Ashwin Krishnan

Generating compelling returns is a different game for private equity firms now than it once was. In this rate environment, we believe growth requires hands-on, operational engagement and interventions at the portfolio company level. Operational excellence has always been at the core of how we approach value creation at Brightstar Capital Partners. That means identifying the initiatives that we think can make the greatest impact and bringing the experience and capabilities needed to execute them. From strengthening processes and integrating acquisitions to thoughtfully applying AI where it can make a meaningful difference, the focus remains on building stronger, more resilient businesses. I encourage you to read my recent piece “Why the Age of AI is the Age of Operations,” exploring why strong operational capabilities are becoming even more important and how we are putting that foundation into practice across our portfolio, aiming to help middle-market businesses grow, adapt, and build lasting value. Learn more below.

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The deal market is recovering. The execution gap is not. According to Alvarez & Marsal's 2026 Value Creation Survey, 89% of PE investors, operating partners, and portfolio company executives describe the North America deal market as moderately or highly active. That headline reads as optimism. The data underneath it does not. Forty-one percent of those same respondents report realizing less than 75% of planned value creation over the last 12 months. In an environment where holding periods are already extended and exit windows remain narrow, missing three-quarters of your value creation plan is not a rounding error. It is the story of the hold. The gap is not a strategy problem. Most sponsors enter deals with credible theses. It is an execution problem, specifically the distance between what diligence assumes and what the organization actually delivers once the clock starts. Fewer than one in four respondents embed value creation planning before a letter of intent. That means the operational blueprint, the KPIs, the management bandwidth requirements, and the leadership profile needed to execute are all being defined after the commitment has been made. I've seen this sequence play out in healthcare services more than anywhere else. The complexity of running a multi-site clinical platform, managing payor relationships, and retaining a clinical workforce under cost pressure does not reveal itself in a financial model. It reveals itself in year two, when the original thesis meets operational reality and the leadership team that was right at close may not be the right team for what the business has become. The gap is rarely about effort or intent. It is almost always about whether the team's collective capability matches the operational demands of the next phase of the hold. The sponsors closing this gap are not doing anything exotic. They are building repeatable operating mechanisms, moving value creation planning earlier in the process, and treating leadership selection as part of the execution infrastructure rather than a separate workstream. That sequence is not optional anymore. In this environment, it is the margin of difference between a return and a recapitalization.

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Ashley Smith of Vermilion Capital just closed Fund ll. What advice would Ashley Smith give her fellow emerging managers about fund raising for a vc fund? part 3 Create a formal re-up campaign. Begin with existing LPs early, share a clear Fund I review, specify what remains unchanged, explain what changes in Fund II, and ask directly for renewal and increased commitments. Vermilion kept its thesis but increased check sizes, a simple and legible evolution. Make community a fundraising asset. Smith credits a network built over nearly two decades—former colleagues, founders, CEOs, co-investors, and LPs—not transactional networking. For an emerging manager, regular high-value convenings, useful introductions, transparent updates, and helping others before asking are compounding fundraising infrastructure. Protect focus and underwriting discipline. Smith emphasizes passing on good companies that are not “her company.” That discipline is fundraise-relevant: LPs are ultimately underwriting whether the manager can preserve a differentiated strategy when attractive but off-thesis opportunities appear. The key takeaway For a new GP, the goal is not simply to accumulate LP commitments. It is to create enough clarity, evidence, and relationship equity that initial backers want to recommit at a larger size. Smith’s result—95% dollar-weighted Fund I re-up participation—suggests that repeatable specialization and LP trust are more powerful than broad but shallow fundraising reach.

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Harris Williams recently advised BradyPLUS, a portfolio company of Kelso & Company and Warburg Pincus, on their merger with Imperial Dade, a portfolio company of Advent International and Bain Capital. BradyPLUS is a leading North American distributor of janitorial and sanitation (“JanSan”), foodservice, and industrial packaging products and solutions. The combined organization expands their geographic reach and significantly enhances their ability to serve their customers via solutions-focused sales professionals, best-in-class digital tools, and a dedicated team of customer-facing experts. We look forward to following their continued success. https://lnkd.in/e6WcdYRq #mergersandacquisitions 

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Thrilled to share a signature milestone: Aphias Capital's partnership with SNZweig -- our inaugural investment -- the market-leading professional services and advisory firm serving the AEC (architecture, engineering, construction) industry. Congratulations to Amanda, Luke and our Essential Services team on this investment. Proud to join their conviction and leadership and help execute on the DCM front. Excited for amazing things ahead for SNZweig! #lmm #lowermiddlemarket #privateequity #dcm #debtcapitalmarkets #architecture #engineering #construction #AEC #professionalservices #advisoryservices #essentialservices

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The Smart Exit Few Are Talking About. With IPO routes tightening and valuations cooling, secondaries are quietly becoming the preferred exit play for private equity. Over the last year, our Commercial Catalyst team has partnered with several PE groups to re-engineer portfolio companies ahead of secondaries uncovering hidden value, refining EBITDA quality, and reshaping growth stories to attract premium buyers. The impact? ✅ Smoother exits ✅ Higher valuations ✅ Faster capital recycling In a market where liquidity is king, secondaries may no longer be the fallback they’re the strategic default. How soon before every PE firm rebalances its portfolio this way? What are your thoughts? #PrivateEquity #Secondaries #ValueCreation #CommercialCatalyst #ExitStrategy #PE

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