Hélène Tiggelhoven
Operating Partner, Human Capital Risk
Ensuring value is realised — not assumed. Through leadership, governance and execution.
Working alongside investors, founders and boards across acquisitions, portfolio companies and critical transitions.
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The Gap Between Close and Value
Most deals are financially sound. Value is lost after closing.
Not because of the numbers — but because leadership, governance and execution do not hold.
The financial model defines potential value. The organisation determines whether that value is realised.
These are not soft variables. They directly impact valuation, deal structure, execution speed, and exit multiple. And they are rarely fully visible in standard due diligence.
Why Value Erodes
Value erosion post-acquisition follows predictable patterns. Not abstract 'people issues' — but measurable drivers of financial underperformance.
Leadership Misalignment
Misfit between leadership and investor expectations → execution slowdown, strategic drift, replacement cost
Weak Governance
Lack of clear decision rights and accountability → delays, internal friction, loss of control
Execution Gaps
Insufficient capability to deliver on the investment thesis → missed targets, underperformance vs plan
Founder Dependency
Over-reliance on key individuals → transferability risk, pricing pressure, deal constraints
Retention Risk
Loss of key management post-close → earn-out failure, instability in first 12–24 months
Cultural Friction
Misalignment between teams post-acquisition → integration delay, reduced performance
The Financial Impact
These factors translate directly into deal outcomes. What is not visible pre-deal, becomes an operational issue post-deal.
Price Renegotiation
Human capital risks surface mid-process, affecting deal pricing
Stricter Deal Structures
Earn-outs and conditions introduced to manage identified risks
Delayed Integration
Leadership and governance gaps slow post-close execution
Underperformance vs Plan
Organisations unable to deliver on the investment case
Lower Exit Multiple
Value erosion reduces returns at exit
Extended Holding Periods
Operational issues delay the path to exit
Where I Operate
Three areas of engagement.
1
Human Capital Risk Diagnostic
Assessment alongside financial and legal due diligence. Identifying leadership, governance and execution risks before they affect value.
2
Operating Partner
Working with investors across portfolio companies. Ensuring leadership quality, organisational stability and execution capability throughout the holding period.
3
Executive Search
Selective involvement in value-critical roles only. Where leadership directly impacts performance and outcomes.
The Role
The mandate is simple:
Ensure that the investment thesis is executable.
This requires visibility into leadership, governance, decision-making and execution capacity — across both deal phase and ownership phase.
Visibility into
  • Leadership capability
  • Governance structure
  • Decision-making dynamics
  • Execution capacity
Across both deal phase and ownership phase.
How This Fits in a Deal
This work sits alongside financial and legal due diligence. It answers a different question: Can this team actually deliver the investment case?
01
Due Diligence Phase
Human capital assessment runs in parallel with financial and legal review. Identifying leadership, governance and execution risks before close.
02
Deal Structuring
Findings are structured for investment committees and board-level decisions. Not descriptive — but actionable.
03
Post-Close & Ownership
Ongoing operating partner role. Ensuring execution capability throughout the holding period.

Findings are structured for investment committees, deal structuring decisions, and board-level discussions.
When to Involve
Pre-Acquisition — Identify risks before they are priced into the deal
Post-Deal Integration — Stabilise leadership, governance and execution early
Portfolio Underperformance — Diagnose root causes beyond financial reporting
Leadership Transitions — Manage CEO or founder changes without disruption
Execution Slowdown — When performance stalls without clear explanation

Independent from management. Providing a clear view on leadership quality, organisational risks, and execution constraints — unfiltered by internal dynamics or deal pressure.
Background
Hélène Tiggelhoven works at the intersection of investors, leadership and performance. Her work is focused on situations where leadership and organisation are the determining factors in deal outcome.
Experience spans acquisitions, post-deal environments, executive search and strategic advisory — across private equity firms, family offices and portfolio companies in the mid-market.
She brings a structured, evidence-based approach to questions that are often treated as soft: leadership capability, governance quality, organisational readiness and execution risk. These are treated with the same rigour applied to financial and legal workstreams.
Private Equity
Working with PE firms on Human Capital Due Diligence and portfolio company oversight.
Family Offices
Supporting direct investment mandates where governance and leadership require independent review.
Portfolio Companies
Operating Partner engagement at board and senior leadership level.
Most deals do not fail on the spreadsheet.
They fail in execution.
The difference between a deal that delivers and one that underperforms is rarely found in the financial model. It is found in the organisation — in whether the leadership, governance and execution capacity required by the investment thesis actually exists.
That is the question this work is designed to answer. Before close. During integration. Across the holding period.
Hélène Tiggelhoven
Operating Partner
Human Capital Due Diligence
Operating Partner Mandates
Executive Search — Value-Critical Roles
Available to private equity firms, family offices and portfolio companies in the mid-market.