The wages of synergy

As private equity firms explore ways to generate value through operational improvements, cutting costs at portfolio companies has become front of mind for many GPs. Gwyneth Ketterer has made it her mission as chief operating officer of Bear Stearns Merchant Banking - which recently closed on $2.7 billion for its third fund - to think more collectively about the process. PEM recently spoke with Ketterer about her strategy of negotiating common vendor contracts for several portfolio companies at once.