All eyes have been focused on the Permian Basin for the last year, and much of this attention has been centered on the region's publicly listed operators. However, the Permian is home to hundreds of private equity-backed operators also targeting unconventional plays. The scale of operations and pace of development among these private operators can vary significantly—some have drilled hundreds of horizontal wells over the last five or more years, while others are recently formed with just a handful of test wells. With no requirements for public disclosure, these operators often fly under the industry's radar. Small and elusive as they may be, Permian private operators are critical in shaping both the ever-important Permian supply story and the future of the region's active M&A market.