Five alphas: Essential capabilities to succeed in the next era of private capital.

The next era of private capital will be different from the last, and managers will need to possess five essential capabilities to succeed. These capabilities include sales alpha, which involves raising capital on better terms than competitors; sourcing alpha, which involves creating unique investment opportunities; operational alpha, which involves creating value after acquiring assets; exit alpha, which involves successfully monetizing assets; and organizational alpha, which involves designing a firm's structure and operating model. Firms that develop these capabilities have the potential to outperform in the private investing industry. [Extracted from the article]