Start a Business While in PE?

Anyone ever started their own business while in PE? If so, how did you manage internally with your firm? Did you disclose it and ensure that you had no conflicts of interest (ex. your business is not a sector focus of the firm), or did you do it under the rug? What would you suggest and why?
The most clear and obvious way is to disclose it if you want a long term career in PE. But I'm concerned that there may be folks internally that think I'm not "dedicated or passionate" to the job. Am I wrong for having this thought? I'm dedicated to the job, but there is quite some downtime that makes you think you can do something on the side and target a quick exit or something.

 

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