Portfolio management and transaction execution teams. What exactly do they do?

Hi all,

I will be starting working for a local mid-market PE-fund as an full-time analyst later this year. As I am generally curious (and also want to broaden my understanding of PE), I started looking into different teams and roles in a PE fund.

I have come over very little information regarding what the portfolio management team (if every fund even have such a team) and the transaction execution team do. With regards of transaction execution teams, I do understand the process of sourcing and executing. Although, I believed that every industry coverage team executed their own deals? Am I correct in this, or is it maybe different for different funds?

Thanks and have a great day!