With 32 firms entering the field, this wasn’t about marginal differences or theoretical upside. It was a direct, data-driven look at how private equity portfolios actually create value measured in hard cost savings, operational efficiency, and real financial impact. No narratives. No positioning. Just outcomes.
And that’s what made this round so revealing.
The traits evaluated cost reduction, operational efficiency, AI-driven automation, and capital recovery are the foundation of value creation in today’s environment. In a market where growth is scrutinized and multiples are tighter, these levers are what drive EBITDA expansion and ultimately determine exit outcomes.
But not all savings are created equal.
There’s a clear difference between incremental optimization and transformational impact. Saving a few hundred thousand dollars in process improvements matters. Unlocking tens or hundreds of millions through systemic changes to infrastructure, procurement, or energy usage changes the trajectory of a business.
That distinction showed up clearly across the matchups.
The firms that advanced didn’t just deliver savings. They demonstrated repeatable, scalable value creation models across their portfolios. They showed the ability to attack inefficiency from multiple angles, from technology and operations to finance and AI, simultaneously.
The Blowouts: When Scale Takes Over
Several matchups in the Round of 32 weren’t particularly close. And that tells you something important.
Take PSG’s performance. Driven by Xsolis delivering over $200 million in healthcare savings and Pacvue recovering more than $50 million in revenue leakage, PSG outperformed Brighton Park Capital with a fundamentally different level of impact.
FTV Capital delivered a similar statement. Anchored by 6 Degrees Health generating over $100 million in savings and LogicSource driving more than $120 million in procurement efficiencies, FTV created separation early and never looked back.
And then there was Francisco Partners.
When Oracle enters the game with $695 million in predictive maintenance savings and a staggering $3.2 billion in energy optimization, the conversation shifts entirely. Vitruvian Partners brought a strong, well-rounded performance, but this was a different league.
The takeaway here is simple: At scale, a few outsized plays can define the outcome.
The AI Advantage: Automation as a Multiplier
One of the clearest themes from the first round was the role of AI as a force multiplier.
ICONIQ Capital demonstrated this well. Moveworks, Intercom, and Komodo Health combined to deliver tens of millions, and in some cases hundreds of millions, in savings through automation, support optimization, and real-world data insights. Even when facing Parthenon’s massive single play from Zelis, ICONIQ’s diversified AI-driven approach carried the win.
Coatue Management followed a similar pattern. Distyl AI alone forecasted $200 million in savings through automated healthcare workflows, while Komodo Health added another layer of large-scale impact. The result was a redefinition of how work gets done.
Accel KKR also leaned into this advantage, pairing AI-driven automation with operational efficiency to unlock nine-figure savings across logistics, finance, and professional services.
The pattern is clear: AI isn’t just improving workflows. It’s reshaping the cost structure of entire organizations.
