Alumni Roundtable: From Deal Captain to Partner
We were delighted to host our first PER Alumni Network Roundtable, led by Charlie Hunt, Managing Director, and Annabelle Bates, Head of Mid-Market, exploring one of the most significant transitions in private equity: the move from Deal Captain to Partner.
The session brought together professionals at different stages of this journey for an open and insightful discussion on legal responsibility, leadership, portfolio management and the realities of partnership.
The session brought together professionals at different stages of this journey for an open and insightful discussion on legal responsibility, leadership, portfolio management and the realities of partnership.
Defining partnership
Partnership can look different across firms, encompassing responsibilities that range from investment committee membership to LP engagement and internal leadership. It is less about years served and more about the ability to influence outcomes and represent the firm externally.
Becoming a Partner brings both privilege and accountability, greater exposure to LPs, more strategic influence and a higher expectation of control. It also unlocks new opportunities to build relationships, lead investments and shape the firm’s future direction.
Becoming a Partner brings both privilege and accountability, greater exposure to LPs, more strategic influence and a higher expectation of control. It also unlocks new opportunities to build relationships, lead investments and shape the firm’s future direction.
The journey to Partner
Progression to partnership is built on credibility and trust. It’s not simply about deal count or tenure but about demonstrating sound commercial judgment, ownership and influence.
Aspiring partners should focus on:
- Choosing the right fund and team, ensuring there is room to grow
- Taking ownership and acting like an investor in their own deals
- Communicating clearly on risk, performance and opportunities
- Building expertise in a defined market niche to generate independent deal flow
- Establishing strong relationships with decision-makers and creating alignment around long-term career ambitions
Partnership readiness often depends on the ability to operate with the mindset of an owner well before holding the title.
Portfolio and performance
While deal sourcing and execution remain core to progression, credibility is often built through effective portfolio management. The ability to stay calm under pressure, know the numbers and take control when challenges arise is what instils confidence in senior leadership.
Delivering strong returns is important, but consistent ownership and clarity in communication matter even more. Partners value individuals who demonstrate they can manage issues independently, ensuring that assets and portfolios remain in capable hands.
Delivering strong returns is important, but consistent ownership and clarity in communication matter even more. Partners value individuals who demonstrate they can manage issues independently, ensuring that assets and portfolios remain in capable hands.
Mastering the legals
One of the steepest learning curves in the transition to partnership lies in assuming full responsibility for the legal and structural aspects of transactions. The key is to lean on expert advice, particularly from lawyers, and use established templates to build pattern recognition and confidence. Focus on the few key risks that truly matter rather than getting lost in technicalities.
Good partners exercise sound judgment, knowing when to ask questions, when to trust those with specialist expertise and when to intervene. The strongest professionals develop the instinct to identify what is unique about each deal and focus attention there.
Good partners exercise sound judgment, knowing when to ask questions, when to trust those with specialist expertise and when to intervene. The strongest professionals develop the instinct to identify what is unique about each deal and focus attention there.
Final thoughts
Partnership is about more than closing deals. It demands leadership, judgment and the ability to inspire trust. The most effective partners combine commercial instinct with emotional intelligence and take ownership of their role in driving both performance and culture.
Partners also need a deep understanding of their own business model as well as those in the portfolio. This includes engaging with strategy and differentiation, fundraising and investor relations, internal talent development and portfolio construction. It also means learning to navigate their own organisation and investment committee effectively, perhaps the most important skill set never listed on a job description.
The transition from Deal Captain to Partner is demanding but for those who approach it with curiosity, discipline and self-awareness, it remains one of the most rewarding milestones in a private equity career.
Partners also need a deep understanding of their own business model as well as those in the portfolio. This includes engaging with strategy and differentiation, fundraising and investor relations, internal talent development and portfolio construction. It also means learning to navigate their own organisation and investment committee effectively, perhaps the most important skill set never listed on a job description.
The transition from Deal Captain to Partner is demanding but for those who approach it with curiosity, discipline and self-awareness, it remains one of the most rewarding milestones in a private equity career.
Click below to read Charlie's profile and find his contact details.
Charlie's profile
