Top 20 Private Equity Consulting

In a world where private equity (PE) performance depends not only on capital but strategic insight at every stage -from due diligence to post-acquisition value creation -consulting and advisory firms have become indispensable partners. These firms help investors enhance returns, de-risk acquisitions, scale operations, strengthen portfolio value, and navigate exit pathways. This curated list of the Top 20 Private Equity Consulting & Advisory Firms draws on industry rankings, placement agent data, and sector expertise to present firms that shape the future of private capital

1. Bain & Company

• Founders: Bill Bain and colleagues
• Founded Year: 1973
• Headquarters: Boston, Massachusetts, USA
• Product Categories: Commercial Due Diligence (CDD), Portfolio Value Creation, Exit Strategy, ESG Advisory.
• Description: Bain is widely considered the undisputed global leader in private equity consulting. They claim a PE practice more than three times the size of their nearest competitor. Their approach is unique because they often treat themselves as investors, applying a proprietary “Results Delivery” framework. Bain’s influence is so deep that it founded its own PE firm, Bain Capital. They specialize in high-velocity commercial due diligence and have a massive database of proprietary benchmarks that allow them to assess a target’s market position faster than almost anyone else.
• Key Features:
  • Market-Leading CDD: Deep expertise in assessing “right to win” for target companies.
  • The “Bain Micro-battles” Approach: Scaling small, cross-functional teams to drive rapid portfolio results.
  • Venture Ecosystem: Access to a broad network of startups and tech innovators for digital acceleration.
  • Sustainability & ESG: Fully integrated ESG assessments into the standard due diligence process.
  • Advanced Analytics: Use of the “Pyxis” tool for consumer behavior and transaction data analysis.

2. McKinsey & Company

• Founders: James O. McKinsey
• Founded Year: 1926
• Headquarters: New York City, New York, USA
• Product Categories: Strategic Due Diligence, Operational Transformation, Digital PE, Org Effectiveness.
• Description: McKinsey brings the most prestigious brand in management consulting to the PE space. While traditionally known for high-level strategy, their Private Equity & Principal Investors (PEPI) practice has pivoted heavily toward operational “boots on the ground” support. They excel at complex, cross-border deals where multi-jurisdictional regulatory and market knowledge is required. McKinsey’s “Transformation” unit often embeds consultants directly into portfolio companies for 12-24 months to overhaul cost structures and growth engines.
• Key Features:
  • Proprietary Knowledge: Access to the McKinsey Global Institute (MGI) for macroeconomic forecasting.
  • McKinsey Digital: Deep tech due diligence and AI-driven value creation strategies.
  • Global Footprint: Seamless execution across 130+ cities for international buyouts.
  • Talent Network: Unparalleled ability to help PE firms source C-suite talent for portcos.
  • Implementation Focus: Moving beyond reports to active, on-site execution of turnarounds.

3. Boston Consulting Group (BCG)

• Founders: Bruce Henderson
• Founded Year: 1963
• Headquarters: Boston, Massachusetts, USA
• Product Categories: Transaction Services, Digital Ventures, Value Creation, Fund Strategy.
• Description: BCG is renowned for its intellectual rigor and its “BCG Gamma” AI unit, which is a significant differentiator in the PE landscape. They help funds navigate the “digital-first” era by building new business models within traditional portfolio companies. BCG’s work is often highly customized, focusing on the specific competitive advantages of a target. They are particularly strong in the “Tech-Bio” and “Green Tech” sectors, where future-looking projections are more critical than historical EBITDA.
• Key Features:
  • BCG Gamma: Advanced data science to identify hidden margin improvements in portfolio companies.
  • Build-Operate-Transfer: Helping portcos build their own internal digital capabilities before exit.
  • Growth Tech Focus: Specialization in high-growth software and technology investing.
  • Transaction Excellence: Robust support for both the buy-side and carve-out sell-side.
  • The Henderson Institute: Thought leadership on long-term strategy and resilience.

4. Alvarez & Marsal (A&M)

• Founders: Tony Alvarez II and Bryan Marsal
• Founded Year: 1983
• Headquarters: New York City, New York, USA
• Product Categories: Operational Due Diligence (ODD), Turnaround & Restructuring, Interim Management.
• Description: A&M is the go-to firm when a deal is “messy” or an investment is failing. Unlike the strategy-heavy MBB (McKinsey, Bain, BCG), A&M is composed largely of former COOs and CFOs. They specialize in operational due diligence-looking at the literal pipes and wires of a business. They are famous for providing interim management, where an A&M professional might step in as CEO or CFO of a portfolio company to stabilize the ship.
• Key Features:
  • Operational DNA: Focused on cash flow, EBITDA improvement, and cost takeout.
  • Interim Leadership: Deploying seasoned executives to lead portcos through transitions.
  • Restructuring Heritage: World-class expertise in distressed assets and complex carve-outs.
  • Bias for Action: A culture that prioritizes rapid execution over lengthy slide decks.
  • Post-Merger Integration (PMI): specialized playbooks for integrating bolt-on acquisitions.

5. Deloitte (Deloitte Graham)

• Founders: William Welch Deloitte
• Founded Year: 1845
• Headquarters: London, UK (Global) / New York, USA
• Product Categories: M&A Tax, Financial Due Diligence (FDD), IT Due Diligence, Cyber Advisory.
• Description: As the largest of the Big Four, Deloitte offers a “one-stop shop” for PE firms. Their strength lies in the sheer breadth of their services-moving seamlessly from financial and tax due diligence to complex IT and cyber assessments. Deloitte is particularly dominant in the mid-market and large-cap space, providing the “plumbing” of a deal (tax and audit) alongside high-level strategy through Deloitte Monitor.
• Key Features:
  • End-to-End M&A: Managing everything from target identification to tax structuring and exit.
  • Deloitte Monitor: High-level strategy arm that competes with MBB on commercial diligence.
  • Tech & Cyber ODD: Market-leading capabilities in assessing a target’s technical debt and security.
  • Scale: Ability to deploy thousands of professionals for massive global deals.
  • Analytics & Forensic: Deep dive into financial data to uncover accounting irregularities.

6. EY-Parthenon

• Founders: Bill Achtmeyer (Parthenon)
• Founded Year: 1991 (Parthenon) / Merged with EY in 2014
• Headquarters: Boston, Massachusetts, USA
• Product Categories: Strategy Consulting, Education PE, Healthcare Advisory, Transaction Strategy.
• Description: EY-Parthenon has rapidly ascended the PE consulting ranks by combining boutique strategy focus with EY’s global resource pool. They are especially dominant in specific sectors like Education and Healthcare, where they hold significant market share in commercial due diligence. The firm is known for being “practical” and “results-oriented,” often working with mid-cap and large-cap PE firms to identify long-term growth levers.
• Key Features:
  • Sector Dominance: World-renowned expertise in Education, MedTech, and Industrials.
  • Strategy-to-Execution: Leveraging EY’s tax and audit arms to ensure strategy is financially sound.
  • Buy-and-Build Strategy: Helping funds execute “platform” plays via multiple acquisitions.
  • Digital Transformation: Practical AI and cloud migration roadmaps for portcos.
  • High-Touch Culture: Known for senior-partner involvement throughout the project lifecycle.

7. PwC (Strategy&)

• Founders: Samuel Lowell Price (PwC) / Edwin Booz (Strategy&)
• Founded Year: 1849 (PwC) / 1914 (Booz & Co)
• Headquarters: London, UK / New York, USA
• Product Categories: Deals Advisory, Value Creation, Commercial & Financial Due Diligence.
• Description: PwC’s PE practice is built around the “Deals” platform, which integrates Strategy& (formerly Booz & Company) for commercial diligence with PwC’s powerhouse financial and tax services. They are excellent at “Fit for Growth” transformations, helping PE-owned companies align their cost structures with their strategy. PwC is also a leader in ESG for PE, helping funds report to LPs (Limited Partners) with the same rigor as financial reporting.
• Key Features:
  • Strategy& Integration: Elite strategy capabilities backed by Big Four global delivery.
  • Fit for Growth: A proprietary framework for cost-cutting that doesn’t hurt growth.
  • ESG Reporting: Tools to quantify “S” and “G” factors for institutional investors.
  • Carve-out Specialists: Deep experience in the accounting and operational complexity of divestitures.
  • Connected Deals: A digital platform that provides real-time visibility into the deal pipeline.

8. L.E.K. Consulting

• Founders: James Lawrence, Iain Evans, Richard Koch
• Founded Year: 1983
• Headquarters: London, UK / Boston, USA
• Product Categories: Commercial Due Diligence, Life Sciences, Healthcare, Retail Strategy.
• Description: L.E.K. is a “pure-play” strategy boutique that is a heavyweight in the PE commercial due diligence market. They are often the first choice for healthcare and life sciences deals due to their deep technical and scientific expertise. Unlike larger firms that try to do everything, L.E.K. focuses on the “answer”-providing high-conviction insights on market size, growth, and competition.
• Key Features:
  • Deep Sector Knowledge: Unmatched expertise in BioPharma, MedTech, and Energy.
  • Agility: Known for staffing and completing CDD projects in record time.
  • High Partner-to-Associate Ratio: Ensuring senior expertise is present on every deal.
  • International Reach: Strong presence in Europe and Asia for mid-market strategy.
  • Transaction Value Focus: Identifying specific “value-driving” customer segments.

9. KPMG

• Founders: Klynveld, Peat, Marwick, Goerdeler
• Founded Year: 1987 (Modern form)
• Headquarters: Amstelveen, Netherlands
• Product Categories: Transaction Services, Deal Strategy, IT & Cyber ODD, Integration & Separation.
• Description: KPMG is a pillar of the PE community, particularly strong in Europe and Asia. They focus on the “Deal Strategy” side, helping PE firms answer the question: “How do we make this asset worth more in five years?” Their Global Strategy Group (GSG) provides high-level commercial advice, while their operational teams handle the heavy lifting of post-deal integration.
• Key Features:
  • KPMG Clara: An AI-led auditing and data platform used during due diligence.
  • Global Strategy Group: A dedicated arm focused on PE commercial strategy.
  • Tax Transparency: Helping funds navigate the increasingly complex global tax landscape.
  • Supply Chain Resilience: Specialized tools for assessing portco supply chain risks.
  • Mid-Market Leader: Highly effective for “core” mid-market private equity deals.

10. Oliver Wyman

• Founders: Alex Oliver and Bill Wyman
• Founded Year: 1984
• Headquarters: New York City, New York, USA
• Product Categories: Financial Services PE, Risk Management, Value Creation, Org Design.
• Description: Part of the Marsh McLennan family, Oliver Wyman is a specialist powerhouse. They are the global leader in Financial Services (FS) consulting, making them the primary choice for PE firms investing in FinTech, Banking, and Insurance. They bring a level of quantitative rigor to risk management and capital optimization that few others can match. Recently, they have expanded heavily into consumer and industrial sectors to support broader PE portfolios.
• Key Features:
  • Financial Services Authority: Unrivaled data on banking and insurance markets.
  • Quantitative Rigor: Heavy use of actuarial and risk modeling in due diligence.
  • Marsh McLennan Synergy: Access to insurance and risk data from Marsh and Mercer.
  • Dynamic Strategy: Focus on helping portcos adapt to regulatory changes.
  • Pricing & Revenue Management: Specialized teams for optimizing portco top-line growth.

11. Roland Berger

• Founders: Roland Berger
• Founded Year: 1967
• Headquarters: Munich, Germany
• Product Categories: Industrial Transformation, Automotive PE, Restructuring, Market Entry.
• Description: The only top-tier strategy firm of European heritage, Roland Berger is the “king” of the industrial and automotive sectors. PE firms looking at “Mittelstand” companies in Germany or heavy manufacturing globally often turn to them. They are experts in restructuring and performance improvement, with a deep cultural understanding of European markets that US-based firms sometimes lack.
• Key Features:
  • Industrial Powerhouse: Expert knowledge of manufacturing, aerospace, and chemicals.
  • Restructuring Excellence: Strong track record in turning around underperforming assets.
  • European Market Access: Deep relationships with European family offices and conglomerates.
  • Sustainability Transformation: Helping industrial portcos transition to “Green” manufacturing.
  • Operations Focus: Combining strategy with technical engineering insights.

12. Kearney (formerly A.T. Kearney)

• Founders: Andrew Thomas Kearney
• Founded Year: 1926
• Headquarters: Chicago, Illinois, USA
• Product Categories: Operations Strategy, Procurement, Supply Chain PE, Digital Transformation.
• Description: Kearney is the world’s leading specialist in operations and supply chain. For PE firms, this makes them invaluable during the “Value Creation” phase. If a portco has a bloated supply chain or inefficient procurement, Kearney can often find 10-20% EBITDA improvement through operational excellence alone. They have a “no-nonsense” culture and are known for building long-term partnerships with PE operating partners.
• Key Features:
  • Supply Chain Mastery: World-class expertise in logistics and distribution.
  • Procurement Power: Proprietary tools for rapid indirect and direct spend reduction.
  • Kearney Digital: Focused on automating operations and “Industry 4.0” implementations.
  • Operations Due Diligence: Assessing a target’s manufacturing footprint and efficiency.
  • Global Operations Network: Benchmarks across almost every manufacturing sub-sector.

13. OC&C Strategy Consultants

• Founders: Chris Outram and Geoff Cullinan
• Founded Year: 1987
• Headquarters: London, UK
• Product Categories: Consumer Goods, Retail, Leisure & TMT Strategy, CDD.
• Description: OC&C is a “strategy boutique” that punches far above its weight in the Consumer and Retail sectors. They are the “secret weapon” for many PE firms looking at high-street brands or e-commerce platforms. Their work is characterized by “uncommon sense”-looking past market hype to the actual unit economics of a business. They are highly specialized and only take on work where they can be the clear market leader.
• Key Features:
  • Consumer Insight: Proprietary data on consumer trends and brand loyalty.
  • Boutique Focus: Deep senior-partner involvement on every engagement.
  • Retail Specialists: Expertise in everything from luxury goods to grocery.
  • Market Entry & Scaling: Helping portcos expand into new geographic territories.
  • Transaction Strategy: Focused on the “equity story” for a successful exit.

14. AlixPartners

• Founders: Jay Alix
• Founded Year: 1981
• Headquarters: New York City, New York, USA
• Product Categories: Turnaround & Restructuring, “Quick Strike” Value Creation, Digital PE.
• Description: AlixPartners is famous for “Quick Strike” engagements. They are designed to move incredibly fast-often within 24 to 48 hours-to address a crisis or a high-pressure deal situation. Their “When it Really Matters” tagline reflects their focus on high-stakes, high-complexity scenarios. For PE firms, they are often used for extreme cost takeout or for stabilizing a portco during a leadership vacuum.
• Key Features:
  • Speed: Ability to field teams and generate results faster than almost any other firm.
  • Interim Management: Providing ready-to-go CEOs and CROs (Chief Restructuring Officers).
  • EBITDA Focus: Aggressive focus on cash flow and margin improvement.
  • Complex Carve-outs: Managing the high-risk “Day 1” and “Day 100” phases of a split.
  • Litigation Support: Expert testimony and financial forensic support.

15. FTI Consulting

• Founders: Dan Harvey and Jack Dunn
• Founded Year: 1982
• Headquarters: Washington, D.C., USA
• Product Categories: Forensic Accounting, Corporate Finance, TMT Strategy, ESG.
• Description: FTI is a multidisciplinary firm that excels in regulated industries like TMT (Technology, Media, & Telecom), Healthcare, and Energy. They are the leaders in “special situations”-complex deals involving bankruptcy, litigation, or regulatory scrutiny. For PE firms, FTI provides a unique blend of financial advisory, strategic communication, and operational expertise.
• Key Features:
  • Special Situations: Experts in distressed debt and restructuring deals.
  • TMT Expertise: One of the strongest technology and media advisory teams globally.
  • Forensic Accounting: Uncovering hidden liabilities during due diligence.
  • Strategic Communications: Helping PE firms manage the public image of their deals.
  • Regulatory Advisory: Navigating antitrust and sector-specific regulations.

16. Arthur D. Little (ADL)

• Founders: Arthur Dehon Little
• Founded Year: 1886
• Headquarters: Brussels, Belgium / Boston, USA
• Product Categories: Technology & Innovation Strategy, Energy, Telecoms, ODD.
• Description: As the world’s first management consulting firm, ADL has a long history of linking strategy with technology. They are the “engineers” of the consulting world, frequently hired by PE firms for deals involving deep tech, heavy industry, or complex utilities. They excel at “Technical Due Diligence,” where they evaluate the actual R&D pipeline and intellectual property of a target company.
• Key Features:
  • Innovation Strategy: Assessing the viability of a target’s R&D and tech stack.
  • Deep Tech Specialists: Expertise in Semiconductors, Space-Tech, and Robotics.
  • Energy Transition: Leading advisory on renewables and hydrogen investments.
  • Operations Excellence: Helping portcos implement “lean” in technical environments.
  • Global Niche Presence: Strong offices in the Middle East and SE Asia.

17. Simon-Kucher & Partners

• Founders: Hermann Simon, Eckhard Kucher, Karl-Heinz Sebastian
• Founded Year: 1985
• Headquarters: Bonn, Germany
• Product Categories: Pricing Strategy, Sales & Marketing, Top-line Growth, Revenue Management.
• Description: If a PE firm wants to improve a portco’s EBITDA without cutting costs, they call Simon-Kucher. They are the world’s leading specialists in pricing. For many SaaS and consumer portcos, a 1% improvement in pricing can lead to an 11% improvement in profit. Simon-Kucher focuses exclusively on the “Top Line”-helping companies sell more, at better prices, to the right customers.
• Key Features:
  • Pricing Authority: Recognized as the global leader in price optimization.
  • Revenue Growth: Specialized frameworks for sales force effectiveness.
  • SaaS Experts: Helping tech portcos transition from perpetual licenses to subscriptions.
  • Customer Segmentation: Data-driven models to identify the most profitable customers.
  • EBITDA Expansion: Rapid profit improvement through “Price-Volume” optimization.

18. Mercer (Private Equity Advisory)

• Founders: Derived from Marsh McLennan
• Founded Year: 1945
• Headquarters: New York City, New York, USA
• Product Categories: Human Capital Due Diligence, Benefits & Compensation, M&A People Strategy.
• Description: Mercer is the world’s leader in the “people” side of M&A. PE firms use Mercer to assess the leadership team and the cultural health of a target. Many deals fail due to “human capital” risks-pension liabilities, talent flight, or cultural misalignment. Mercer quantifies these risks. They also help portcos optimize their health and benefits spending, which is often a significant line item on the P&L.
• Key Features:
  • Leadership Assessment: Tools to evaluate the “C-Suite” of a target company.
  • Human Capital ODD: Identifying hidden liabilities in pensions and labor contracts.
  • Talent Retention: Strategies to keep key engineers or sales leaders post-acquisition.
  • Benefits Optimization: Leveraging Mercer’s scale to reduce insurance costs for portcos.
  • Workforce Transformation: Helping portcos scale their headcount efficiently.

19. Spencer Stuart (PE Practice)

• Founders: Spencer Stuart
• Founded Year: 1956
• Headquarters: Chicago, Illinois, USA
• Product Categories: Executive Search, Board Advisory, Leadership Assessment, CEO Succession.
• Description: While technically an executive search firm, Spencer Stuart’s PE advisory practice is critical to value creation. They help PE firms build “A-Teams” for their portfolio companies. A common PE playbook is to replace the founder/CEO with a “professional” CEO who can scale the business; Spencer Stuart is the primary architect of these transitions. They maintain a database of “PE-ready” executives who have a track record of driving exits.
• Key Features:
  • PE-Ready Talent: Unmatched network of CEOs, CFOs, and Operating Partners.
  • Board Building: Helping PE firms construct diverse and effective boards for portcos.
  • Leadership Diligence: Assessing the existing management team during the deal phase.
  • Cultural Alignment: Ensuring the new leadership fits the “speed and greed” of PE culture.
  • Global Executive Search: Sourcing talent across all major global markets.

20. Maine Pointe (SGS Maine Pointe)

• Founders: Steven Bowen
• Founded Year: 2004
• Headquarters: Boston, Massachusetts, USA
• Product Categories: Supply Chain Transformation, Procurement, Operational Excellence.
• Description: Maine Pointe is a specialized operational firm that has gained massive traction with PE firms for its “Total Value Optimization” (TVO) framework. They focus on the accelerated transformation of the supply chain and operations. They are unique in offering a “performance-based” model, where they often tie their fees to the actual EBITDA improvements they deliver. For a PE firm, this significantly de-risks the consulting spend.
• Key Features:
  • Total Value Optimization (TVO): A proprietary framework linking procurement to logistics.
  • EBITDA Guarantee: Often providing a guaranteed ROI on their engagements.
  • Data Analytics: Using “Supply Chain 4.0” tools to provide end-to-end visibility.
  • Rapid Results: Designed for 6-12 month turnaround cycles in the portfolio.
  • Mid-Market Focus: Specialized in the $50M-$1B revenue company range.

Conclusion

The landscape of Private Equity consulting has evolved from providing simple “second opinions” to becoming an essential engine of the investment lifecycle. Whether it is Bain’s market intelligence, Alvarez & Marsal’s operational grit, or Simon-Kucher’s pricing precision, each of these top 20 firms offers a distinct lever for value creation. For a Private Equity fund, the choice of consultant is a strategic decision that directly impacts the Multiple of Invested Capital (MOIC) and the Internal Rate of Return (IRR).