Creating Alpha: The Most Consistently Mispriced Risk In Carve-Outs | What Private Equity Buyers Still Get Wrong

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In carve-out transactions, private equity sponsors underwrite financial performance with rigor, but they underwrite operational separation with optimism. The result is rarely outright deal failure. Instead, it is persistent underperformance driven by execution friction that — while visible, or at least discoverable — was not fully priced at signing. Managing separation risk more effectively is one of the last remaining opportunities to generate differentiated alpha in carve-outs.