Typical Structure for Operating Partner/Advisor for small PE firm

Hello there!

I’m trying to learn more about the relationship between operating partners/senior advisors and small PE firms. If you’ve had any experience with this or come across any helpful insights, I’d love to hear your thoughts!

A few specific questions I’m curious about:

1. How is their involvement typically structured? Do sponsors reach out as needed, or are there more formal quarterly meetings?

2. How does compensation usually work, and what are the market rates?

3. Are all senior advisors compensated? I’ve seen very small firms with just a couple of advisors and wonder how they afford to pay them meaningfully.

4. Do senior advisors typically invest as LPs in the fund?

5. What do you think is the ideal number of operating partners/advisors? Some firms have 10+, while others stick to just a few.

Looking forward to hearing your experiences and insights!

Thanks in advance.