Private equity firms make investment decisions worth millions—or even billions—of dollars. While financial statements, market reports, and management presentations provide valuable information, they rarely tell the whole story. That’s why many investors rely on expert calls to gain deeper industry insights before making investment decisions.

Expert calls connect private equity professionals with industry specialists who have firsthand experience in a particular market, company, technology, or business function. These conversations help investors validate assumptions, understand competitive dynamics, identify risks, and uncover opportunities that may not be visible through traditional research.

This guide explains what expert calls are, how they work, who participates, their benefits, legal considerations, and best practices for private equity firms.

What Are Expert Calls?

An expert call is a one-on-one consultation between an investor and an industry expert.

The expert provides professional knowledge based on their experience, helping investors better understand an industry, company, product, or market trend.

These calls typically last between 30 and 60 minutes and are often arranged through expert network firms that recruit and vet specialists across thousands of industries.

Expert calls are widely used throughout the investment process, from initial deal sourcing to due diligence and post-acquisition value creation.

Why Private Equity Firms Use Expert Calls

Private equity investments require informed decision-making. Financial data alone may not reveal operational challenges, customer preferences, or competitive threats.

Expert calls help firms:

• Validate investment theses
• Understand market dynamics
• Evaluate management teams
• Assess competitive positioning
• Analyze industry trends
• Estimate market size
• Identify operational risks
• Review supply chains
• Understand customer behavior
• Support portfolio company growth

These conversations often provide practical insights that cannot be found in public reports.

Who Participates in Expert Calls?

Private equity firms speak with a wide range of professionals, depending on the investment opportunity.

Common experts include:

• Former executives
• Industry consultants
• Engineers
• Physicians
• Software developers
• Sales leaders
• Procurement specialists
• Manufacturing professionals
• Supply chain experts
• Researchers
• Academic experts
• Former regulators
• Technology specialists

Experts are selected based on their direct experience and ability to provide relevant market knowledge.

When Are Expert Calls Used?

Expert consultations support every stage of the investment lifecycle.

Deal Sourcing

Investors use expert calls to understand emerging industries and identify attractive investment opportunities before entering a formal diligence process.

Commercial Due Diligence

Before acquiring a company, firms often conduct multiple expert interviews to better understand:

• Customer demand
• Market growth
• Industry competition
• Pricing trends
• Technology adoption
• Barriers to entry

These conversations help confirm whether the investment thesis is realistic.

Operational Due Diligence

Experts can provide valuable perspectives on:

• Manufacturing
• Logistics
• Product development
• Sales operations
• Regulatory compliance
• Workforce challenges

Operational insights help investors estimate future performance and identify improvement opportunities.

Portfolio Management

After completing an acquisition, private equity firms continue using expert calls to support strategic planning, operational improvements, digital transformation, and market expansion.

Benefits of Expert Calls

Faster Decision-Making

Rather than spending weeks researching an industry, investors can gain practical insights through a focused conversation with an experienced professional.

Better Market Intelligence

Experts often understand competitive dynamics, customer needs, and operational realities that aren’t reflected in public information.

Improved Risk Assessment

Expert interviews help identify:

• Industry headwinds
• Emerging competitors
• Regulatory risks
• Technology disruptions
• Customer concentration issues

Recognizing these risks early leads to better investment decisions.

Operational Expertise

Experienced operators frequently provide recommendations that improve efficiency, profitability, and long-term value creation.

Access to Specialized Knowledge

Private equity firms invest across many industries. Expert calls allow investment teams to quickly access niche expertise without hiring full-time specialists.

Common Topics Discussed

Although every consultation is different, discussions often include:

• Industry growth
• Competitive landscape
• Customer buying behavior
• Pricing trends
• Market share
• Supply chains
• Technology adoption
• Regulatory developments
• Product differentiation
• Operational best practices
• Labor markets
• Capital expenditure requirements

The goal is to develop a more complete understanding of the investment opportunity.

How Expert Calls Work

The process generally follows several steps.

1. Identify Information Gaps

Investment teams determine which questions require expert input.

2. Select an Expert

An expert network identifies professionals with relevant experience and screens them for conflicts of interest and compliance requirements.

3. Schedule the Consultation

Calls typically last between 30 and 60 minutes, though longer sessions may be arranged for complex topics.

4. Conduct the Interview

Investors ask structured questions while allowing room for deeper discussion based on the expert’s experience.

5. Apply the Insights

The information gathered helps refine financial models, investment theses, risk assessments, and strategic recommendations.

Best Practices for Expert Calls

Successful consultations begin with careful preparation.

Before the call:

• Define clear objectives.
• Prepare focused questions.
• Research the expert’s background.
• Review existing market research.

During the conversation:

• Ask open-ended questions.
• Encourage practical examples.
• Listen actively.
• Clarify assumptions.
• Take detailed notes.

After the call:

• Compare insights with other research.
• Validate important findings through additional sources.
• Document key conclusions.
• Update investment models if necessary.

Legal and Compliance Considerations

Expert calls must comply with securities laws and confidentiality obligations.

Experts should not disclose:

• Material non-public information (MNPI)
• Confidential company information
• Trade secrets
• Proprietary financial data
• Information protected by employment or contractual obligations

Reputable expert networks maintain compliance programs, provide training, and screen experts to reduce legal and regulatory risks.

Private equity firms should also have internal policies governing expert consultations and ensure investment professionals understand applicable compliance requirements.

Expert Calls vs Traditional Research

Most investment teams combine expert calls with financial analysis, industry research, customer interviews, and management meetings to build a comprehensive view.

Choosing the Right Expert

An effective expert should have:

• Relevant industry experience
• Strong communication skills
• Current or recent market knowledge
• No conflicts of interest
• A reputation for professionalism
• The ability to explain complex topics clearly

Experience and relevance are typically more important than seniority alone.

Common Mistakes to Avoid

Private equity firms can reduce the value of expert consultations by:

• Asking vague or unfocused questions.
• Relying on a single expert’s opinion.
• Failing to prepare before the call.
• Ignoring conflicting viewpoints.
• Overlooking compliance requirements.
• Treating anecdotal evidence as definitive market data.
• Skipping follow-up research.

The strongest investment decisions combine expert insights with multiple independent sources of information.

Frequently Asked Questions

What is an expert call in private equity?

An expert call is a consultation between a private equity professional and an industry specialist who provides practical insights about a market, company, technology, or business function to support investment decisions.

How long do expert calls last?

Most consultations last between 30 and 60 minutes, although more complex projects may require multiple sessions or extended interviews.

Are expert calls legal?

Yes. Expert calls are legal when conducted in compliance with applicable laws and regulations. Experts must not disclose material non-public information, confidential business information, or trade secrets.

Who can become an expert?

Experienced professionals from a wide range of industries—including former executives, engineers, physicians, consultants, researchers, and operational leaders—may qualify to participate in expert consultations if they have relevant expertise and meet compliance requirements.

How many expert calls are conducted during due diligence?

The number varies depending on the investment. Some transactions require only a handful of interviews, while larger or more complex deals may involve dozens of expert consultations covering customers, suppliers, competitors, and industry specialists.

Hire Consultants, Speakers & Thought Leaders

Expert calls have become an essential part of the private equity investment process because they provide practical, real-world insights that complement financial analysis and traditional market research. By speaking directly with experienced professionals, investment teams can better understand industry dynamics, validate assumptions, assess risks, and identify opportunities that may not be visible through public information alone.

The greatest value comes from using expert calls as one component of a disciplined due diligence process. When combined with financial modeling, customer research, operational analysis, and management interviews, expert consultations help private equity firms make more informed investment decisions and support long-term value creation across their portfolios.