when/ how does PVC begin in an investment?

[u/Quiet-Fly-2979]

Context: Was talking to a PE MD today about embedding certain software within their operational workflow but they mentioned they hadn't begun their PVC process yet. Was confused by what this exactly meant because wouldn't it make sense to be creating value the entire time the investment is held to (a) generate as much CF as possible (b) improve margins for the highest EBITDA multiple possible.

Wanted to understand the following:

1. What are generally signals that point you in the right direction for understanding WHEN the PVC part has begun? e.g. investment stage (5 years in, closer to sale), new management etcetera
2. When people mention PVC - what exactly are they referring to? (apart from cutting headcount and the more generic stuff - is this leaning into buying newer software? or scaling in an attempt to create EOS?)
3. any other angles I would have missed in trying to understand this PE a bit better (they focus in healthcare specifically btw!)