Polsky Center and Chicago Booth Private Equity Group Host 25th Annual PE Conference
Investors, students, and industry leaders gathered last week for the 25th Annual Chicago Booth Private Equity Conference, a day-long event exploring the evolving dynamics of private equity investing and value creation.
Hosted by the Chicago Booth Private Equity Group and the Polsky Center for Entrepreneurship and Innovation, the conference brought people from across the private equity ecosystem for discussions on dealmaking, portfolio value creation, talent management, and the growing role of artificial intelligence in the industry.
Opening Keynote: Konstantin Sokolov on Global Investing and Leadership
The conference’s opening keynote featured Konstantin Sokolov, MBA ’05, founder and chairman of IJS Investments. The conversation was moderated by Madhav Rajan, dean of Chicago Booth and the George Shultz Professor of Accounting.
Sokolov reflected on his career journey, which began in the former Soviet Union before he moved to the United States early in his career to pursue new opportunities in business and investing.
Konstantin Sokolov giving the opening keynote at the Chicago Booth Private Equity Conference.
After arriving in the United States to join a company in Columbus, Ohio, Sokolov said the transition was both exciting and formative. While adapting to a new professional environment took time, the experience helped him develop the skills necessary to build relationships and navigate global markets.
Sokolov later enrolled in Chicago Booth’s Executive MBA Program, drawn to what he described as the school’s focus on rigorous thinking and foundational business knowledge.
“One thing that connected with me was the focus on giving tools rather than giving solutions,” he said. “You learn the fundamentals, and then you learn how to apply them in situations where there isn’t always a clear right answer.”
During the discussion, Sokolov also shared his outlook on the evolving private equity landscape, noting that the industry continues to play an important role in supporting innovation and economic growth.
Looking ahead, he emphasized the importance of global awareness, collaboration, and adaptability in an increasingly interconnected economy.
“Use every opportunity you can to build global experience,” he told students in the audience. “It’s invaluable and helps you understand how markets and industries connect across the world.”
He concluded by encouraging aspiring investors to stay curious and persistent as they build their careers.
“Private equity is a competitive industry,” Sokolov said. “Be relentless in finding opportunities and continue learning — that’s how you grow.”
First Institutional Capital in Founder-Owned Businesses
The First Institutional Capital in Founder-Owned Businesses panel explored the dynamics involved when private equity firms partner with founder-led companies taking on outside capital for the first time. The discussion was moderated by John Zukin, partner at McDermott Will & Schulte, and featured Steve Jarmel, MBA ’98, partner at Periscope Equity; Angela McCoy, managing director at May River Capital; Brian O’Connor, MBA ’08, founder and managing partner of NextGen Growth Partners; and Carr Preston, managing director at Akoya Capital.
The panel began by examining why founder-led businesses seek institutional capital. Panelists noted that motivations often include succession planning, diversification, and the desire to bring in operational expertise to help scale a growing company.
Jarmel explained that many founders seek partners when they begin thinking about long-term transition plans.
“For those who want to transition, it could be age issues, health issues, or simply reaching a point where the founder doesn’t want to be in the day-to-day role anymore,” he said. “They still want to be involved, but they want to take some chips off the table and move into a board role.”
The First Institutional Capital in Founder-Owned Businesses panel.
Panelists emphasized that the decision to bring on institutional investors is rarely purely financial. O’Connor noted that many founders view their businesses as deeply personal endeavors built over decades.
“These decisions with owner-operators are often less rational than they are emotional,” he said. “They care deeply about their employees, customers, and the communities they serve. When you can meet them on those personal levels, that’s often where partnerships are formed.”
Preston highlighted that every founder-owned business presents a different situation, requiring investors to tailor their approach. “Each solution needs to be tailored by listening and building relationships,” he said. “There’s always an economic component, but much of the decision-making is personal.”
The discussion also touched on potential challenges that can arise when founders transition to working alongside institutional investors, particularly around governance and decision-making. Panelists agreed that transparency and collaboration are essential for maintaining alignment between founders, management teams, and investors.
Talent Management in Portfolio Companies
The Talent Management in Portfolio Companies panel explored how private equity firms approach leadership development, executive recruitment, and organizational culture within their portfolio companies. The discussion was moderated by Tara Borre, founder and CEO of Artemis, and featured Rob Kirk, principal of Portfolio Operations at McNally Capital; David Neenan, MBA ’95, industry advisor at Advent; Doug Potters, partner at CIVC; and Kelly Wagner, principal of value creation and strategy at Erie Street Growth Partners.
The panel began by discussing how much time private equity firms dedicate to talent-related initiatives across their portfolios. Panelists agreed that human capital has become one of the most important levers for value creation.
Panelists also noted that this focus begins during due diligence, where firms increasingly evaluate leadership teams alongside financial and operational metrics. Potters explained that lessons learned from past investments have led firms to place greater emphasis on management quality and alignment.
The Talent Management in Portfolio Companies panel.
“In our deals we’ve found leadership quality and strong economic alignment are critical to success,” he said. “We spend a lot of time assessing management teams early and deeply understanding how their experience and track record fits with our investment thesis.”
Panelists identified several key characteristics that tend to define successful executives within portfolio companies, including strong communication skills, curiosity, resilience, and self-awareness. Kirk highlighted the importance of leaders who can clearly communicate strategic priorities across an organization.
“CEOs who can distill what needs to be accomplished and create clarity throughout the business are incredibly powerful,” he said. “That ability to define success and align teams around it makes a huge difference.”
Looking ahead, panelists also discussed emerging talent trends shaping the industry, particularly the growing role of artificial intelligence. While AI is unlikely to replace talent, they said it is increasingly influencing how companies operate and how firms evaluate leadership teams.
“For us, AI and technology are part of many conversations,” Kirk said. “It’s less about replacing people and more about enabling teams to do more with the talent they already have.”
Midday Keynote: Boris Rapoport on Private Equity Strategy and Career Lessons
The conference’s midday keynote featured Boris Rapoport, senior partner and co-head of financial services at The Vistria Group. The conversation was moderated by Michael Minnis, deputy dean for faculty and the Fuji Bank and Heller Professor of Accounting at Chicago Booth.
Rapoport began by reflecting on his early career and how his path into private equity developed through a combination of ambition and unexpected opportunities. He grew up in Chicago and initially pursued investment banking after graduating during the height of the dot-com boom.
Boris Rapoport and Michael Minnis at the Midday Keynote.
However, the rapid collapse of many technology startups soon after he entered the industry provided an early lesson about the realities of business cycles.
“I thought I had found the perfect opportunity,” he said. “But by the time I arrived, it felt like showing up to a party when the keg was already empty.”
While the experience was challenging, Rapoport said it helped shape his long-term interest in investing and building companies rather than advising transactions. That realization eventually led him to pursue a career in private equity.
Starting out as an associate, Rapoport rose through the ranks to become a partner and member of the investment committee before returning to Chicago to join The Vistria Group, where he now co-leads the firm’s financial services practice.
“Our strategy is centered on healthcare, knowledge and learning solutions, and financial services, which aligns with our broader mission around helping people become healthy, wealthy, and wise,” he explained.
Rapoport also discussed the importance of trust and humility when evaluating investment opportunities and building relationships with management teams.
“The people you’re talking to often know their businesses far better than you do,” he said. “Building trust and understanding their perspective is essential.”
Looking ahead, he encouraged students and early-career professionals to remain open to new opportunities and avoid becoming overly focused on a predetermined career path.
“You should absolutely be ambitious and work hard,” he said. “But you also need to leave room for serendipity. Your career rarely unfolds exactly the way you plan it.”
Integrating AI into Portfolio Value Creation and Fund Operations
The Integrating AI into Portfolio Value Creation and Internal Fund Operations panel examined how private equity firms are applying artificial intelligence across the investment lifecycle — from due diligence and internal workflows to operational improvements within portfolio companies.
The discussion was moderated by Andrew Pomranke, partner at Ropes & Gray, and featured Ryan Beauchamp, managing director at GTCR; Alex Kelleher, founder and CEO of Quantum Rise; Michael Sharifi, MBA ’18, principal at Wynnchurch Capital; and Cass Ziebel, MBA ’20, principal at ParkerGale Capital.
Pomranke framed the conversation around three key areas where AI is influencing private equity: investment due diligence, internal fund operations, and portfolio company management.
Beauchamp explained that one of the biggest questions investors now ask during diligence is whether a company has the data and infrastructure needed to benefit from AI.
“Part of the opportunity is figuring out whether the business has the data and defensibility to make AI meaningful,” he said. “But we still focus most on the team and having the right leadership in place to execute.”
The Integrating AI into Portfolio Value Creation and Fund Operations panel.
While AI is often discussed as a disruptive force, panelists emphasized that its success ultimately depends on how well it is integrated into existing business operations. Kelleher, who has worked in AI since the late 1990s, noted that the technology itself is not new, but its recent acceleration has increased attention on governance, data, and organizational readiness.
“If you get the mix of people, processes, and data right, AI can be incredibly powerful,” he said. “But humans aren’t going away.”
At the portfolio company level, panelists stressed the importance of focusing on practical use cases rather than chasing hype.
“The first question is always: what problem are we actually trying to solve?” Beauchamp noted.
Looking ahead, panelists predicted that AI will continue to shape how companies operate and how investors evaluate businesses. While the long-term impact remains uncertain, they agreed that companies that successfully integrate AI into their operations will likely gain a competitive advantage.
“AI will raise the expectations for how businesses operate,” Ziebel said. “It will change the benchmarks for efficiency and growth in many industries.”
Keynote: Bryan Cressey on Leadership, Strategy, and Building an Adventurous Career
The afternoon keynote featured Bryan Cressey, cofounder and managing partner of Cressey & Company. The conversation was moderated by Duane Jackson, founder of Author Capital Partners and investor-in-residence at the Polsky Center.
Cressey opened the discussion by reflecting on lessons he has learned over the course of his career and encouraging students to approach their professional lives with curiosity and enthusiasm.
“You don’t want to just live — you want to have an adventurous life,” he said. “Be enthusiastic and willing to explore new opportunities.”
He emphasized the importance of developing individual strengths rather than trying to conform to conventional expectations. According to Cressey, many people spend too much time trying to improve weaknesses instead of building on what makes them unique.
Bryan Cressey giving the afternoon keynote.
“Become yourself by being different,” he said. “Create yourself around your strengths and build on what makes you unique.”
Another key theme of his remarks was the importance of long-term thinking. Cressey encouraged attendees to approach ambitious goals by envisioning the future and then working backward to determine the steps required to achieve them.
“Most people think about the next step,” he said. “But one of the most powerful things you can do is look ten years ahead and plan backward.”
He also highlighted the importance of building strong teams and surrounding oneself with complementary skills. Rather than trying to master every aspect of a business, he advised leaders to recognize their own limitations and partner with others whose strengths fill those gaps.
“To build a great team, you need to know your own weaknesses,” he said. “Then bring in people whose strengths complement yours.”
Cressey concluded by encouraging attendees to focus not only on professional success but also on building fulfilling lives and meaningful relationships throughout their careers.
“Love your life and enjoy the journey,” he said. “If you approach your career with curiosity, creativity, and the right people around you, it can be incredibly rewarding.”
Closing Keynote: Blair Jacobson on Private Capital and the Future of Investing
The conference closed with a conversation featuring Blair Jacobson, MBA ’99, partner and co-president of Ares Management Corporation. The discussion was moderated by Steve Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance at Chicago Booth and Kessenich E.P. Faculty Director of the Polsky Center.
Jacobson reflected on his path into finance, beginning with his early career in investment banking in the mid-1990s. Seeking to better understand how businesses operate, he later decided to pursue an MBA at Chicago Booth.
Jacobson credited Booth with giving him a toolkit that has shaped his career for over two decades. Beyond technical knowledge, he said the program helped him develop analytical frameworks and long-term relationships.
“You develop a strong and diverse toolkit for analyzing and solving a range of problems along your career,” he said. “And the relationships you build here are incredibly valuable.”
Blair Jacobson and Steve Kaplan discuss at the closing keynote.
Following Booth, Jacobson spent several years building experience across different investment strategies before eventually joining Ares Management, where he helped expand the firm’s European private credit platform into one of the largest in the region, managing nearly $80 billion at the time of his promotion to co-president in 2025. Today, Ares manages more than $623 billion in assets across multiple investment strategies.
He addressed the growing role of artificial intelligence in the investment landscape. While the technology is still evolving, Jacobson said firms must remain proactive in exploring how it can improve operations and portfolio performance.
“If you don’t have an AI strategy today, you’re behind the curve,” he said.
Jacobson also highlighted the strength of private credit markets, pushing back against concerns that the sector may be facing broader structural challenges.
“The underlying companies in many portfolios are growing and performing well,” he explained. “Our business is healthy and continues to deliver for our investors, so we remain highly confident in the asset class.”
In closing, Jacobson encouraged students interested in careers in private markets to take a long-term view of their professional paths.
“There isn’t just one job in private equity or private capital,” he said. “There are many different roles across the ecosystem. If you stay curious and keep learning, there are numerous ways to build a successful career in this space.”