For Capital Allocators
Multiple expansion, engineered from inside the deal.
For private equity, hedge funds, asset and wealth managers, fund administrators, servicers and family offices. Market multiples and leverage carried about two-thirds of buyout returns in the last cycle (McKinsey, 2024). The driver an owner controls is the work inside the company, and we run it from inside the deal, accountable for the result.
The same operating system applies to your own operations: middle and back office, fund administration and reporting, ManCo and depositary workflows, re-architected for cost, automation and DORA-grade resilience, for the CFO, COO and CIO who run it.
The working is shown in your own Room; there is no black box. AI-native in how we work: the research and the plan that took a team weeks, one operator delivers in days. Then judgment prices the decision.
What you are really trying to do.
A value-creation plan is a promise to your LPs. Here it is, framed the way you would pressure-test it: the job, the friction, and the win.
Make the asset worth more.
Buy well, transform the company through the hold, and exit at a higher multiple than you paid, on your fund’s clock.
Plans that stall in execution.
Digital and AI can drive the re-rate, yet the plan that reads well on the IC deck stalls, because no one in the room has held the transformation mandate. In Luxembourg, substance and governance rules block remote vendors.
A re-rate you can underwrite.
Multiple expansion you can put in the model, a de-risked hold, and an exit story a buyer pays a premium for, evidenced, not asserted.
The fit: an operator who has run value creation from inside Blackstone, Hg and Montagu, accountable from diligence to exit, on the ground in Luxembourg. That is what MakersOS installs, and what the rest of this page shows.
A plan is only as good as the operator who lands it.
An operator who has run buy-side diligence and value-creation plans from inside global private equity, including Blackstone, Hg Capital & Montagu, written to be executed, and executed.
Most plans look right on the IC deck and stall in execution, because no one in the room has actually held the transformation mandate. Our partners have.
In Luxembourg there is a second wall: strict local-substance and procurement rules, and institutional governance expectations few remote vendors can meet. You need a single accountable partner on the ground.
If you run your own operating team, we equip it. Your partners lead every read and present every finding. We bring the method, a Room for each company you choose, training in three levels, and the capacity to run a read under your lead when your calendar is full. The credit stays with your team.
Diligence to exit. One continuous thread.
One read per phase, each from the same system: Confidence to Invest before you sign, Time to Transform through the hold, Value Realisation at the exit. The hold is where the work runs, and it runs in order: the first pays for the second.
Digital due diligence
Three maturities on the target: digital, cyber and cultural. The tech debt you inherit, the exposure the data room does not show, and whether the team can run the plan you are underwriting.
The value plan
The thesis turned into an operating model and an AI roadmap. A verified baseline, an operating cadence, owners, and a euro on every play.
Engine 1 · Optimise
Margin, cost to serve and automation. This is the J-curve dip: the charge on near-term EBITDA that buys the underlying quality, and the cash that funds the new business.
Engine 2 · Transform
Productise, own the IP, make the revenue recurring. The first step moved the margin. This re-rates the multiple, the term most owners never work.
Buy and build
Every add-on lands on the model the first step built, integrated inside the first 100 days of its own deal. Integration is where roll-ups fail. The first add-on is likeliest within a year of the purchase (Hammer, Knauer, Pflücke and Schwetzler, Journal of Corporate Finance, 2017).
Exit-ready, or standalone-ready
The equity story, evidenced. Vendor diligence a buyer cannot unpick, and a business worth more whether you sell it, carve it out or let it stand alone.
The record of this fund raises the next. Managers whose previous fund returned above 20 per cent net closed the next one in six months, against fourteen for those below 10 per cent, and rarely missed their target (Gain, The State of Private Equity Fundraising, 2026). Every step above writes that record as it happens.
The products behind the six steps, each priced on its own and each on the offer map: the Diligence Read and the Cyber and Technology Diligence before you sign; the day-one plan and the Programme for the first hundred days; the Value Read, the Pricing Read, the Revenue Read, the Spend Read and the AI Programme through the hold; the Add-on Read on every add-on; the Exit Read, the Cyber Exit Read and the Succession Read at the exit. For the fund itself, the Portfolio Read and the House Read, and the operating team edition for the partners who run them.
How the bridge reads · illustrative
Illustrative arithmetic, not a promised result: a 10× asset whose EBITDA lifts 35 per cent and whose multiple re-rates to 14× is worth roughly 1.9× its entry value. Of the 0.89 gained, the EBITDA lift alone adds 0.35, the re-rate alone 0.40 and the two together 0.14. The work moves the EBITDA; the re-rate is a model’s reading of what a buyer will pay for recurring revenue, and it is marked as one. Same company, both businesses, worked in order.
Sources: McKinsey, Bridging private equity’s value creation gap, April 2024. GPs that create value through asset operations earn two to three percentage points more IRR than peers, on an analysis of over 100 funds with vintages after 2020, young funds whose IRR is still an interim mark; and roughly two-thirds of the total return on buyout deals entered from 2010 and exited by 2021 came from market multiple expansion and leverage. Third-party research, cited as published. Illustrative, and not a promised result for your assets.
Figures from mandates Cristian led as an operator inside PE-owned and listed companies, each as the company reported it and unaudited. Makers of New installs that method as a firm; your outcome depends on where you start, and we measure the start before we quote the outcome.
Or install MakersOS → the questions and a scored read across your business, operating and technology models.
We help you back and build defensible, scalable, sovereign-AI platforms, like RMT Labs, the Luxembourg talent-intelligence company whose model was trained on the MeluXina supercomputer.
What the operating model is worth.
Itaú Unibanco and Nubank both bank Brazil. One was built as a bank, on roughly 93,600 people and a branch network. The other was built as a platform: about 8,000 people serving 135 million customers, growing 71% in three years.
Same industry. The gap is the operating system underneath. That is what the published equation measures, and what MakersOS moves.
Public figures, illustrative. Market capitalisations, headcount and customer counts, 2025 to 2026.
One partner. Accountable for the value created.
One partner, on the ground and inside the deal, answerable for the one number that decides the exit: what the company is worth. We work every lever of that number, the revenue it earns, the margin it keeps and the multiple the market pays, and compound them into the return you underwrite.
The Diligence Read. Know the asset before you sign.
The questions scored with management. Deep scans by the right officers. Ten business days.
Red flags. The gap map in euros. The readiness. A number your investment committee can interrogate.
A fixed fee, in writing before work starts · about two weeks · credited to the engagement if the deal closes.
Read with the CTO: how the company is built, where its data lives, and how fast it ships.
Read with the leadership: whether the people who must execute the plan can.
Read against the recognised frameworks, with the DORA and GDPR evidence a buyer asks for. Designed in first, never bolted on.
Each answer refines the reading as it is given: maturity moves the price; the appendix never does. The Diligence Read is that measurement on your real workflows, in about two weeks.
Questions we are often asked.
What is value creation in private equity?
It is the work of making a portfolio company worth more between entry and exit, by lifting margin, building new revenue and re-rating the multiple, rather than relying on financial engineering alone.
What does an operating partner do?
An operating partner works inside a portfolio company to improve the operating model and execute the value-creation plan. Makers of New provides this as one accountable mandate, from diligence to exit.
How do you expand an EBITDA multiple?
By changing what the company is, not only what it earns. Owned IP, recurring revenue, stronger governance and a more defensible model re-rate a company from a services multiple toward a software multiple.
What is a 100-day plan after a private equity acquisition?
A sequenced plan installed in the first 100 days that sets the baseline, names owners and starts the margin and multiple work, then runs as a 12 to 24 month value programme on a shared cockpit.
Can Makers of New help with exit readiness and vendor due diligence?
Yes. The same operating system produces the equity story, the master model and the evidence a buyer's diligence will test.
How does AI create value in a portfolio company?
AI creates value where it lowers cost to serve, speeds delivery, and turns work into a scalable product, and a generic overlay creates none . Makers of New maps where AI moves margin or the multiple, then installs it under one mandate.
Engineered value compounds. Waiting doesn’t.
Install MakersOS →30 minutes with a partner. You leave seeing your business the way capital prices it, and the value waiting in it.