Every PE/VC transaction has the same supporting cast — the same lawyers, the same accountants, the same placement agents. Knowing who they are and what they want is half of running a deal.
On the GP side
The general partner entity is the legal manager of the fund. The management company employs the deal team and receives the management fee. The investment committee approves transactions; on most funds it includes two to four senior partners and is the binding decision body. The deal team itself is layered — partner, principal, vice president, associate, analyst — with most diligence work done by the bottom three layers and the partner owning the relationship and the IC pitch.
On the LP side
An LP can be a public pension, a corporate pension, an endowment, a foundation, a sovereign wealth fund, an insurance general account, a family office, a fund-of-funds, or (since the 2020s) a high-net-worth wirehouse channel. Each has different time horizons, regulatory constraints, return targets, and fee sensitivities. We profile each in detail in Chapter 12.
Intermediaries and advisors
Placement agents raise capital on behalf of GPs in exchange for a fee (typically 1–2% of commitments raised). Investment banks run sell-side processes, advise on financing, and underwrite IPOs. Diligence advisors — Big Four QofE teams, sector consultants, technical experts — are paid by the buyer to stress-test the seller's claims. Legal counsel drafts every document; the GP-side firm and target-side firm typically do not change across deals.
Fund administrators calculate NAV, process capital calls, and produce LP reporting. Auditors sign the annual financials. Custodians hold the fund's securities. Technology providers (Carta, eFront, Allvue, iLEVEL) run the data infrastructure.
Inside the portfolio company
The CEO and CFO of the portfolio company are technically employees of the company, not the fund — but in practice they answer to the GP via the board. Operating partners at the GP firm are senior ex-CEOs or functional experts who advise across the portfolio. Independent directors sit on the board to provide governance and (in the case of a sale) Revlon-duty cover.