It's a familiar story: a man searches for his keys under a streetlight, not where he lost them, but 'because this is where the light is.' In Private Equity, are we too often drawn to convenient narratives while real keys to value creation – or critical risk – lie silently in the shadows? This post explores why a 'Strategic Bloodhound' approach is essential to illuminate what’s truly hidden and verify genuine value in PE's often opaque world.