Instead of building a platform team of specialists, Eclipse operates like a small special forces unit. A lean team of senior partners, all ex-operators, handles everything from thesis creation to scaling companies. This ensures founders get direct support from proven builders, not junior staff.

Capital has become commoditized with thousands of PE firms competing. The old model of buying low and selling high with minor tweaks no longer works. True value creation has shifted to hands-on operational improvements that drive long-term growth, a skill many investors lack.

Many managers focus solely on raising funds and making investments. Lior Susan emphasizes operating his firm, Eclipse, like any other company, obsessing over details like quarterly reports and AGMs. This business-first mindset is key to attracting top LPs, partners, and founders.

VCs with operational backgrounds value execution over credentials. They screen for founders who show an instinct to act and build immediately, such as launching a splash page to test demand, before raising capital. This "dirt under the fingernails" is a stronger signal than pedigree.

To win highly sought-after deals, growth investors must build relationships years in advance. This involves providing tangible help with hiring, customer introductions, and strategic advice, effectively acting as an investor long before deploying capital.

The value creation process begins long before the deal closes. The 3-6 month due diligence period is used for weakness identification, strategic planning, and recruiting key personnel. This makes the post-acquisition 100-day plan a seamless continuation of pre-close work, rather than a fresh start.

TA Associates uses a hybrid investment committee. A central group reviews deals but delegates final approval to a small team of four partners (two from the deal team, two from the committee) who conduct deep, in-person diligence. This decentralizes decision-making to those closest to the information.

Most VCs fail at talent support by simply matching logos on a resume to a portfolio company. A better model is to first embed operators (e.g., fractional sales leaders) into the startup. This provides the deep, nuanced context required to find candidates who fit the specific business and culture, leading to better hiring outcomes.