When private equity investors are asked who their customers are, the answer is typically their investors. We take a more nuanced approach.
First, we prioritize the customers who buy the products and services our companies provide. Why? If we don't make a great product or service and offer it at a fair value, there is no reason for the company to be in business. Second in line are the employees who work at our portfolio companies. If we don't support them and make sure they are happy, how can they effectively operate the companies providing the goods and services that delight our customers? The third priority are our investors, who entrust us with their capital and for whom we act as fiduciaries to deliver high risk-adjusted returns. As for ourselves, we are last in line.