Private equity success depends not only on investors but also on the advisors who help portfolio companies improve operations and drive growth.
Nitya Srivastava, Engagement Manager at EY-Parthenon, works at the heart of this effort. She manages a proprietary platform that provides PE funds with deeper visibility into the technology used across their portfolio companies, helping them unlock value creation opportunities.
In our conversation, Nitya reflects on her career path, explains the key elements of her role, and shares advice for professionals looking to build a career in this exciting sector.
Q: What sparked your interest in private equity and how did you break into the industry?
I had no experience in private equity before I started working at EY-Parthenon. You don’t need any specific experience to get into the sector, but you do need some understanding of how the financial landscape works.
I first discovered PE at Manchester Business School, where one of my master’s courses covered activist investors, PE, and how financial systems work. I didn’t know anything about shell companies — firms that make an impact in the world without operating or producing anything themselves. I’d always worked in India, where most businesses are family-owned.
When I began exploring roles in private equity, I chose the advisory route, believing that working with a range of PE funds would give me a broader understanding of how the sector operates. I wanted to focus on how value creation impacted both investment and exit strategies.
Q: What has helped you become comfortable with the complex aspects of your role?
I asked to attend every meeting and took every chance to meet clients in person, even if it was just to take notes. Reading articles can only take you so far — it’s hearing real conversations that builds an understanding of the industry and the challenges and opportunities our clients face.
The second key factor is networking. I made it a point to connect with people in investment banking, private equity, former colleagues, and friends from business school, seeking their advice and insights. Then, when I came back to the office and spoke to our senior leaders, I was confident that I knew what I was talking about.
When it comes to technical skills, such as creating models or calculating EBITDA adjustments, that’s something you can learn.
Q: What advice would you give to new graduates looking to improve their networking?
Networking is a combination of professional and personal relationships. Before meeting someone new or scheduling a catch-up, I make sure to learn about them first so our conversation can be more meaningful. I would never ask a favor at a first meeting; I’d try to convey that I was genuinely interested in knowing them as a person.
A lot of people, especially new graduates, are too quick to ask for a referral. You have to listen to the other person. If somebody is asking questions about what I do, I’m more likely to open up to them.
I would tell new graduates not to have a standard template for networking. You should adjust it to your potential contact’s profile. Be curious about them, rather than being focused on what you want to get out of the relationship.
Q: What does your day-to-day role as an Engagement Manager at EY involve?
I lead EY Parthenon’s technology diagnostic for portfolio companies. I’m also the global product owner of a proprietary platform that we developed to give funds a better view of the technology landscape in portfolio companies. This gives them a head start on how to drive tech-based value creation.
I sell the offering in the market and manage engagement. I work with the funds to customize the platform to suit them and then with the portfolio companies to assess what might help them with value creation. As we’re a global company, I can tap into a support team that’s local to where the portfolio company is based.
Q: So the product runs a full analysis of any technology a company uses?
Essentially, yes. You don’t have full access to a company before you buy it; even if you do technology due diligence, you only have limited information. Once acquired, assuming the fund has majority control, we go in on their behalf to understand what systems, processes, and people are related to technology, whether that’s payroll, manufacturing systems, or hosting arrangements.
We also look at resilience and cybersecurity, which is becoming increasingly critical. Then we look at the front end: if they have apps that customers use, how stable are they, do they have scalability, and is there any value leakage anywhere.
After that, we compile a proposal that we present to the fund as well as the portfolio company. If they want to implement any of the suggestions, I can help them do that; otherwise, I move on to the next portfolio company.
I deal with 70 to 80 companies every year, and each assessment takes around three or four weeks. London is our center of excellence, but I work with different parts of EY to offer the service globally.
Q: What trends are you seeing in private equity firms’ approach to value creation?
One of the biggest shifts, which started after COVID, is that most funds moved from focusing on financial risk and restructuring before acquisition to emphasizing hands-on operational improvement after acquisition. Another trend is a growing focus on mid-market assets, as smaller companies offer better control and more value creation, which often leads to smoother exits.
We’re also seeing different exit strategies emerge. Some funds are becoming evergreen, creating continuation funds and moving investments under the same umbrella, while others are embracing partial exits.
Back in the busy days of 2021, we worked on three or four deals simultaneously. Many firms that acquired assets during that time are still holding them, so now they need to get creative if they want to exit or justify a hold. Optimizing operations alone isn’t enough anymore — combining improvements with growth initiatives, often driven by technology, is critical. Many funds are acquiring technology companies or focusing on fast value creation through tech adoption.
Q: How is technology adoption shaping value creation in portfolio companies?
Technology adoption has become central to accelerating value creation, especially given ongoing uncertainties in the exit environment. For example, upgrading an ERP system typically leads to 2-3% EBITDA improvements. Since COVID, those quick technology-driven wins have become much more attractive.
Cybersecurity is also a growing focus for funds, reflecting its increasing importance across industries.
In addition, some funds are shifting their sector focus. Infrastructure, for instance, is gaining attention for its relative stability amid macroeconomic challenges. Healthcare is another sector drawing increased interest.
All of these trends highlight how technology and innovation are driving new and creative approaches to problem-solving in private equity — which makes it an exciting and dynamic sector to work in.
