What Deal Teams Really Mean When They Say “We Need a List”

In private equity, the phrase “we need a list” gets thrown around a lot. It sounds simple, like a task to be completed. But beneath that request lies something far more complex: a need for clarity, direction, and strategic understanding of a market.

The truth is, most deal teams don’t just want a list. They want to see the market clearly, to understand who the players are, where opportunities lie, and which companies fit their investment thesis.

The problem is, most lists don’t deliver that.

The Myth of the "List"

A “list” built too quickly, too cheaply, or too mechanically is just data. Names, URLs, maybe a revenue range if you’re lucky. But that’s not what deal teams are actually asking for.

When a Vice President or Principal says “we need a list,” they really mean:

·      We need to understand this market like insiders.

·      We need a clear view of where opportunity starts and stops.

·      We need a resource that makes sense of the noise.

They’re looking for context, not just companies. They’re looking for insight, not just volume. And they’re looking for confidence, the kind that comes when you can explain why a company belongs on the list, not just that it does.

Why Context Beats Quality

There’s a reason why off-the-shelf outputs or pre-packaged data sets rarely meet expectations. They capture breadth, not nuance.

A truly valuable M&A target list — the kind Agathon builds — is a piece of market intelligence. It shows patterns: where consolidation is happening, which verticals are fragmented, which ownership structures signal opportunity.

It’s the difference between seeing a crowd of companies and seeing a market map.

That’s why each Agathon target list takes roughly 150 hours to build. It’s not just time, it’s thought. Each company is vetted, validated, and positioned within a coherent market story that a deal team can use immediately.

What Deal Team Are Really Asking For

When deal teams say “we need a list,” they’re really asking for a research partner who can:

·      Understand the nuances of their investment thesis.

·      Anticipate the questions they’ll get from Partners or IC members.

·      Deliver a document that holds up under real scrutiny.

They want something they can open in Excel and immediately trust. Something they can use to shape conversations with intermediaries, inform sourcing strategy, and identify proprietary opportunities.

That’s not a list. That’s research.

Where Empathy Matters

Great research starts with empathy, understanding what a deal team actually needs when they ask for “a list.” It means anticipating where they’ll want to double-click, knowing which details are mission-critical, and recognizing that this document isn’t just a deliverable. It’s a foundation for strategic decisions.

That’s why Agathon’s work can’t be outsourced, rushed, or automated. Every detail reflects an understanding of what’s at stake for the client.

The List That Isn't Just a List

A strong M&A target list isn’t about filling cells. It’s about creating clarity — about helping a deal team walk into a Monday meeting and say, “Here’s the market, here’s what we know, and here’s where we can go next.”

That’s what they mean when they say, “We need a list.”

If your firm needs a list that actually moves your sourcing forward, I’d be glad to start a conversation. Reach out at yash@agathonrp.com.