[Novice Question] What does a PE Principal do?

Exactly as the question states - did some googling and couldn't really find anything.
BX has positions for principal, and I'm not sure where that stands within the company structure.
Non-asshole answers would be greatly appreciated.

6 Comments
 

At my firm deals are staffed with a MD, Principal, VP and Associate. MD is the face guy Principal is the deal quarterback and is largely responsible for its success/failure. Will take a board seat with the MD on the company. Usually in this position for at least one entire deal life cycle (investment through successful liquidity event) VP/Associate are the work horses

"If you want to succeed in this life, you need to understand that duty comes before rights and that responsibility precedes opportunity."
 

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