Private equity is still a capital business, but it’s increasingly a leadership business. Deal flow isn’t what it was a few years ago and capital is more selective, according to a new report from Beecher Reagan. “Many funds are sitting on dry powder longer than expected,” the report said. “And when that happens, the spotlight shifts from buying to building.”

That shift is already changing which roles matter most inside portfolio companies and even inside funds themselves. Heading into 2026, here’s where Beecher Reagan sees as the pressure points emerging across private equity and portfolio companies in professional, business, & technology services. READ MORE