Generating strong private equity returns is never just about raising capital. It requires discipline, a clear strategy, and a team that can deliver. Steven Koinis, Managing Director at Huron, has spent the past twenty years refining that approach. His career spans sovereign wealth funds, family offices, and private equity firms from Abu Dhabi to the United States, where he has overseen more than $5 billion in investments.
Start With A Focused Investment Thesis
Many private equity firms rush into deals without a clear sense of purpose. That approach is flawed, says Steven Koinis. “Before you close a transaction, you need a focused investment thesis. What’s your edge?” he asks. Spotting potential in a company or liking an industry isn’t enough. The best firms know precisely what they bring to the table before committing capital. “Your thesis should not only outline the industries you target but also the strategies you deploy, whether that’s carve-outs, roll-ups, or special situations,” Koinis explains. At Huron, that thesis centers on three areas: sustainability, digital transformation, and value creation through operational excellence. With that clarity, every deal follows a defined roadmap. Without it, firms risk spreading themselves too thin. The ones that deliver consistent returns, Koinis notes, are those disciplined enough to walk away from opportunities that don’t align—even if they look promising on paper.
Building Your Credibility With A Track Record
Forget the glossy presentations. In private equity, results speak louder than anything else. “You don’t raise capital, you earn it. And you earn it through your experience, your execution, and your integrity, which is the only thing you truly own in business,” says Steven Koinis. His time working with sovereign wealth funds reinforced that lesson. Trust, he explains, comes only from performance. “Building trust was absolutely paramount,” he recalls of those early relationships. “These investors have seen every pitch imaginable. What they want is proof you can deliver.” That proof isn’t found in marketing decks. It shows up in hard numbers—EBITDA growth, ROI multiples, and strategic exits. “Whether you’re sourcing independent deals or co-investing, you need to show that you can create genuine value,” Koinis says. “Numbers speak louder than decks, and they always will.”
Assemble A Team That Complements Your Strengths
Even the sharpest private equity professionals need support. The key, says Steven Koinis, is knowing what kind of help to seek and when to bring it in. “No one drives growth and improvements alone. Surround yourself with outside specialist advisors such as Huron, who bring operational depth, financial acumen, and strategic thinking.” His experience building teams across countries and industries taught him that success is not just about hiring smart people. “What mattered was not just expertise. It was alignment, grit, and the ability to execute under pressure,” he explains, recalling his work from Abu Dhabi to New York.
In the early years of a private equity firm, that mindset becomes even more critical. Resources are tight, challenges are big, and flexibility is everything. “Pick advisors who can wear multiple hats, especially in the early years,” Koinis advises. Versatility, he says, often outweighs deep specialization when a firm is still finding its footing. Great returns do not happen by accident. “Achieving exceptional multiples for your LPs takes more than capital. It takes conviction, clarity, and credibility,” Koinis emphasizes. Those three traits separate firms that deliver consistently from those that only get lucky on occasion. The operational side of the business, he adds, is just as important as the investment side. “You need to define your thesis, prove your value, build the right team—this is absolutely critical to developing the right culture—and treat your firm as a business from day one.” Too many professionals, he notes, forget that their own firm must run efficiently if they expect to help other companies succeed.
Koinis has seen this lesson play out across businesses of every size and stage, from small acquisitions to billion-dollar restructurings. The principles remain the same regardless of scale: focus on what you do best, prove you can deliver, and build the right team to make it happen. Everything else is just noise.
Connect with Steven Koinis on LinkedIn to explore more insights on private equity strategy.
