Driving Transformation: Lessons from Greco’s Operating Partner Breakfast

In May, Greco Advisors brought together key leaders in value creation from leading European mid-cap Private Equity funds for the latest edition of our Operating Partner Breakfast. Hosted by Dickon Cole and Tom Shores, the event welcomed representatives from Five Arrows, TA Associates, Keensight Capital, Montagu, Vitruvian Partners, Accel-KKR, Attestor Limited, Corsair, Mayfair Equity Partners LLP and Inflexion.

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As well as offering a valuable opportunity for informal networking among peers, the discussion focused on a topic of growing significance across the private equity landscape: Setting up the Transformation Office for Success. With transformation talent becoming an increasingly central pillar of value creation strategy, particularly in the mid-market, the conversation explored the different ways funds are evolving their approach to building and structuring this function.

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One of the core challenges discussed was how to assess the existing leadership team within a portfolio company and identify how transformation talent can be introduced to complement - rather than compete with - existing management. Whether through dedicated Transformation Offices or more fluid internal operating models, striking the right balance of support and influence remains key to long-term success.

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Attendees shared thoughtful, real-world perspectives on some of the strategic decisions surrounding the deployment of transformation talent, including:

• The trade-offs between appointing a Chief Transformation Officer (CTrO) versus aChief of Staff, and how to align these roles with the specific needs of the CEO and business context.
• When to engage interim transformation professionals versus investing in permanent leadership - and how agility can serve as a competitive advantage in times of change.
• How to balance strategy with execution when selecting and supporting transformation leaders - and why CEO buy-in is critical to avoid ‘host rejection’ of transformation initiatives.

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What became clear from the discussion is that the private equity transformation landscape has shifted significantly over the past three years. Mid-market funds, in particular, are reshaping how they think about transformation offices - not as one-size-fits-all teams, but as tailored, context-specific levers for unlocking value.

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As always, it was a privilege to host such a forward-thinking and collaborative group. Greco Advisors is committed to continuing these conversations and providing a platform for operating partners to learn from one another, exchange ideas and elevate their approach to value creation.

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