The board the operator uses to manage their portfolio.
A typical mid-market Operating Partner carries five to fifteen portfolio companies. Their tools : Excel, Monday, email, and a deck made every Sunday night : were built for individual contributors, not for a partner accountable for a billion dollars of equity value.
The diligence thesis dies in a PDF on a shared drive the day after close.
Bain & Company, Global Private Equity Report 2024. Operational improvement as share of total value creation in mid- market buyouts, 2014-2023. Comparable figures: McKinsey Private Markets Annual Review (43%), EY PE Pulse (49%).
The same line items the IC fought over for six weeks vanish into a static PDF on Day 1. By Day 30 there is no living record of what the deal was supposed to do.
“Six weeks of IC debate. One PDF. Then silence.”
Every workflow that matters lives in a tool the next deal partner has no access to. The Operating Partner's memory is the integration layer.
The system of record for the people who carry the thesis to exit.
Underwriting, integration, actuals, on one ledger.
Every line, every quarter, all the way to exit.
Every portco, every variance, on one screen.
Monday morning, before the partner meeting.
Every board meeting, every LPAC, generated from the ledger.
From live ledger to LPAC-ready in ninety seconds.
Note · Variance is annualized vs. entry EBITDA. Status reflects thesis-ledger rollup across all line items per portco, not a discretionary flag.
IC memo, Aug 2024, six line items.
Auto-linked to portco actuals weekly.
| # | Thesis line | Underwriting | Current | Variance | Owner | Status |
|---|---|---|---|---|---|---|
| 01 | Hosting consolidation, single AWS tenant cost synergy | $1.8M | $1.5M | −14.4% | P. Shah · CTO | On track |
| 02 | Shared services, finance / HR / legal cost synergy | $2.4M | $2.7M | +10.4% | M. Hill · CFO | Realized |
| 03 | Cross-sell EHR into PM customer base revenue synergy | $6.2M | $2.1M | −66.1% | D. Petrov · CRO | At risk |
| 04 | Organic ARR growth, blended organic growth | 18% | 21% | +16.7% | D. Petrov · CRO | Realized |
| 05 | Add-on acquisitions, derm, oncology multiple expansion | 2 | 2 | : | J. Cohen · OP | Realized |
| 06 | DSO 62 → 45 via auto-billing working capital | 17 | 4 | −76.5% | M. Hill · CFO | At risk |
The ledger is the seam Maestro and DealCloud don't own. It binds the IC memo to the integration plan to the actuals, for every portco, every quarter, all the way to exit.
The board deck is the artifact the Operating Partner already produces. We start there. The ledger makes it true.
From live ledger to LPAC-ready in 90 seconds.
Alternatives technology spend by 2027.
¹ Top-down · Gartner Alts Tech Forecast, Mar 2024
¹ Gartner, Alts Technology Spend Forecast, Mar 2024. Global figure; private equity share ~62%.
² 8,000+ PE firms globally; ~5,000 Operating Partners in North America. Source: PEI 300, AltAssets, Pitchbook roster review, May 2024.
³ ACV midpoint reflects reference pricing at Maestro, DealCloud, Allvue ($50K-$250K per firm).
CFO-adjacent budget owner, the Head of Portfolio Operations : already buying tools at this price point.
Maestro is the only player in the right quadrant, but the product is thin, AI-less, and lacks the diligence-to-actuals binding. We move the same buyer one frame to the right.
The empty quadrant isn't empty by accident. It requires binding diligence artifacts to operating data, then making them legible to a non-finance buyer.
Jason Cohen sells what he's lived. Every first meeting begins with a peer, not a vendor, the only credible motion in this category.
Three to five PE firms via Jason Cohen's network. Free pilot. $25K starter contract in Q4 once value is proven.
Ten paying firms at $50-100K ACV. Each one a case study with named-portco outcomes, the only credible reference in PE.
Lead with a PE-tech-fluent fund. Target Brighton Park, FTV, Centana. Design-partner LPs as warm intros.
Ten reference customers. Named portco outcomes. A Series A conversation that starts with the customers, not the deck.
Three asks. One quarter. One yes.
Two PE firms. Free six-month pilot.
Real portcos. Real ledgers. Real board prep.
Bregal Sagemount · Charlesbank · Argonaut.
Maestro's customer set. Competitive wedge, not cold outreach.
Jason Cohen, sitting Operating Partner.
Design lead. Peer-to-peer sale. Decision: yes by Q3.