This is a fireside chat from the Wharton Online/Wall Street Prep private equity certificate program featuring Chris Conti, cofounder and Managing Partner of Lancor, a global executive search firm focused on the Private Equity industry. Conti provides an in-depth overview of the Operating Partner role in private equity, explaining how it has evolved over the past 20 years from a loosely defined position to a critical function focused on operational due diligence and value creation plan implementation. He discusses various structural models firms use, from fully integrated teams to independent contractor arrangements, and explains the shift from “own it all” models to more streamlined “Ops light” approaches. The conversation covers hiring cycles driven by fundraising activity, the importance of cultural fit and networking, compensation structures including carry interest, and current market challenges including the 2021 vintage overhang that has many Operating Partners questioning their career moves. Conti shares practical advice for breaking into the role, emphasizing the value of strategy consulting experience followed by operational roles in middle market companies, and provides insights into the interview process and how to assess opportunities at different firms.