what's exactly the work split between teams inside a buyout fund and required skillsets/recruiting criteria

I'm from finance background and plan to do M&A after MBA and eventually land on a position in a buyout fund. I knew buyout funds "buy and build" and they need business operational know-how to improve target companies, but I'm confused about the exact work split inside the fund and therefore the required skillsets/recruiting criteria of candiates.

1. Do investment team members need much business operational knowledge to analyze and select deals before making the investment? if so, what kind of business operational knowledge specifically, or, will this part be more relied on industry experts? Is business operational analysis a major part of the work for investment team members, or other things, say modelling and DD, dominate?

2. Will the buyout funds put particular emphasis on candidate's business operational knowledge? or you will be considered just the same if you're not an industry expert, no matter you get an MBA or not

3. How would you rank the skillsets required of candidates who aim to go into the investment team

4. What' the role of investment team members after the initial acquisition? Will they still actively participate in the operation improvement things of the portfolio company, or the operation team of the fund will take over? 

5. Does the MBA--M&A--Buyout route make sense to you? I know it's extremely difficult, but is this probably a doable way? 

Thanks!!