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The consulting pyramid appears to have discovered gravity.
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Real progress in a portfolio company rarely looks impressive at first.
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PE returns are compressing. The industry response is more theatre.
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LPs do not need more transparency theatre. They need one honest conversation.
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Private equity secrecy does not protect excellence. It protects bad behavior.
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PE does not have a talent shortage. It has a thinking shortage.
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You didn’t buy a roofing company.
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If I were building a sourcing engine in 2026, I would start with data.
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The team that sold the dream should not mark the homework.
Toolkit
The Operator Supply Gap: Private Equity Bought the Operations Thesis. It Hasn't Hired the Operators to Deliver It.
Every private equity deck in 2026 says the same thing. Returns will come from operations, not leverage. The financial-engineering era is over, the operating era has begun, and the numbers now back the slogan: in S&P Global Market Intelligence's 2026 Private Equity Survey, 71% of
Toolkit
The Continuation Test: Five Operating Questions Before You Roll an Asset Into a Continuation Fund
We treat a continuation fund as what it is: a tool, not a verdict. The same vehicle that lets a genuinely strong company keep compounding under an owner who understands it can also let a tired one dodge the markdown it has already earned. Nothing in the structure tells you