Insights from PEI OP Forum NYC – The Legends of Value Creation: What 47 Operating Partner Legends Wish Someone Had Told Them
For more than 15 years, Blue Ridge Partners has proudly served as a Knowledge Capital Sponsor of the PEI Operating Partners Forum — the premier gathering of Operating Partners in private equity. Each year, we share new research, frameworks, and perspectives designed to help Operating Partners drive profitable growth and lasting impact.
Over that time, we’ve conducted and presented multiple studies focused on the evolving role of Operating Partners — from The 7 Behaviors of the World’s Best Operating Partners to The Lost Years, The Value Creation Playbook, and What Great Operating Partners Do Differently.
This year, we took a different approach. Instead of studying today’s practices, we reached out to some of the most seasoned voices in the industry — the Legends of Value Creation — to uncover the lessons learned, pivots made, and wisdom gained from decades of experience in the field.
Capturing Lessons from 47 Senior Operating Partners
Our 2025 Legends of Value Creation research brings together insights from 47 Operating Partners across North America, Europe, and Asia — representing firms that collectively manage more than $1 trillion in assets.
We asked them one simple question: What do you wish someone had told you earlier in your career?
The result is a candid reflection on what truly drives value creation today — the guidance, regrets, and realizations that can only come with time. The report distills their responses into eight field-tested lessons that define what separates good Operating Partners from great ones.
A Standing-Room-Only Conversation at PEI
The research served as the foundation for a standing-room-only session at the 2025 PEI Operating Partners Forum in New York, where our CEO Jim Corey hosted a panel of four Legends:
- Lee Dranikoff – ex-American Securities
- Tony Ecock – ex-Welsh Carson and Carlyle
- Doron Grosman – ex-Court Square Capital Partners
- Jim Howland – Operating Partner, Morgan Stanley Capital Partners
The session, titled What I Wish Someone Had Told Me, was one of the most talked-about discussions at the conference — with over 250 downloads of the report within the first ten minutes and continued buzz throughout the event.
The conversation resonated because it addressed the challenges and realities of the role — the balancing act between deal teams and management teams, the courage to act on leadership decisions faster, and the art of driving alignment in high-pressure, high-stakes environments.
Eight Lessons from the Legends
Across geographies and firm types, the stories we heard were strikingly consistent. The following eight lessons emerged as universal truths:
- Learn to Manage the Relationship Triangle – The art of influencing without authority, bridging deal teams and management teams.
- Expect to Be Uncomfortable – Progress often starts in moments of tension and constructive conflict.
- Don’t Spread Your Time Too Thin – Go deep where you can create disproportionate value.
- Move Quicker on Weak Leaders – Hesitation doesn’t protect value; it erodes it.
- Think More Like a GP Than an OP – Get upstream in diligence, investment design, and firm strategy.
- Measure Twice, Cut Once – Slow down early to build scalable systems that accelerate later.
- Flex Your Playbook – Adapt your approach to context, cycles, and company needs.
- Talk Straight — and Keep It Kind – Build influence through candor delivered with respect and empathy.
As one Operating Partner put it:
“Alignment usually involves a little friction. The best Operating Partners turn that friction into fuel.”
Why This Work Matters
The Legends’ stories go beyond tactics — they’re a reflection of the evolving identity of the Operating Partner. The role has shifted from problem-solver to strategic leader, from fixer to value creator.
Our goal with this research was to give back to a community that continues to redefine what great value creation looks like — to codify the lessons that will guide the next generation of Operating Partners.
📘 Read the full report: The Legends of Value Creation – What I Wish Someone Had Told Me
