Case Studies

Perception Study: Fund Culture

Leading global private equity investor fund with over 35-years history; $17bn+ funds investing in deals with an enterprise value between €1bn and €5bn across multiple sectors. Global fund, portfolio companies employ in excess of 150,000 people with combined revenues of over $21bn.

Scope Sponsored by the Global Head of Communications, key stakeholders included deal team managers in London and New York, Investor Relations and Portfolio Management. Concern that processes and culture were lacking, relationships with external stakeholders were not optimised, opportunities to differentiate were missed – potential consequences included lack of deal flow, lower than expected returns, high staff turnover/inability to recruit, danger of being consigned to the middle of the pack.
“the CEO found it super helpful. He loved the transcripts, went through them with a fine tooth comb.” “it helped validate some of our concerns” “some really valuable titbits” “comments on returns really resonated” “Firefly’s study was one of the most valuable aspects of the project, I would encourage our portfolio companies to consider undertaking similar.” “gives us something to tackle, lots of follow ups” “a huge thank you for all our work”
Process Working closely with the team, we designed the project plan, agreed the target interviewees, advised on how to engage participants and composed questionnaires tailored specifically for each audience group before going on to conduct non-attributable telephone interviews. The interviews comprised of 20 qualitative questions (free flow response), 10 quantitative questions (scored 1-10) and a Net Promoter Score. Audience included current and former portfolio management teams, Investment Bankers, Fund Advisors, Executive Search Professionals, Alumni and LPs across the globe.
Outcome Our report comprised interview transcripts, overview analysis, recommended actions and high level analytics of responses/issues by audience and region. We addressed concerns and offered recommendations to:
  • Understand how our client compared to their competitors – what did they do better, what did they do poorly?
  • Understand what was truly important to their external stakeholders – did they meet those requirements. If not, why not and how could they improve?
  • Understand the market’s perception of them, their brand, what they stood for – did this match their own perception. If not, why not and how could they close the perception gap?
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