JULY 15 2026
Creating long-term value requires more than capital. It requires a deep understanding of how businesses operate, where the greatest opportunities lie and what it takes to deliver lasting change.
Over the past decade, Nordic Capital has built a dedicated in-house Operations Advisory team with professionals who have held operational leadership roles across the sectors in which Nordic Capital invests. Working alongside investment teams and portfolio company management, the team supports operational improvement and long-term value creation.
That investment reflects a broader shift in private equity. Around ten years ago, approximately half of the value created across the portfolio came from operational improvements. Today, that figure is closer to 80 percent, underlining the increasing importance of operational execution.
Sector expertise creates stronger partnerships
Nordic Capital's investment teams are organised by sector, and the same principle applies to Operations Advisory. Deep industry knowledge enables more relevant discussions with management teams and a better understanding of the operational priorities within each business.
As Peter Thorninger, Operating Partner and Head of Operations Advisory at Nordic Capital, explains, meaningful value creation starts with understanding the business itself.
"If you do not have a pharma background, it is very difficult to have a credible conversation with a pharma company. That is just how it is."
The same principle applies across sectors, from financial services and healthcare to B2B technology. Operational improvement often depends on understanding the details of a business, its market and its customers. That is why the Operations Advisory team is built around professionals who have led businesses, owned a P&L and delivered operational results.
Knowing where to focus
Operational value creation spans a broad range of areas, from commercial strategy and organisational design to technology, procurement and people. With opportunities across all these areas, the challenge is often less about identifying what to do than deciding where to focus.
According to Peter, one of the most important disciplines in active ownership is knowing what not to do. Management teams asked to deliver too many transformation initiatives in parallel are unlikely to make meaningful progress on any of them. The constraint is rarely ambition or capability, but management attention.
In practice, this means making deliberate choices. Peter's own test is simple. If an initiative is not significant enough to belong on the board agenda, it is worth questioning whether the company should be asked to carry it at that point in time. Knowing when to say no, or not yet, can be just as important as identifying the right opportunities.
Building stronger businesses over time
As operational value creation has become a larger contributor to returns, the emphasis on sector expertise, operational capabilities and disciplined execution has continued to grow.
For Nordic Capital, combining deep sector knowledge with hands-on operational experience helps create stronger partnerships with management teams and supports businesses in delivering sustainable value over the long term.