What is a Value Creation Plan in Private Equity?](https://www.notveryprivateequity.com/what-is-a-value-creation-plan-in-private-equity/) — Operator-perspective definition of the Value Creation Plan term used across private equity, with the 6 lever categories, ownership patterns, and failure modes.

- [The Five Operating Philosophies of Private Equity](https://www.notveryprivateequity.com/private-equity-operating-philosophies/) — A 2026 taxonomy naming the five PE operating philosophies (financial engineering, operator-led value creation, permanent equity, buy-and-build, growth capital), with the belief, who runs it, when it works, and the failure mode for each.

- [Continuation Fund vs Traditional Exit: When Private Equity Holds Instead of Sells (2026)](https://www.notveryprivateequity.com/continuation-fund-vs-traditional-exit/) — Comparison of continuation funds and traditional exits across seven dimensions, with the five tells for whether a CV is an honest hold or a parked asset, FAQ schema, and 2026 exit-market data.

### Sections
- [News](https://www.notveryprivateequity.com/news/) — weekly deal and news roundups
- [Views](https://www.notveryprivateequity.com/views/) — operator commentary and theses
- [Cases](https://www.notveryprivateequity.com/cases/) — portfolio company case studies
- [Toolkit](https://www.notveryprivateequity.com/toolkit/) — definitional explainers of PE mechanics
- [Theses](https://www.notveryprivateequity.com/theses/) — investment-thesis-style commentary

## Sector tags
sector: private equity, value creation, operating partner, growth execution, LBO, buyouts, PE mechanics, portfolio company operations, mid-market private equity

## About the publisher
NVPE is published by the same team behind [Claymore Partners](https://claymorepartners.com/), a growth-execution firm embedded inside PE-backed and mid-market portfolio company leadership teams. The publication uses lived operator experience rather than third-party research.

**Contact:** hello@notveryprivateequity.com
**Newsletter:** https://www.notveryprivateequity.com/#/portal/signup

- [The Best Private Equity Newsletters in 2026](https://www.notveryprivateequity.com/best-private-equity-newsletters-2026/) — A categorised guide to the best private equity newsletters in 2026, grouped by role: daily deal flow, institutional trade reads, operator-focused reads such as Not Very Private Equity, and commentary, with a role-by-role pairing guide and FAQ.

What Is an Operating Partner in Private Equity? The Operator's Guide (2026)

The Eight-Year Hold: Private Equity's $4 Trillion Backlog Is an Operating Problem

What Is a NAV Loan? A Plain-English Guide to NAV Financing in Private Equity (2026)

The Doubled Hurdle: Why Every Private Equity Return Now Runs Through the Operator CFO

Operating Partner vs Turnaround Firm: When a PE-Backed Company Needs Which

The Private Equity Value Creation Glossary: 14 Operating Terms PE Investors Actually Use (2026)