The average ops team costs $7.1M annually

• 97% of firms have at least one portfolio-facing FTE
• Average of 17 Ops FTEs
• Average estimated cost of $7.1M (annual ops team salary + bonus)

On average, firms staff 1 ops FTE per $1.5B in AUM

• For firms with <$10B AUM, this ratio is lower: ~$700M in AUM per Ops FTE
• Firms spend an average of 9 bps of AUM on their ops teams
• Average of 1 Ops FTE for every 5 Investing FTEs
• Average of 1 Ops FTE for every 10 portfolio companies

Firms are levering up expensive ops FTEs

• 80% of Ops FTEs are Partners, Principals, or VPs, making them expensive ($400K+ per year on average)
• 7 firms on the list use OneGuide (a portfolio ops platform combining software + network)
• 18 firms on the list have an advisory group of 10+ non-FTE advisors