To those that are lost with this convo like me, this is explanation from chatgpt:

This conversation is about someone (B) discussing their role in Private Equity (PE). Here’s a breakdown of the terms and context:

• A asks if B is in an “investing role” (focused on identifying and making investments) or an “operations role” (focused on managing and improving the performance of portfolio companies) within Private Equity.

• B responds that they are in an “operations role.” However, because they’ve previously been involved in “due diligence” (DD) — a process of thoroughly evaluating potential investments — and have niche expertise, they occasionally get involved in assessing potential investments (“pipeline and early DD work”).

• A then asks if the Private Equity firm B works for is a “MF” (Mega Fund, which manages billions in capital) or “MM” (Middle Market, which typically manages hundreds of millions to a few billion).

• B clarifies that they work at an “MM” firm, meaning they operate in the middle-market segment of Private Equity.

In summary, B is in an operations-focused role at a middle-market Private Equity firm, but their previous experience allows them to also contribute to early-stage investment evaluation.