General Partners are the PE guys who make the investment decisions, operating partners are the guys who go into the portfolio companies and make all of the strategic decisions - think KKR Capstone.
From my understanding operating partners are often ex MBB (consulting) guys or industry executives, and general partners are ex IBD.
What are the compensation differences?
Can a partner easily move between the two roles and are some partners involved in both roles?
What are the exit options for operating partners?
Is the recruitment process for operating partners similar to the rest of PE but from MBB?
Do most or all of the private equity funds have operating partners?
I don't think this topic has ever taken off on WSO so it would be good to get a detailed discussion on operating partners and how to break into PE on the strategy side v the investment side.