Move over dealmakers: Portfolio-company operators are the rising stars of private equity

• The private-equity business model is changing, giving rise to a new type of talent.
• People skilled at running companies and technology are playing a bigger role in PE dealmaking.
• PricewaterhouseCoopers' head of PE practice, Kevin Desai, outlines the new paradigm and its winners.

Dealmakers have always been the stars of private equity. They find and evaluate deals, use debt to stretch the value of the equity invested, and help offload companies at the right time — all to maximize profits.