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aria-controls="toc-Strategies-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Strategies subsection</span> </button> <ul id="toc-Strategies-sublist" class="vector-toc-list"> <li id="toc-Leveraged_buyout" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Leveraged_buyout"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Leveraged buyout</span> </div> </a> <ul id="toc-Leveraged_buyout-sublist" class="vector-toc-list"> <li id="toc-Simple_example_of_leveraged_buyout" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Simple_example_of_leveraged_buyout"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.1</span> <span>Simple example of leveraged buyout</span> </div> </a> <ul id="toc-Simple_example_of_leveraged_buyout-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Growth_capital" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Growth_capital"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Growth capital</span> </div> </a> <ul id="toc-Growth_capital-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mezzanine_capital" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mezzanine_capital"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Mezzanine capital</span> </div> </a> <ul id="toc-Mezzanine_capital-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Venture_capital" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Venture_capital"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Venture capital</span> </div> </a> <ul id="toc-Venture_capital-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Distressed_securities" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Distressed_securities"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Distressed securities</span> </div> </a> <ul id="toc-Distressed_securities-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Secondaries" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Secondaries"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>Secondaries</span> </div> </a> <ul id="toc-Secondaries-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Other_strategies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Other_strategies"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.7</span> <span>Other strategies</span> </div> </a> <ul id="toc-Other_strategies-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-History_and_development" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#History_and_development"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>History and development</span> </div> </a> <button aria-controls="toc-History_and_development-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle History and development subsection</span> </button> <ul id="toc-History_and_development-sublist" class="vector-toc-list"> <li id="toc-Early_history_and_the_development_of_venture_capital" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Early_history_and_the_development_of_venture_capital"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Early history and the development of venture capital</span> </div> </a> <ul id="toc-Early_history_and_the_development_of_venture_capital-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Origins_of_the_leveraged_buyout" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Origins_of_the_leveraged_buyout"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Origins of the leveraged buyout</span> </div> </a> <ul id="toc-Origins_of_the_leveraged_buyout-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Private_equity_in_the_1980s" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Private_equity_in_the_1980s"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Private equity in the 1980s</span> </div> </a> <ul id="toc-Private_equity_in_the_1980s-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Age_of_the_mega-buyout:_2005–2007" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Age_of_the_mega-buyout:_2005–2007"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Age of the mega-buyout: 2005–2007</span> </div> </a> <ul id="toc-Age_of_the_mega-buyout:_2005–2007-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Investments_in_private_equity" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Investments_in_private_equity"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Investments in private equity</span> </div> </a> <button aria-controls="toc-Investments_in_private_equity-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Investments in private equity subsection</span> </button> <ul id="toc-Investments_in_private_equity-sublist" class="vector-toc-list"> <li id="toc-Investor_categories" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Investor_categories"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Investor categories</span> </div> </a> <ul id="toc-Investor_categories-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Direct_versus_indirect_investment" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Direct_versus_indirect_investment"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Direct versus indirect investment</span> </div> </a> <ul id="toc-Direct_versus_indirect_investment-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Investment_timescales" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Investment_timescales"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Investment timescales</span> </div> </a> <ul id="toc-Investment_timescales-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Liquidity_in_the_private-equity_market" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Liquidity_in_the_private-equity_market"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Liquidity in the private-equity market</span> </div> </a> <ul id="toc-Liquidity_in_the_private-equity_market-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Private-equity_firms" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Private-equity_firms"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Private-equity firms</span> </div> </a> <button aria-controls="toc-Private-equity_firms-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Private-equity firms subsection</span> </button> <ul id="toc-Private-equity_firms-sublist" class="vector-toc-list"> <li id="toc-Versus_hedge_funds" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Versus_hedge_funds"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Versus hedge funds</span> </div> </a> <ul id="toc-Versus_hedge_funds-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Private-equity_funds" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Private-equity_funds"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Private-equity funds</span> </div> </a> <button aria-controls="toc-Private-equity_funds-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Private-equity funds subsection</span> </button> <ul id="toc-Private-equity_funds-sublist" class="vector-toc-list"> <li id="toc-Size_of_the_industry" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Size_of_the_industry"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.1</span> <span>Size of the industry</span> </div> </a> <ul id="toc-Size_of_the_industry-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Private-equity_fund_performance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Private-equity_fund_performance"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.2</span> <span>Private-equity fund performance</span> </div> </a> <ul id="toc-Private-equity_fund_performance-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-List_of_private_equity_billionaires" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#List_of_private_equity_billionaires"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>List of private equity billionaires</span> </div> </a> <ul id="toc-List_of_private_equity_billionaires-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Taxes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Taxes"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Taxes</span> </div> </a> <ul id="toc-Taxes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Debate" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Debate"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Debate</span> </div> </a> <button aria-controls="toc-Debate-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Debate subsection</span> </button> <ul id="toc-Debate-sublist" class="vector-toc-list"> <li id="toc-Loss_of_innovation_and_quality" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Loss_of_innovation_and_quality"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.1</span> <span>Loss of innovation and quality</span> </div> </a> <ul id="toc-Loss_of_innovation_and_quality-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Recording_private_equity" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Recording_private_equity"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.2</span> <span>Recording private equity</span> </div> </a> <ul id="toc-Recording_private_equity-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Healthcare_investments" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Healthcare_investments"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.3</span> <span>Healthcare investments</span> </div> </a> <ul id="toc-Healthcare_investments-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Wealth_capture" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Wealth_capture"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.4</span> <span>Wealth capture</span> </div> </a> <ul id="toc-Wealth_capture-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Influence_on_inequality" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Influence_on_inequality"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.5</span> <span>Influence on inequality</span> </div> </a> <ul id="toc-Influence_on_inequality-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>See also</span> </div> </a> <button aria-controls="toc-See_also-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle See also subsection</span> </button> <ul id="toc-See_also-sublist" class="vector-toc-list"> <li id="toc-Organizations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Organizations"> <div class="vector-toc-text"> <span class="vector-toc-numb">11.1</span> <span>Organizations</span> </div> </a> <ul id="toc-Organizations-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">13</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">14</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Private equity</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 34 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-34" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">34 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A3%D8%B3%D9%87%D9%85_%D8%AE%D8%A7%D8%B5%D8%A9" title="أسهم خاصة – Arabic" lang="ar" hreflang="ar" data-title="أسهم خاصة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%94%D1%8F%D0%BB%D0%BE%D0%B2_%D0%BA%D0%B0%D0%BF%D0%B8%D1%82%D0%B0%D0%BB" title="Дялов капитал – Bulgarian" lang="bg" hreflang="bg" data-title="Дялов капитал" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Capital_d%27inversi%C3%B3" title="Capital d'inversió – Catalan" lang="ca" hreflang="ca" data-title="Capital d'inversió" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Soukrom%C3%BD_kapit%C3%A1l" title="Soukromý kapitál – Czech" lang="cs" hreflang="cs" data-title="Soukromý kapitál" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Private_Equity" title="Private Equity – German" lang="de" hreflang="de" data-title="Private Equity" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%99%CE%B4%CE%B9%CF%89%CF%84%CE%B9%CE%BA%CE%AC_%CE%B5%CF%80%CE%B5%CE%BD%CE%B4%CF%85%CF%84%CE%B9%CE%BA%CE%AC_%CE%BA%CE%B5%CF%86%CE%AC%CE%BB%CE%B1%CE%B9%CE%B1" title="Ιδιωτικά επενδυτικά κεφάλαια – Greek" lang="el" hreflang="el" data-title="Ιδιωτικά επενδυτικά κεφάλαια" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Capital_inversi%C3%B3n" title="Capital inversión – Spanish" lang="es" hreflang="es" data-title="Capital inversión" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87%E2%80%8C%DA%AF%D8%B0%D8%A7%D8%B1%DB%8C_%D8%AE%D8%B5%D9%88%D8%B5%DB%8C" title="سرمایه‌گذاری خصوصی – Persian" lang="fa" hreflang="fa" data-title="سرمایه‌گذاری خصوصی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Capital-investissement" title="Capital-investissement – French" lang="fr" hreflang="fr" data-title="Capital-investissement" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%94%84%EB%9D%BC%EC%9D%B4%EB%B9%97%EC%97%90%EC%BF%BC%ED%8B%B0" title="프라이빗에쿼티 – Korean" lang="ko" hreflang="ko" data-title="프라이빗에쿼티" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%84%D5%A1%D5%BD%D5%B6%D5%A1%D5%BE%D5%B8%D6%80_%D5%AF%D5%A1%D5%BA%D5%AB%D5%BF%D5%A1%D5%AC" title="Մասնավոր կապիտալ – Armenian" lang="hy" hreflang="hy" data-title="Մասնավոր կապիտալ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Private_equity" title="Private equity – Italian" lang="it" hreflang="it" data-title="Private equity" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A7%D7%A8%D7%9F_%D7%94%D7%A9%D7%A7%D7%A2%D7%95%D7%AA_%D7%A4%D7%A8%D7%98%D7%99%D7%95%D7%AA" title="קרן השקעות פרטיות – Hebrew" lang="he" hreflang="he" data-title="קרן השקעות פרטיות" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%96%E0%B2%BE%E0%B2%B8%E0%B2%97%E0%B2%BF_%E0%B2%B7%E0%B3%87%E0%B2%B0%E0%B3%81%E0%B2%97%E0%B2%B3%E0%B3%81" title="ಖಾಸಗಿ ಷೇರುಗಳು – Kannada" lang="kn" hreflang="kn" data-title="ಖಾಸಗಿ ಷೇರುಗಳು" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%99%E1%83%94%E1%83%A0%E1%83%AB%E1%83%9D_%E1%83%99%E1%83%90%E1%83%9E%E1%83%98%E1%83%A2%E1%83%90%E1%83%9A%E1%83%98" title="კერძო კაპიტალი – Georgian" lang="ka" hreflang="ka" data-title="კერძო კაპიტალი" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Priv%C4%81tais_kapit%C4%81ls" title="Privātais kapitāls – Latvian" lang="lv" hreflang="lv" data-title="Privātais kapitāls" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Privatusis_kapitalas" title="Privatusis kapitalas – Lithuanian" lang="lt" hreflang="lt" data-title="Privatusis kapitalas" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%96%E0%A4%BE%E0%A4%9C%E0%A4%97%E0%A5%80_%E0%A4%AD%E0%A4%BE%E0%A4%82%E0%A4%A1%E0%A4%B5%E0%A4%B2" title="खाजगी भांडवल – Marathi" lang="mr" hreflang="mr" data-title="खाजगी भांडवल" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Private_equity" title="Private equity – Dutch" lang="nl" hreflang="nl" data-title="Private equity" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%9C%AA%E5%85%AC%E9%96%8B%E6%A0%AA" title="未公開株 – Japanese" lang="ja" hreflang="ja" data-title="未公開株" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Aktivt_eierfond" title="Aktivt eierfond – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Aktivt eierfond" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Xususiy_kapital" title="Xususiy kapital – Uzbek" lang="uz" hreflang="uz" data-title="Xususiy kapital" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Private_equity" title="Private equity – Polish" lang="pl" hreflang="pl" data-title="Private equity" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Private_equity" title="Private equity – Portuguese" lang="pt" hreflang="pt" data-title="Private equity" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Investi%C8%9Bii_de_capital" title="Investiții de capital – Romanian" lang="ro" hreflang="ro" data-title="Investiții de capital" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A7%D0%B0%D1%81%D1%82%D0%BD%D1%8B%D0%B5_%D0%BA%D0%B0%D0%BF%D0%B8%D1%82%D0%B0%D0%BB%D0%BE%D0%B2%D0%BB%D0%BE%D0%B6%D0%B5%D0%BD%D0%B8%D1%8F" title="Частные капиталовложения – Russian" lang="ru" hreflang="ru" data-title="Частные капиталовложения" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Private_equity" title="Private equity – Simple English" lang="en-simple" hreflang="en-simple" data-title="Private equity" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Private_equity" title="Private equity – Slovak" lang="sk" hreflang="sk" data-title="Private equity" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Private_equity" title="Private equity – Finnish" lang="fi" hreflang="fi" data-title="Private equity" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%A4%E0%AE%A9%E0%AE%BF%E0%AE%AF%E0%AE%BE%E0%AE%B0%E0%AF%8D_%E0%AE%9A%E0%AE%AE%E0%AE%AA%E0%AE%99%E0%AF%8D%E0%AE%95%E0%AF%81" title="தனியார் சமபங்கு – Tamil" lang="ta" hreflang="ta" data-title="தனியார் சமபங்கு" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/%C3%96zel_sermaye" title="Özel sermaye – Turkish" lang="tr" hreflang="tr" data-title="Özel sermaye" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9F%D1%80%D0%B8%D0%B2%D0%B0%D1%82%D0%BD%D1%96_%D0%BA%D0%B0%D0%BF%D1%96%D1%82%D0%B0%D0%BB%D0%BE%D0%B2%D0%BA%D0%BB%D0%B0%D0%B4%D0%B5%D0%BD%D0%BD%D1%8F" title="Приватні капіталовкладення – Ukrainian" lang="uk" hreflang="uk" data-title="Приватні капіталовкладення" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E7%A7%81%E4%BA%BA%E8%82%A1%E6%AC%8A%E6%8A%95%E8%B3%87" title="私人股權投資 – Cantonese" lang="yue" hreflang="yue" data-title="私人股權投資" 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.sidebar-content-with-subgroup{padding:0.1em 0.4em 0.2em}.mw-parser-output .sidebar-above,.mw-parser-output .sidebar-below{padding:0.3em 0.8em;font-weight:bold}.mw-parser-output .sidebar-collapse .sidebar-above,.mw-parser-output .sidebar-collapse .sidebar-below{border-top:1px solid #aaa;border-bottom:1px solid #aaa}.mw-parser-output .sidebar-navbar{text-align:right;font-size:115%;padding:0 0.4em 0.4em}.mw-parser-output .sidebar-list-title{padding:0 0.4em;text-align:left;font-weight:bold;line-height:1.6em;font-size:105%}.mw-parser-output .sidebar-list-title-c{padding:0 0.4em;text-align:center;margin:0 3.3em}@media(max-width:640px){body.mediawiki .mw-parser-output .sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar nomobile nowraplinks hlist"><tbody><tr><th class="sidebar-title"><a href="/wiki/Financial_market_participants" title="Financial market participants">Financial market participants</a></th></tr><tr><th class="sidebar-heading"> Organisations</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Credit_union" title="Credit union">Credit unions</a></li> <li><a href="/wiki/Development_finance_institution" title="Development finance institution">Development finance institution</a></li> <li><a href="/wiki/Insurance" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Investment_fund" title="Investment fund">Investment funds</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Prime_brokerage" title="Prime brokerage">Prime brokers</a></li> <li><a href="/wiki/Trust_company" title="Trust company">Trusts</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Terms</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a></li> <li><a href="/wiki/Finance" title="Finance">Finance</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></li> <li><a href="/wiki/Public_finance" title="Public finance">Public finance</a></li> <li><a href="/wiki/Bank" title="Bank">Banks and banking</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">Financial analyst</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">Financial planner</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Financial regulation</a></li> <li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li> <li><a href="/wiki/Stock_Market" class="mw-redirect" title="Stock Market">Stock Market</a></li> <li><a href="/wiki/Super_angel" title="Super angel">Super angel</a></li></ul></td> </tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Capitalism" title="Category:Capitalism">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="padding:0.2em;"><a href="/wiki/Capitalism" title="Capitalism">Capitalism</a></th></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Austerity" title="Austerity">Austerity</a></li> <li><a href="/wiki/Business" title="Business">Business</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Businessperson" title="Businessperson">Businessperson</a></li> <li><a href="/wiki/Capital_(economics)" title="Capital (economics)">Capital</a></li> <li><a href="/wiki/Capital_accumulation" title="Capital accumulation">Capital accumulation</a></li> <li><a href="/wiki/Capital_market" title="Capital market">Capital markets</a></li> <li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competitive markets</a></li> <li><a href="/wiki/Economic_interventionism" class="mw-redirect" title="Economic interventionism">Economic interventionism</a></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic liberalism</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Economic surplus</a></li> <li><a href="/wiki/Entrepreneurship" title="Entrepreneurship">Entrepreneurship</a></li> <li><a href="/wiki/Fictitious_capital" title="Fictitious capital">Fictitious capital</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Free_price_system" title="Free price system">Free price system</a></li> <li><a href="/wiki/Free_market" title="Free market">Free market</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Invisible_hand" title="Invisible hand">Invisible hand</a></li> <li><a href="/wiki/Visible_hand_(economics)" title="Visible hand (economics)">Visible hand</a></li> <li><a href="/wiki/Liberalization" title="Liberalization">Liberalization</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Money" title="Money">Money</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Rent_seeking" class="mw-redirect" title="Rent seeking">Rent seeking</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a></li> <li><a href="/wiki/Surplus_value" title="Surplus value">Surplus value</a></li> <li><a href="/wiki/Value_(economics)" title="Value (economics)">Value</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic systems</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anglo-Saxon_capitalism" class="mw-redirect" title="Anglo-Saxon capitalism">Anglo-Saxon</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Free_market#General_principles" title="Free market">Free-market</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><i><a href="/wiki/Laissez-faire_capitalism" class="mw-redirect" title="Laissez-faire capitalism">Laissez-faire</a></i></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Market_capitalism" class="mw-redirect" title="Market capitalism">Market</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Mixed_capitalism" class="mw-redirect" title="Mixed capitalism">Mixed</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">Monopoly</a></li> <li><a href="/wiki/National_capitalism" class="mw-redirect" title="National capitalism">National</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Nordic_capitalism" class="mw-redirect" title="Nordic capitalism">Nordic</a></li> <li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Private</a></li> <li><a href="/wiki/Raw_capitalism" class="mw-redirect" title="Raw capitalism">Raw</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated market</a></li> <li><a href="/wiki/Regulatory_capitalism" title="Regulatory capitalism">Regulatory</a></li> <li><a href="/wiki/Rhine_capitalism" class="mw-redirect" title="Rhine capitalism">Rhine</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Social</a></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State</a></li> <li><a href="/wiki/State-sponsored_capitalism" class="mw-redirect" title="State-sponsored capitalism">State-sponsored</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic theories</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/American_School_(economics)" title="American School (economics)">American</a></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_Monetary_Theory" class="mw-redirect" title="Modern Monetary Theory">MMT</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a></li></ul></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxist</a></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarist</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Origins</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Age_of_Enlightenment" title="Age of Enlightenment">Age of Enlightenment</a></li> <li><a href="/wiki/Capitalism_and_Islam" title="Capitalism and Islam">Capitalism and Islam</a></li> <li><a href="/wiki/Commercial_Revolution" class="mw-redirect" title="Commercial Revolution">Commercial Revolution</a></li> <li><a href="/wiki/Feudalism" title="Feudalism">Feudalism</a></li> <li><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Simple_commodity_production" title="Simple commodity production">Simple commodity production</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Development</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advanced_capitalism" title="Advanced capitalism">Advanced</a></li> <li><a href="/wiki/Consumer_capitalism" title="Consumer capitalism">Consumer</a></li> <li><a href="/wiki/Community_capitalism" title="Community capitalism">Community</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Crony_capitalism" title="Crony capitalism">Crony</a></li> <li><a href="/wiki/Finance_capitalism" title="Finance capitalism">Finance</a></li> <li><a href="/wiki/Global_capitalism" class="mw-redirect" title="Global capitalism">Global</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Illiberal</a></li> <li><a href="/wiki/Late_capitalism" title="Late capitalism">Late</a></li> <li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Marxist</a></li> <li><a href="/wiki/Merchant_capitalism" title="Merchant capitalism">Merchant</a></li> <li><a href="/wiki/Progressive_capitalism" title="Progressive capitalism">Progressive</a></li> <li><a href="/wiki/Rentier_capitalism" title="Rentier capitalism">Rentier</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">State monopoly</a></li> <li><a href="/wiki/Technocapitalism" title="Technocapitalism">Technological</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Intellectuals</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Ayn_Rand" title="Ayn Rand">Rand</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Richard_M._Weaver" title="Richard M. Weaver">Weaver</a></li> <li><a href="/wiki/Max_Weber" title="Max Weber">Weber</a></li> <li><a href="/wiki/Ronald_Coase" title="Ronald Coase">Coase</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anti-capitalism" title="Anti-capitalism">Anti-capitalism</a></li> <li><a href="/wiki/Capitalist_propaganda" title="Capitalist propaganda">Capitalist propaganda</a></li> <li><a href="/wiki/Capitalist_realism" title="Capitalist realism">Capitalist realism</a></li> <li><a href="/wiki/Capitalist_state" title="Capitalist state">Capitalist state</a></li> <li><a href="/wiki/Consumerism" title="Consumerism">Consumerism</a></li> <li><a href="/wiki/Crisis_theory" title="Crisis theory">Crisis theory</a></li> <li><a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">Criticism of capitalism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Cronyism" title="Cronyism">Cronyism</a></li> <li><a href="/wiki/Culture_of_capitalism" title="Culture of capitalism">Culture of capitalism</a></li> <li><a href="/wiki/Evergreening" title="Evergreening">Evergreening</a></li> <li><a href="/wiki/Exploitation_of_labour" title="Exploitation of labour">Exploitation of labour</a></li> <li><a href="/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a href="/wiki/History_of_capitalism" title="History of capitalism">History</a></li> <li><a href="/wiki/History_of_capitalist_theory" title="History of capitalist theory">History of theory</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market economy</a></li> <li><a href="/wiki/Periodizations_of_capitalism" title="Periodizations of capitalism">Periodizations of capitalism</a></li> <li><a href="/wiki/Perspectives_on_capitalism" class="mw-redirect" title="Perspectives on capitalism">Perspectives on capitalism</a></li> <li><a href="/wiki/Post-capitalism" title="Post-capitalism">Post-capitalism</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li> <li><a href="/wiki/Venture_philanthropy" title="Venture philanthropy">Venture philanthropy</a></li> <li><a href="/wiki/Wage_slavery" title="Wage slavery">Wage slavery</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Ideologies</div><div class="sidebar-list-content 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title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Capitalism_sidebar" title="Template:Capitalism sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Capitalism_sidebar" title="Template talk:Capitalism sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Capitalism_sidebar" title="Special:EditPage/Template:Capitalism sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Private equity</b> (<b>PE</b>) is <a href="/wiki/Stock" title="Stock">stock</a> in a <a href="/wiki/Private_company" class="mw-redirect" title="Private company">private company</a> that does not offer stock to the general public. In the field of <a href="/wiki/Finance" title="Finance">finance</a>, private equity is offered instead to specialized <a href="/wiki/Investment_fund" title="Investment fund">investment funds</a> and <a href="/wiki/Limited_partnership" title="Limited partnership">limited partnerships</a> that take an active role in the management and structuring of the companies. In casual usage, "private equity" can refer to these investment firms, rather than the companies in which that they invest.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Private-equity <a href="/wiki/Capital_(economics)" title="Capital (economics)">capital</a> is invested into a target company either by an investment management company (<a href="/wiki/Private_equity_firm" title="Private equity firm">private equity firm</a>), a <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a> fund, or an <a href="/wiki/Angel_investor" title="Angel investor">angel investor</a>; each category of investor has specific financial goals, management preferences, and investment strategies for profiting from their investments. Private equity provides <a href="/wiki/Working_capital" title="Working capital">working capital</a> to the target company to finance the expansion of the company with the development of new products and services, restructuring of operations, management, and formal control and ownership of the company.<sup id="cite_ref-PrivCo.com_Private_Company_Knowledge_Bank_2-0" class="reference"><a href="#cite_note-PrivCo.com_Private_Company_Knowledge_Bank-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>As a financial product, the private-equity fund is a type of <i>private capital</i> for financing a long-term <a href="/wiki/Investment_strategy" title="Investment strategy">investment strategy</a> in an <a href="/wiki/Illiquid" class="mw-redirect" title="Illiquid">illiquid</a> business enterprise.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Private equity fund investing has been described by the financial press as the superficial rebranding of investment management companies who specialized in the <a href="/wiki/Leveraged_buyout" title="Leveraged buyout">leveraged buyout</a> of financially weak companies.<sup id="cite_ref-:0_4-0" class="reference"><a href="#cite_note-:0-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Evaluations of the returns of private equity are mixed: some find that it outperforms public equity, but others find otherwise.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Key_features">Key features</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=1" title="Edit section: Key features"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Some key features of private equity investment include: </p> <ul><li>An <a href="/wiki/Investment_management" title="Investment management">investment manager</a> (the private equity investor) raises money from institutional investors (e.g., <a href="/wiki/Hedge_funds" class="mw-redirect" title="Hedge funds">hedge funds</a>, <a href="/wiki/Pension_funds" class="mw-redirect" title="Pension funds">pension funds</a>, university <a href="/wiki/Financial_endowment" title="Financial endowment">endowments</a>, and ultra-high-net-worth individuals) to pursue a particular investment strategy. <ul><li>The fundraise proceeds are placed into an <a href="/wiki/Investment_fund" title="Investment fund">investment fund</a>, in which the investment manager acts as a <a href="/wiki/General_partner" title="General partner">general partner</a> (GP) and the institutional investors act as <a href="/wiki/Limited_partnership" title="Limited partnership">limited partners</a> (LPs).<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li></ul></li> <li>The investment manager then purchases equity ownership stakes in companies by using a combination of equity and debt financing, with the goal of generating returns on the equity invested, including any subsequent equity investments into the target companies, over a target horizon based on the particular investment fund and strategy (typically 4–7 years).<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li> <li>From a financial modeling perspective, the primary levers available to private equity investors to drive returns are: <ul><li><a href="/wiki/Revenue" title="Revenue">Revenue</a> growth</li> <li><a href="/wiki/Profit_margin" title="Profit margin">Margin</a> expansion (typically an <a href="/wiki/Earnings_before_interest,_taxes,_depreciation_and_amortization" title="Earnings before interest, taxes, depreciation and amortization">EBITDA</a> margin)</li> <li><a href="/wiki/Free_cash_flow" title="Free cash flow">Free cash flow</a> generation / debt paydown</li> <li><a href="/wiki/Price%E2%80%93earnings_ratio" title="Price–earnings ratio">Valuation multiple</a> expansion (typically an <a href="/wiki/EV/Ebitda" title="EV/Ebitda">Enterprise Value / EBITDA</a> multiple)</li></ul></li> <li>Value creation strategies can vary widely by private equity fund. For example, some investors may target increasing sales in new or existing markets (driving revenue growth), and others may look to reduce costs through headcount reduction (expanding margins). Many strategies incorporate some amount of corporate governance restructuring, for example, setting up a <a href="/wiki/Board_of_directors" title="Board of directors">Board of Directors</a> or updating the target's managerial reporting structure.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></li> <li>The use of <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">debt financing</a> in acquiring companies increases an investment's <a href="/wiki/Return_on_equity" title="Return on equity">return on equity</a> by reducing the amount of initial equity required to purchase the target. Moreover, the interest payments are tax-deductible, so the debt financing reduces corporate taxes and thus increases total after-tax cash flows generated by the business. <ul><li>Following a series of high-profile bankruptcies,<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> aggressive leverage usage by private equity funds has declined in recent decades. In 2005, approximately 70% of the average private equity acquisition represented debt, but it was closer to 50% in 2020.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup></li> <li>Firms that assume large operational risks (e.g., "turnarounds") will usually apply far lower leverage levels to acquired companies in order to provide management with more financial flexibility; firms taking fewer operational risks will often try to maximize available leverage and focus on investments that generate strong, stable cash flows needed to service the higher debt balances.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup></li></ul></li> <li>Over time, "private equity" has come to refer to many different investment strategies, including <a href="/wiki/Leveraged_buyout" title="Leveraged buyout">leveraged buyout</a>, <a href="/wiki/Distressed_securities" title="Distressed securities">distressed securities</a>, <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a>, <a href="/wiki/Growth_capital" title="Growth capital">growth capital</a>, and <a href="/wiki/Mezzanine_capital" title="Mezzanine capital">mezzanine capital</a>. One of the most noteworthy differences between leveraged buyouts and the other strategies is that buyouts are generally "control equity positions", as buyout funds usually purchase majority ownership stakes in their target companies, while other investment strategies typically purchase minority ("non-control") ownership stakes, reducing their ability to effect transformational changes across target companies.</li> <li>For large deals, private-equity investors often invest together in a <a href="/wiki/Syndicate" title="Syndicate">syndicate</a>, in order to jointly benefit from exposure diversification, complementary investor information and skills, and heightened connectivity for future investments.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="Strategies">Strategies</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=2" title="Edit section: Strategies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The strategies private-equity firms may use are as follows, leveraged buyout being the most common. </p> <div class="mw-heading mw-heading3"><h3 id="Leveraged_buyout">Leveraged buyout</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=3" title="Edit section: Leveraged buyout"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Leveraged_Buyout_Diagram.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Leveraged_Buyout_Diagram.png/300px-Leveraged_Buyout_Diagram.png" decoding="async" width="300" height="193" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Leveraged_Buyout_Diagram.png/450px-Leveraged_Buyout_Diagram.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Leveraged_Buyout_Diagram.png/600px-Leveraged_Buyout_Diagram.png 2x" data-file-width="730" data-file-height="470" /></a><figcaption>Diagram of the basic structure of a generic leveraged buyout transaction</figcaption></figure> <p>Leveraged buyout (LBO) refers to a strategy of making equity investments as part of a transaction in which a company, business unit, or business asset is acquired from the current shareholders typically with the use of <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">financial leverage</a>.<sup id="cite_ref-Investopedia_13-0" class="reference"><a href="#cite_note-Investopedia-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> The companies involved in these transactions are typically mature and generate <a href="/wiki/Operating_cash_flow" title="Operating cash flow">operating cash flows</a>.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>Private-equity firms view target companies as either Platform companies, which have sufficient scale and a successful business model to act as a stand-alone entity, or as add-on / tuck-in / <a href="/wiki/Bolt-on_acquisition" title="Bolt-on acquisition">bolt-on acquisitions</a>, which would include companies with insufficient scale or other deficits.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>Leveraged buyouts involve a <a href="/wiki/Financial_sponsor" title="Financial sponsor">financial sponsor</a> agreeing to an acquisition without itself committing all the capital required for the acquisition. To do this, the financial sponsor will raise acquisition debt, which looks to the cash flows of the acquisition target to make interest and principal payments.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Acquisition debt in an LBO is often <a href="/wiki/Nonrecourse_debt" title="Nonrecourse debt">non-recourse</a> to the financial sponsor and has no claim on other investments managed by the financial sponsor. Therefore, an LBO transaction's financial structure is particularly attractive to a fund's limited partners, allowing them the benefits of leverage, but limiting the degree of recourse of that leverage. This kind of financing structure leverage benefits an LBO's financial sponsor in two ways: (1) the investor only needs to provide a fraction of the capital for the acquisition, and (2) the returns to the investor will be enhanced, as long as the <a href="/wiki/Return_on_assets" title="Return on assets">return on assets</a> exceeds the cost of the debt.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>As a percentage of the purchase price for a leverage buyout target, the amount of debt used to finance a transaction varies according to the financial condition and history of the acquisition target, market conditions, the willingness of <a href="/wiki/Bank" title="Bank">lenders</a> to extend credit (both to the LBO's <a href="/wiki/Financial_sponsor" title="Financial sponsor">financial sponsors</a> and the company to be acquired) as well as the interest costs and the ability of the company to <a href="/wiki/Interest_coverage_ratio" class="mw-redirect" title="Interest coverage ratio">cover</a> those costs. Historically the debt portion of a LBO will range from 60 to 90% of the purchase price.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> Between 2000 and 2005, debt averaged between 59.4% and 67.9% of total purchase price for LBOs in the United States.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Simple_example_of_leveraged_buyout">Simple example of leveraged buyout</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=4" title="Edit section: Simple example of leveraged buyout"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A private-equity fund, ABC Capital II, borrows $9bn from a bank (or other lender). To this, it adds $2bn of <i>equity</i> – money from its own partners and from <i>limited partners</i>. With this $11bn, it buys all the shares of an underperforming company, XYZ Industrial (after <i><a href="/wiki/Due_diligence" title="Due diligence">due diligence</a></i>, i.e. checking the books). It replaces the senior management in XYZ Industrial, with others who set out to streamline it. The workforce is reduced, some assets are sold off, etc. The objective is to increase the valuation of the company for an early sale. </p><p>The stock market is experiencing a <a href="/wiki/Bull_market" class="mw-redirect" title="Bull market">bull market</a>, and XYZ Industrial is sold two years after the buy-out for $13bn, yielding a profit of $2bn. The original loan can now be paid off with interest of, say, $0.5bn. The remaining profit of $1.5bn is shared among the partners. Taxation of such gains is at the <a href="/wiki/Capital_gains_tax_in_the_United_States" title="Capital gains tax in the United States">capital gains tax rates</a>, which in the United States are lower than <a href="/wiki/Ordinary_income" title="Ordinary income">ordinary income</a> tax rates. </p><p>Note that part of that profit results from turning the company around, and part results from the general increase in share prices in a buoyant stock market, the latter often being the greater component.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Notes: </p> <ul><li>The lenders (the people who put up the $9bn in the example) can insure against default by <a href="/wiki/Syndicated_loan" title="Syndicated loan">syndicating the loan</a> to spread the risk, or by buying <a href="/wiki/Credit_default_swap" title="Credit default swap">credit default swaps</a> (CDSs) or selling <a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">collateralised debt obligations</a> (CDOs) from/to other institutions.</li> <li>Often the loan/equity ($11bn in the example) is not paid off after the sale, but left on the books of the company (XYZ Industrial) for it to pay off over time. This can be advantageous since the interest is largely off-settable against the profits of the company, thus reducing, or even eliminating, tax.</li> <li>Most buyout deals are much smaller; the global average purchase in 2013 was $89m, for example.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup></li> <li>The target company (XYZ Industrials here) does not have to be floated on the stock market; most buyout exits after 2000 are not IPOs.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup></li> <li>Buy-out operations can go wrong and in such cases, the loss is increased by leverage, just as the profit is if all goes well.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Growth_capital">Growth capital</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=5" title="Edit section: Growth capital"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Growth_capital" title="Growth capital">Growth capital</a></div> <p><a href="/wiki/Growth_capital" title="Growth capital">Growth capital</a> refers to equity investments, most often minority investments, in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets or finance a major acquisition without a change of control of the business.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>Companies that seek growth capital will often do so in order to finance a transformational event in their life cycle. These companies are likely to be more mature than venture capital-funded companies, able to generate revenue and operating profits, but unable to generate sufficient cash to fund major expansions, acquisitions or other investments. Because of this lack of scale, these companies generally can find few alternative conduits to secure capital for growth, so access to growth equity can be critical to pursue necessary facility expansion, sales and marketing initiatives, equipment purchases, and new product development.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>The primary owner of the company may not be willing to take the <a href="/wiki/Financial_risk" title="Financial risk">financial risk</a> alone. By selling part of the company to private equity, the owner can take out some value and share the risk of growth with partners.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Capital can also be used to effect a restructuring of a company's balance sheet, particularly to reduce the amount of <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage (or debt)</a> the company has on its <a href="/wiki/Balance_sheet" title="Balance sheet">balance sheet</a>.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p><p>A <a href="/wiki/Private_investment_in_public_equity" title="Private investment in public equity">private investment in public equity</a> (PIPE), refer to a form of growth capital investment made into a <a href="/wiki/Publicly_traded_company" class="mw-redirect" title="Publicly traded company">publicly traded company</a>. PIPE investments are typically made in the form of a <a href="/wiki/Convertible_bond" title="Convertible bond">convertible</a> or <a href="/wiki/Preferred_stock" title="Preferred stock">preferred</a> security that is unregistered for a certain period of time.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>The Registered Direct (RD) is another common financing vehicle used for growth capital. A registered direct is similar to a PIPE, but is instead sold as a registered security. </p> <div class="mw-heading mw-heading3"><h3 id="Mezzanine_capital">Mezzanine capital</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=6" title="Edit section: Mezzanine capital"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine capital</a></div> <p><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine capital</a> refers to <a href="/wiki/Subordinated_debt" title="Subordinated debt">subordinated debt</a> or <a href="/wiki/Preferred_stock" title="Preferred stock">preferred equity</a> securities that often represent the most junior portion of a company's <a href="/wiki/Capital_structure" title="Capital structure">capital structure</a> that is senior to the company's <a href="/wiki/Common_stock" title="Common stock">common equity</a>. This form of financing is often used by private-equity investors to reduce the amount of equity capital required to finance a leveraged buyout or major expansion. Mezzanine capital, which is often used by smaller companies that are unable to access the <a href="/wiki/High-yield_debt" title="High-yield debt">high yield market</a>, allows such companies to borrow additional capital beyond the levels that traditional lenders are willing to provide through bank loans.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> In compensation for the increased risk, mezzanine debt holders require a higher return for their investment than secured or other more senior lenders.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Mezzanine securities are often structured with a current income coupon. </p> <div class="mw-heading mw-heading3"><h3 id="Venture_capital">Venture capital</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=7" title="Edit section: Venture capital"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Venture_capital" title="Venture capital">Venture capital</a></div> <p>Venture capital<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> (VC) is a broad subcategory of private equity that refers to equity investments made, typically in less mature companies, for the launch of a seed or startup company, early-stage development, or expansion of a business. Venture investment is most often found in the application of new technology, new marketing concepts and new products that do not have a proven track record or stable revenue streams.<sup id="cite_ref-whatisvc_34-0" class="reference"><a href="#cite_note-whatisvc-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>Venture capital is often sub-divided by the stage of development of the company ranging from early-stage capital used for the launch of <a href="/wiki/Startup_company" title="Startup company">startup companies</a> to late stage and growth capital that is often used to fund expansion of existing business that are generating revenue but may not yet be profitable or generating cash flow to fund future growth.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p><p>Entrepreneurs often develop products and ideas that require substantial capital during the formative stages of their companies' life cycles.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> Many entrepreneurs do not have sufficient funds to finance projects themselves, and they must, therefore, seek outside financing.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> The venture capitalist's need to deliver high returns to compensate for the risk of these investments makes venture funding an expensive capital source for companies. Being able to secure financing is critical to any business, whether it is a startup seeking venture capital or a mid-sized firm that needs more cash to grow.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> Venture capital is most suitable for businesses with large up-front <a href="/wiki/Capital_requirement" title="Capital requirement">capital requirements</a> which cannot be financed by cheaper alternatives such as <a href="/wiki/Debt" title="Debt">debt</a>. Although venture capital is often most closely associated with fast-growing <a href="/wiki/High-tech" class="mw-redirect" title="High-tech">technology</a>, <a href="/wiki/Healthcare" class="mw-redirect" title="Healthcare">healthcare</a> and <a href="/wiki/Biotechnology" title="Biotechnology">biotechnology</a> fields, venture funding has been used for other more traditional businesses.<sup id="cite_ref-whatisvc_34-1" class="reference"><a href="#cite_note-whatisvc-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p><p>Investors generally commit to venture capital funds as part of a wider diversified private-equity <a href="/wiki/Portfolio_(finance)" title="Portfolio (finance)">portfolio</a>, but also to pursue the larger returns the strategy has the potential to offer. However, venture capital funds have produced lower returns for investors over recent years compared to other private-equity fund types, particularly buyout. </p> <div class="mw-heading mw-heading3"><h3 id="Distressed_securities">Distressed securities</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=8" title="Edit section: Distressed securities"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Distressed_securities" title="Distressed securities">Distressed securities</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Valuation_(finance)#Valuation_of_a_suffering_company" title="Valuation (finance)">Valuation (finance) § Valuation of a suffering company</a></div> <p>The category of <b>distressed securities</b> comprises financial strategies for the profitable investment of working capital into the corporate equity and the <a href="/wiki/Securities" class="mw-redirect" title="Securities">securities</a> of financially weak companies.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> The investment of private-equity capital into distressed securities is realised with two financial strategies: </p> <ol><li>"Distressed-to-Control" ("Loan-to-Own") investment whereby the investor buys debt securities in hope of acquiring ownership and control of the company's equity after financing the <a href="/wiki/Corporate_restructuring" class="mw-redirect" title="Corporate restructuring">corporate restructuring</a> of the target company;<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup></li> <li>"Special Situations" ("Turnaround") investment wherein the investor buys debt securities and equity investments, to be used as <i>rescue financing</i> that will restore the profitability of the financially-weak target company.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup></li></ol> <p>Moreover, the private-equity investment strategies of <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a> also include actively <a href="/wiki/Trading" class="mw-redirect" title="Trading">trading</a> the <a href="/wiki/Loan" title="Loan">loans held</a> and the <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds issued</a> by the financially-weak target companies.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Secondaries">Secondaries</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=9" title="Edit section: Secondaries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Private-equity_secondary_market" title="Private-equity secondary market">Private-equity secondary market</a></div> <p>Secondary investments refer to investments made in existing private-equity assets. These transactions can involve the sale of <a href="/wiki/Private_equity_fund" title="Private equity fund">private equity fund</a> interests or portfolios of direct investments in <a href="/wiki/Privately_held_company" title="Privately held company">privately held companies</a> through the purchase of these investments from existing <a href="/wiki/Institutional_investor" title="Institutional investor">institutional investors</a>.<sup id="cite_ref-2008PEMarket_47-0" class="reference"><a href="#cite_note-2008PEMarket-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> By its nature, the private-equity asset class is illiquid, intended to be a long-term investment for <a href="/wiki/Buy_and_hold" title="Buy and hold">buy and hold</a> investors. Secondary investments allow institutional investors, particularly those new to the asset class, to invest in private equity from older vintages than would otherwise be available to them. Secondaries also typically experience a different cash flow profile, diminishing the <a href="/wiki/J_curve" title="J curve">j-curve</a> effect of investing in new private-equity funds.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> Often investments in secondaries are made through third-party fund vehicle, structured similar to a <a href="/wiki/Fund_of_funds" title="Fund of funds">fund of funds</a> although many large institutional investors have purchased private-equity fund interests through secondary transactions.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> Sellers of private-equity fund investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds. </p> <div class="mw-heading mw-heading3"><h3 id="Other_strategies">Other strategies</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=10" title="Edit section: Other strategies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Other strategies that can be considered private equity or a close adjacent market include: </p> <ul><li>Real estate: in the context of private equity this will typically refer to the riskier end of the investment spectrum including "value-added" and opportunity funds where the investments often more closely resemble leveraged buyouts than traditional real estate investments. Certain investors in private equity consider real estate to be a separate asset class.</li> <li><a href="/wiki/Infrastructure" title="Infrastructure">Infrastructure</a>: investments in various public works (e.g., bridges, tunnels, toll roads, airports, public transportation, and other public works) that are made as part of a privatization initiative on the part of a government entity.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Energy_industry" title="Energy industry">Energy</a> and <a href="/wiki/Electric_power_industry" title="Electric power industry">Power</a>: investments in a wide variety of companies (rather than assets) engaged in the production and sale of energy, including fuel extraction, manufacturing, refining and distribution (Energy) or companies engaged in the production or transmission of electrical power (Power).</li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant banking</a>: negotiated private-equity investment by financial institutions in the unregistered securities of either privately or publicly held companies.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a>: investments made in a fund whose primary activity is investing in other private-equity funds. The fund of funds model is used by investors looking for:</li></ul> <dl><dd><ul><li>Diversification but have insufficient capital to diversify their portfolio by themselves</li> <li>Access to top-performing funds that are otherwise oversubscribed</li> <li>Experience in a particular fund type or strategy before investing directly in funds in that niche</li> <li>Exposure to difficult-to-reach and/or emerging markets</li> <li>Superior fund selection by high-talent fund of fund managers/teams</li></ul></dd></dl> <ul><li><a href="/wiki/Search_fund" title="Search fund">Search fund</a>: A <a href="/wiki/Search_fund" title="Search fund">search fund</a> is an investment vehicle through which an entrepreneur (called a "searcher") raises funds from investors in order to acquire an existing small business.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> After an acquisition is made, the entrepreneur takes an operating role in the acquired company, such as CEO and President.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Royalty_fund" title="Royalty fund">Royalty fund</a>: an investment that purchases a consistent revenue stream deriving from the payment of royalties. One growing subset of this category is the healthcare <a href="/wiki/Royalty_fund" title="Royalty fund">royalty fund</a>, in which a private-equity fund manager purchases a royalty stream paid by a pharmaceutical company to a drug patent holder. The drug patent holder can be another company, an individual inventor, or some sort of institution, such as a research university.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup></li></ul> <p>As well as this to compensate for private equities not being traded on the public market, a <a href="/wiki/Private-equity_secondary_market" title="Private-equity secondary market">private-equity secondary market</a> has formed, where private-equity investors purchase securities and assets from other private equity investors. </p> <div class="mw-heading mw-heading2"><h2 id="History_and_development">History and development</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=11" title="Edit section: History and development"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar nomobile nowraplinks"><tbody><tr><th class="sidebar-title" style="font-size:110%"><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History of private equity<br />and venture capital</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Wall_Street_Sign_(5899884048).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/85/Wall_Street_Sign_%285899884048%29.jpg/150px-Wall_Street_Sign_%285899884048%29.jpg" decoding="async" width="150" height="100" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/85/Wall_Street_Sign_%285899884048%29.jpg/225px-Wall_Street_Sign_%285899884048%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/85/Wall_Street_Sign_%285899884048%29.jpg/300px-Wall_Street_Sign_%285899884048%29.jpg 2x" data-file-width="4368" data-file-height="2912" /></a></span></td></tr><tr><th class="sidebar-heading" style="border-top:#aaa 1px solid"> <a href="/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history</a></th></tr><tr><td class="sidebar-content"> (origins of modern <a class="mw-selflink selflink">private equity</a>)</td> </tr><tr><th class="sidebar-heading" style="border-top:#aaa 1px solid"> <a href="/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s">The 1980s</a></th></tr><tr><td class="sidebar-content"> (<a href="/wiki/Leveraged_buyout" title="Leveraged buyout">leveraged buyout</a> boom)</td> </tr><tr><th class="sidebar-heading" style="border-top:#aaa 1px solid"> <a href="/wiki/Private_equity_in_the_1990s" title="Private equity in the 1990s">The 1990s</a></th></tr><tr><td class="sidebar-content"> (<a href="/wiki/Leveraged_buyout" title="Leveraged buyout">leveraged buyout</a> and the venture capital bubble)</td> </tr><tr><th class="sidebar-heading" style="border-top:#aaa 1px solid"> <a href="/wiki/Private_equity_in_the_2000s" title="Private equity in the 2000s">The 2000s</a></th></tr><tr><td class="sidebar-content"> (<a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a> to the <a href="/wiki/Credit_crunch" title="Credit crunch">credit crunch</a>)</td> </tr><tr><th class="sidebar-heading" style="border-top:#aaa 1px solid"> <a href="/wiki/Private_equity_in_the_2010s" title="Private equity in the 2010s">The 2010s</a></th></tr><tr><td class="sidebar-content"> (expansion)</td> </tr><tr><th class="sidebar-heading" style="border-top:#aaa 1px solid"> <a href="/wiki/Private_equity_in_the_2020s" title="Private equity in the 2020s">The 2020s</a></th></tr><tr><td class="sidebar-content"> (<a href="/wiki/COVID-19_recession" title="COVID-19 recession">COVID-19 recession</a>)</td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:History_of_private_equity_and_venture_capital" title="Template:History of private equity and venture capital"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:History_of_private_equity_and_venture_capital" title="Template talk:History of private equity and venture capital"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:History_of_private_equity_and_venture_capital" title="Special:EditPage/Template:History of private equity and venture capital"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History of private equity and venture capital</a></div> <div class="mw-heading mw-heading3"><h3 id="Early_history_and_the_development_of_venture_capital">Early history and the development of venture capital</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=12" title="Edit section: Early history and the development of venture capital"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History of private equity and venture capital</a> and <a href="/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history of private equity</a></div> <p>The seeds of the US private-equity industry were planted in 1946 with the founding of two venture capital firms: <a href="/wiki/American_Research_and_Development_Corporation" title="American Research and Development Corporation">American Research and Development Corporation</a> (ARDC) and <a href="/wiki/J.H._Whitney_%26_Company" class="mw-redirect" title="J.H. Whitney & Company">J.H. Whitney & Company</a>.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> Before World War II, venture capital investments (originally known as "development capital") were primarily the domain of wealthy individuals and families. In 1901 J.P. Morgan arguably managed the first leveraged buyout of the <a href="/wiki/Carnegie_Steel_Company" title="Carnegie Steel Company">Carnegie Steel Company</a> using private equity.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> Modern era private equity, however, is credited to <a href="/wiki/Georges_Doriot" title="Georges Doriot">Georges Doriot</a>, the "father of venture capitalism" with the founding of ARDC<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> and founder of <a href="/wiki/INSEAD" title="INSEAD">INSEAD</a>, with capital raised from institutional investors, to encourage <a href="/wiki/Private_sector" title="Private sector">private sector</a> investments in businesses run by soldiers who were returning from World War II. ARDC is credited with the first major venture capital success story when its 1957 investment of $70,000 in <a href="/wiki/Digital_Equipment_Corporation" title="Digital Equipment Corporation">Digital Equipment Corporation</a> (DEC) would be valued at over $355 million after the company's initial public offering in 1968 (a return of over 5,000 times its investment and an <a href="/wiki/Internal_rate_of_return" title="Internal rate of return">annualized rate of return</a> of 101%).<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability"><span title="The material near this tag failed verification of its source citation(s). (October 2012)">failed verification</span></a></i>]</sup> It is commonly noted that the first venture-backed startup is <a href="/wiki/Fairchild_Semiconductor" title="Fairchild Semiconductor">Fairchild Semiconductor</a>, which produced the first commercially practicable integrated circuit, funded in 1959 by what would later become <a href="/wiki/Venrock_Associates" class="mw-redirect" title="Venrock Associates">Venrock Associates</a>.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Origins_of_the_leveraged_buyout">Origins of the leveraged buyout</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=13" title="Edit section: Origins of the leveraged buyout"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History of private equity and venture capital</a> and <a href="/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history of private equity</a></div> <p>The first leveraged buyout may have been the purchase by <a href="/wiki/Malcom_McLean" title="Malcom McLean">McLean Industries, Inc.</a> of <a href="/wiki/Pan-Atlantic_Steamship_Company" class="mw-redirect" title="Pan-Atlantic Steamship Company">Pan-Atlantic Steamship Company</a> in January 1955 and <a href="/wiki/Waterman_Steamship_Corporation" title="Waterman Steamship Corporation">Waterman Steamship Corporation</a> in May 1955<sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> Under the terms of that transaction, McLean borrowed $42 million and raised an additional $7 million through an issue of <a href="/wiki/Preferred_stock" title="Preferred stock">preferred stock</a>. When the deal closed, $20 million of Waterman cash and assets were used to retire $20 million of the loan debt.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> Lewis Cullman's acquisition of <a href="/wiki/Orkin" title="Orkin">Orkin Exterminating Company</a> in 1964 is often cited as the first leveraged buyout.<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> Similar to the approach employed in the McLean transaction, the use of <a href="/wiki/Publicly_traded" class="mw-redirect" title="Publicly traded">publicly traded</a> holding companies as investment vehicles to acquire portfolios of investments in corporate assets was a relatively new trend in the 1960s popularized by the likes of <a href="/wiki/Warren_Buffett" title="Warren Buffett">Warren Buffett</a> (<a href="/wiki/Berkshire_Hathaway" title="Berkshire Hathaway">Berkshire Hathaway</a>) and <a href="/wiki/Victor_Posner" title="Victor Posner">Victor Posner</a> (<a href="/wiki/Triarc" class="mw-redirect" title="Triarc">DWG Corporation</a>) and later adopted by <a href="/wiki/Nelson_Peltz" title="Nelson Peltz">Nelson Peltz</a> (<a href="/wiki/Triarc" class="mw-redirect" title="Triarc">Triarc</a>), <a href="/wiki/Saul_Steinberg_(business)" class="mw-redirect" title="Saul Steinberg (business)">Saul Steinberg</a> (Reliance Insurance) and <a href="/wiki/Gerry_Schwartz" title="Gerry Schwartz">Gerry Schwartz</a> (<a href="/wiki/Onex_Corporation" title="Onex Corporation">Onex Corporation</a>). These investment vehicles would utilize a number of the same tactics and target the same type of companies as more traditional leveraged buyouts and in many ways could be considered a forerunner of the later private-equity firms. Posner is often credited with coining the term "<a href="/wiki/Leveraged_buyout" title="Leveraged buyout">leveraged buyout</a>" or "LBO".<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> </p><p>The leveraged buyout boom of the 1980s was conceived by a number of corporate financiers, most notably <a href="/wiki/Jerome_Kohlberg_Jr." title="Jerome Kohlberg Jr.">Jerome Kohlberg Jr.</a> and later his protégé <a href="/wiki/Henry_Kravis" title="Henry Kravis">Henry Kravis</a>. Working for <a href="/wiki/Bear_Stearns" title="Bear Stearns">Bear Stearns</a> at the time, Kohlberg and Kravis along with Kravis' cousin <a href="/wiki/George_R._Roberts" title="George R. Roberts">George Roberts</a> began a series of what they described as "bootstrap" investments. Many of these companies lacked a viable or attractive exit for their founders as they were too small to be taken public and the founders were reluctant to sell out to competitors and so a sale to a financial buyer could prove attractive.<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> In the following years the three Bear Stearns bankers would complete a series of buyouts including Stern Metals (1965), Incom (a division of Rockwood International, 1971), Cobblers Industries (1971), and Boren Clay (1973) as well as Thompson Wire, Eagle Motors and Barrows through their investment in Stern Metals.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> By 1976, tensions had built up between Bear Stearns and Kohlberg, Kravis and Roberts leading to their departure and the formation of <a href="/wiki/Kohlberg_Kravis_Roberts" title="Kohlberg Kravis Roberts">Kohlberg Kravis Roberts</a> in that year. </p> <div class="mw-heading mw-heading3"><h3 id="Private_equity_in_the_1980s">Private equity in the 1980s</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=14" title="Edit section: Private equity in the 1980s"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History of private equity and venture capital</a> and <a href="/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s">Private equity in the 1980s</a></div> <p>In January 1982, former <a href="/wiki/United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">United States Secretary of the Treasury</a> <a href="/wiki/William_E._Simon" title="William E. Simon">William E. Simon</a> and a group of investors acquired <a href="/wiki/Gibson_Greetings" class="mw-redirect" title="Gibson Greetings">Gibson Greetings</a>, a producer of greeting cards, for $80 million, of which only $1 million was rumored to have been contributed by the investors. By mid-1983, just sixteen months after the original deal, Gibson completed a $290 million IPO and Simon made approximately $66 million.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> </p><p>The success of the Gibson Greetings investment attracted the attention of the wider media to the nascent boom in leveraged buyouts. Between 1979 and 1989, it was estimated that there were over 2,000 leveraged buyouts valued in excess of $250 million.<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> </p><p>During the 1980s, constituencies within acquired companies and the media ascribed the "<a href="/wiki/Corporate_raid" title="Corporate raid">corporate raid</a>" label to many private-equity investments, particularly those that featured a <a href="/wiki/Hostile_takeover" class="mw-redirect" title="Hostile takeover">hostile takeover</a> of the company, perceived <a href="/wiki/Asset_stripping" title="Asset stripping">asset stripping</a>, major layoffs or other significant corporate restructuring activities. Among the most notable investors to be labeled corporate raiders in the 1980s included <a href="/wiki/Carl_Icahn" title="Carl Icahn">Carl Icahn</a>, <a href="/wiki/Victor_Posner" title="Victor Posner">Victor Posner</a>, <a href="/wiki/Nelson_Peltz" title="Nelson Peltz">Nelson Peltz</a>, <a href="/wiki/Robert_Bass" title="Robert Bass">Robert M. Bass</a>, <a href="/wiki/T._Boone_Pickens" title="T. Boone Pickens">T. Boone Pickens</a>, <a href="/wiki/Harold_Clark_Simmons" class="mw-redirect" title="Harold Clark Simmons">Harold Clark Simmons</a>, <a href="/wiki/Kirk_Kerkorian" title="Kirk Kerkorian">Kirk Kerkorian</a>, <a href="/wiki/Sir_James_Goldsmith" class="mw-redirect" title="Sir James Goldsmith">Sir James Goldsmith</a>, <a href="/wiki/Saul_Steinberg_(business)" class="mw-redirect" title="Saul Steinberg (business)">Saul Steinberg</a> and <a href="/wiki/Asher_Edelman" title="Asher Edelman">Asher Edelman</a>. <a href="/wiki/Carl_Icahn" title="Carl Icahn">Carl Icahn</a> developed a reputation as a ruthless <a href="/wiki/Corporate_raid" title="Corporate raid">corporate raider</a> after his hostile takeover of <a href="/wiki/Trans_World_Airlines" title="Trans World Airlines">TWA</a> in 1985.<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-IcahnTWA_75-0" class="reference"><a href="#cite_note-IcahnTWA-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> Many of the corporate raiders were onetime clients of <a href="/wiki/Michael_Milken" title="Michael Milken">Michael Milken</a>, whose investment banking firm, <a href="/wiki/Drexel_Burnham_Lambert" title="Drexel Burnham Lambert">Drexel Burnham Lambert</a> helped raise blind pools of capital with which corporate raiders could make a legitimate attempt to take over a company and provided <a href="/wiki/High-yield_debt" title="High-yield debt">high-yield debt</a> ("junk bonds") financing of the buyouts. </p><p>One of the final major buyouts of the 1980s proved to be its most ambitious and marked both a high-water mark and a sign of the beginning of the end of the boom. In 1989, KKR (Kohlberg Kravis Roberts) closed in on a $31.1 billion takeover of <a href="/wiki/RJR_Nabisco" title="RJR Nabisco">RJR Nabisco</a>. It was, at that time and for over 17 years, the largest leveraged buyout in history. The event was chronicled in the book (and later the movie), <i><a href="/wiki/Barbarians_at_the_Gate" title="Barbarians at the Gate">Barbarians at the Gate</a>: The Fall of RJR Nabisco</i>. KKR would eventually prevail in acquiring RJR Nabisco at $109 per share, marking a dramatic increase from the original announcement that <a href="/wiki/Shearson_Lehman_Hutton" class="mw-redirect" title="Shearson Lehman Hutton">Shearson Lehman Hutton</a> would take RJR Nabisco private at $75 per share. A fierce series of negotiations and horse-trading ensued which pitted <a href="/wiki/Kohlberg_Kravis_Roberts" title="Kohlberg Kravis Roberts">KKR</a> against Shearson and later <a href="/wiki/Forstmann_Little_%26_Co." class="mw-redirect" title="Forstmann Little & Co.">Forstmann Little & Co.</a> Many of the major banking players of the day, including <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a>, <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a>, <a href="/wiki/Salomon_Brothers" title="Salomon Brothers">Salomon Brothers</a>, and <a href="/wiki/Merrill_Lynch" class="mw-redirect" title="Merrill Lynch">Merrill Lynch</a> were actively involved in advising and financing the parties. After Shearson's original bid, KKR quickly introduced a tender offer to obtain RJR Nabisco for $90 per share—a price that enabled it to proceed without the approval of RJR Nabisco's management. RJR's management team, working with Shearson and Salomon Brothers, submitted a bid of $112, a figure they felt certain would enable them to outflank any response by Kravis's team. KKR's final bid of $109, while a lower dollar figure, was ultimately accepted by the board of directors of RJR Nabisco.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> At $31.1 billion of transaction value, RJR Nabisco was by far the largest leveraged buyouts in history. In 2006 and 2007, a number of leveraged buyout transactions were completed that for the first time surpassed the RJR Nabisco leveraged buyout in terms of nominal purchase price. However, adjusted for inflation, none of the leveraged buyouts of the 2006–2007 period would surpass RJR Nabisco. By the end of the 1980s the excesses of the buyout market were beginning to show, with the bankruptcy of several large buyouts including <a href="/wiki/Robert_Campeau" title="Robert Campeau">Robert Campeau</a>'s 1988 buyout of <a href="/wiki/Federated_Department_Stores" class="mw-redirect" title="Federated Department Stores">Federated Department Stores</a>, the 1986 buyout of the <a href="/wiki/Revco" title="Revco">Revco</a> drug stores, Walter Industries, FEB Trucking and Eaton Leonard. Additionally, the RJR Nabisco deal was showing signs of strain, leading to a recapitalization in 1990 that involved the contribution of $1.7 billion of new equity from KKR.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> In the end, KKR lost $700 million on RJR.<sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> </p><p>Drexel reached an agreement with the government in which it pleaded <i><a href="/wiki/Nolo_contendere" title="Nolo contendere">nolo contendere</a></i> (no contest) to six felonies – three counts of stock parking and three counts of <a href="/wiki/Stock_manipulation" class="mw-redirect" title="Stock manipulation">stock manipulation</a>.<sup id="cite_ref-April_Fools_80-0" class="reference"><a href="#cite_note-April_Fools-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> It also agreed to pay a fine of $650 million – at the time, the largest fine ever levied under securities laws. Milken left the firm after his own indictment in March 1989.<sup id="cite_ref-DoT_81-0" class="reference"><a href="#cite_note-DoT-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-RefBiz_82-0" class="reference"><a href="#cite_note-RefBiz-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> On 13 February 1990 after being advised by United States Secretary of the Treasury <a href="/wiki/Nicholas_F._Brady" title="Nicholas F. Brady">Nicholas F. Brady</a>, the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> (SEC), the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> and the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a>, Drexel Burnham Lambert officially filed for <a href="/wiki/Chapter_11" class="mw-redirect" title="Chapter 11">Chapter 11</a> bankruptcy protection.<sup id="cite_ref-DoT_81-1" class="reference"><a href="#cite_note-DoT-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Age_of_the_mega-buyout:_2005–2007"><span id="Age_of_the_mega-buyout:_2005.E2.80.932007"></span>Age of the mega-buyout: 2005–2007</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=15" title="Edit section: Age of the mega-buyout: 2005–2007"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History of private equity and venture capital</a> and <a href="/wiki/Private_equity_in_the_21st_century" class="mw-redirect" title="Private equity in the 21st century">Private equity in the 21st century</a></div> <p>The combination of decreasing interest rates, loosening lending standards and regulatory changes for publicly traded companies (specifically the <a href="/wiki/Sarbanes%E2%80%93Oxley_Act" title="Sarbanes–Oxley Act">Sarbanes–Oxley Act</a>) would set the stage for the largest boom private equity had seen. Marked by the buyout of <a href="/wiki/Dex_Media" class="mw-redirect" title="Dex Media">Dex Media</a> in 2002, large multibillion-dollar U.S. buyouts could once again obtain significant high yield debt financing and larger transactions could be completed. By 2004 and 2005, major buyouts were once again becoming common, including the acquisitions of <a href="/wiki/Toys_%22R%22_Us" title="Toys "R" Us">Toys "R" Us</a>,<sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> <a href="/wiki/The_Hertz_Corporation" class="mw-redirect" title="The Hertz Corporation">The Hertz Corporation</a>,<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-85" class="reference"><a href="#cite_note-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Metro-Goldwyn-Mayer" title="Metro-Goldwyn-Mayer">Metro-Goldwyn-Mayer</a><sup id="cite_ref-86" class="reference"><a href="#cite_note-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/SunGard" title="SunGard">SunGard</a><sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup> in 2005. </p><p>As 2006 began, new "largest buyout" records were set and surpassed several times with nine of the top ten buyouts at the end of 2007 having been announced in an 18-month window from the beginning of 2006 through the middle of 2007. In 2006, private-equity firms bought 654 U.S. companies for $375 billion, representing 18 times the level of transactions closed in 2003.<sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> Additionally, U.S.-based private-equity firms raised $215.4 billion in investor commitments to 322 funds, surpassing the previous record set in 2000 by 22% and 33% higher than the 2005 fundraising total<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup> The following year, despite the onset of turmoil in the credit markets in the summer, saw yet another record year of fundraising with $302 billion of investor commitments to 415 funds<sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> Among the mega-buyouts completed during the 2006 to 2007 boom were: <a href="/wiki/EQ_Office" title="EQ Office">EQ Office</a>, <a href="/wiki/Hospital_Corporation_of_America" class="mw-redirect" title="Hospital Corporation of America">HCA</a>,<sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Alliance_Boots" title="Alliance Boots">Alliance Boots</a><sup id="cite_ref-92" class="reference"><a href="#cite_note-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/TXU_Energy" title="TXU Energy">TXU</a>.<sup id="cite_ref-93" class="reference"><a href="#cite_note-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> </p><p>In July 2007, the turmoil that had been affecting the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">mortgage markets</a>, spilled over into the leveraged finance and high-yield debt markets.<sup id="cite_ref-94" class="reference"><a href="#cite_note-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-95" class="reference"><a href="#cite_note-95"><span class="cite-bracket">[</span>95<span class="cite-bracket">]</span></a></sup> The markets had been highly robust during the first six months of 2007, with highly issuer friendly developments including <a href="/wiki/PIK_loan" title="PIK loan">PIK and PIK Toggle</a> (interest is "<i>P</i>ayable <i>I</i>n <i>K</i>ind") and <a href="/wiki/Cov-lite" title="Cov-lite">covenant light</a> debt widely available to finance large leveraged buyouts. July and August saw a notable slowdown in issuance levels in the high yield and leveraged loan markets with few issuers accessing the market. Uncertain market conditions led to a significant widening of yield spreads, which coupled with the typical summer slowdown led many companies and investment banks to put their plans to issue debt on hold until the autumn. However, the expected rebound in the market after 1 May 2007 did not materialize, and the lack of market confidence prevented deals from pricing. By the end of September, the full extent of the credit situation became obvious as major lenders including <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a> and <a href="/wiki/UBS_AG" class="mw-redirect" title="UBS AG">UBS AG</a> announced major writedowns due to credit losses. The leveraged finance markets came to a near standstill during a week in 2007.<sup id="cite_ref-96" class="reference"><a href="#cite_note-96"><span class="cite-bracket">[</span>96<span class="cite-bracket">]</span></a></sup> As 2008 began, lending standards tightened and the era of "mega-buyouts" came to an end. Nevertheless, private equity continues to be a large and active asset class and the private-equity firms, with hundreds of billions of dollars of committed capital from investors are looking to deploy capital in new and different transactions.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (October 2012)">citation needed</span></a></i>]</sup> </p><p>As a result of the global financial crisis, private equity has become subject to increased regulation in Europe and is now subject, among other things, to rules preventing asset stripping of portfolio companies and requiring the notification and disclosure of information in connection with buy-out activity.<sup id="cite_ref-97" class="reference"><a href="#cite_note-97"><span class="cite-bracket">[</span>97<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-98" class="reference"><a href="#cite_note-98"><span class="cite-bracket">[</span>98<span class="cite-bracket">]</span></a></sup> </p> <dl><dt>Staying private for longer</dt></dl> <p>From 2010 to 2014 <a href="/wiki/Kohlberg_Kravis_Roberts" title="Kohlberg Kravis Roberts">KKR</a>, <a href="/wiki/The_Carlyle_Group" title="The Carlyle Group">Carlyle</a>, <a href="/wiki/Apollo_Global_Management" title="Apollo Global Management">Apollo</a> and <a href="/wiki/Ares_Management" title="Ares Management">Ares</a> went public. Starting from 2018 these companies converted from partnerships into corporations with more shareholder rights and the inclusion in stock indices and mutual fund portfolios.<sup id="cite_ref-99" class="reference"><a href="#cite_note-99"><span class="cite-bracket">[</span>99<span class="cite-bracket">]</span></a></sup> But with the increased availability and scope of funding provided by private markets, many companies are staying private simply because they can. McKinsey & Company reports in its Global Private Markets Review 2018 that global private market fundraising increased by $28.2 billion from 2017, for a total of $748 billion in 2018.<sup id="cite_ref-100" class="reference"><a href="#cite_note-100"><span class="cite-bracket">[</span>100<span class="cite-bracket">]</span></a></sup> Thus, given the abundance of private capital available, companies no longer require public markets for sufficient funding. Benefits may include avoiding the cost of an IPO, maintaining more control of the company, and having the 'legroom' to think long-term rather than focus on short-term or quarterly figures.<sup id="cite_ref-101" class="reference"><a href="#cite_note-101"><span class="cite-bracket">[</span>101<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-102" class="reference"><a href="#cite_note-102"><span class="cite-bracket">[</span>102<span class="cite-bracket">]</span></a></sup> </p><p>A new phenomenon in the Twenties are regulated platforms which fractionalise the assets making investment sizes of $10,000 or less possible.<sup id="cite_ref-103" class="reference"><a href="#cite_note-103"><span class="cite-bracket">[</span>103<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Investments_in_private_equity">Investments in private equity</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=16" title="Edit section: Investments in private equity"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Private_Equity_Fund_Diagram.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a3/Private_Equity_Fund_Diagram.png/300px-Private_Equity_Fund_Diagram.png" decoding="async" width="300" height="188" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a3/Private_Equity_Fund_Diagram.png/450px-Private_Equity_Fund_Diagram.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a3/Private_Equity_Fund_Diagram.png/600px-Private_Equity_Fund_Diagram.png 2x" data-file-width="721" data-file-height="453" /></a><figcaption>Diagram of the structure of a generic private-equity fund</figcaption></figure> <p>Although the capital for private equity originally came from individual investors or corporations, in the 1970s, private equity became an asset class in which various <a href="/wiki/Institutional_investor" title="Institutional investor">institutional investors</a> allocated capital in the hopes of achieving risk-adjusted returns that exceed those possible in the <a href="/wiki/Stock_market" title="Stock market">public equity markets</a>. In the 1980s, insurers were major private-equity investors. Later, public pension funds and university and other endowments became more significant sources of capital.<sup id="cite_ref-104" class="reference"><a href="#cite_note-104"><span class="cite-bracket">[</span>104<span class="cite-bracket">]</span></a></sup> For most institutional investors, private-equity investments are made as part of a broad asset allocation that includes traditional assets (e.g., <a href="/wiki/Capital_stock" class="mw-redirect" title="Capital stock">public equity</a> and <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>) and other <a href="/wiki/Alternative_assets" class="mw-redirect" title="Alternative assets">alternative assets</a> (e.g., <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a>, real estate, <a href="/wiki/Commodity" title="Commodity">commodities</a>). </p> <div class="mw-heading mw-heading3"><h3 id="Investor_categories">Investor categories</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=17" title="Edit section: Investor categories"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>US, Canadian and European public and private pension schemes have invested in the asset class since the early 1980s to <a href="/wiki/Diversification_(finance)" title="Diversification (finance)">diversify</a> away from their core holdings (public equity and fixed income).<sup id="cite_ref-academia.edu_105-0" class="reference"><a href="#cite_note-academia.edu-105"><span class="cite-bracket">[</span>105<span class="cite-bracket">]</span></a></sup> Today <a href="/wiki/Pension_investment_in_private_equity" title="Pension investment in private equity">pension investment in private equity</a> accounts for more than a third of all monies allocated to the <a href="/wiki/Asset_class" class="mw-redirect" title="Asset class">asset class</a>, ahead of other institutional investors such as insurance companies, endowments, and sovereign wealth funds. </p> <div class="mw-heading mw-heading3"><h3 id="Direct_versus_indirect_investment">Direct versus indirect investment</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=18" title="Edit section: Direct versus indirect investment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Most institutional investors do not invest directly in <a href="/wiki/Privately_held_companies" class="mw-redirect" title="Privately held companies">privately held companies</a>, lacking the expertise and resources necessary to structure and monitor the investment. Instead, <a href="/wiki/Institutional_investor" title="Institutional investor">institutional investors</a> will invest indirectly through a <a href="/wiki/Private_equity_fund" title="Private equity fund">private equity fund</a>. Certain <a href="/wiki/Institutional_investor" title="Institutional investor">institutional investors</a> have the scale necessary to develop a diversified portfolio of private-equity funds themselves, while others will invest through a <a href="/wiki/Fund_of_funds" title="Fund of funds">fund of funds</a> to allow a portfolio more diversified than one a single investor could construct. </p> <div class="mw-heading mw-heading3"><h3 id="Investment_timescales">Investment timescales</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=19" title="Edit section: Investment timescales"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Returns on private-equity investments are created through one or a combination of three factors that include: debt repayment or cash accumulation through cash flows from operations, operational improvements that increase earnings over the life of the investment and multiple expansion, selling the business for a higher price than was originally paid. A key component of private equity as an asset class for institutional investors is that investments are typically realized after some period of time, which will vary depending on the investment strategy. Private-equity investment returns are typically realized through one of the following avenues: </p> <ul><li>an <i><a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering</a></i> (<i>IPO</i>) – shares of the company are offered to the public, typically providing a partial immediate realization to the financial sponsor as well as a public market into which it can later sell additional shares;</li> <li>a <i><a href="/wiki/Merger" class="mw-redirect" title="Merger">merger</a></i> or <i><a href="/wiki/Takeover" title="Takeover">acquisition</a></i> – the company is sold for either cash or shares in another company;</li> <li>a <i>recapitalization</i> – cash is distributed to the shareholders (in this case the financial sponsor) and its <a href="/wiki/Private-equity_fund" class="mw-redirect" title="Private-equity fund">private-equity funds</a> either from cash flow generated by the company or through raising debt or other securities to fund the distribution.</li></ul> <p>Large institutional asset owners such as pension funds (with typically long-dated liabilities), insurance companies, sovereign wealth and national reserve funds have a generally low likelihood of facing liquidity shocks in the medium term, and thus can afford the required long holding periods characteristic of private-equity investment.<sup id="cite_ref-academia.edu_105-1" class="reference"><a href="#cite_note-academia.edu-105"><span class="cite-bracket">[</span>105<span class="cite-bracket">]</span></a></sup> </p><p>The median horizon for a LBO transaction is eight years.<sup id="cite_ref-106" class="reference"><a href="#cite_note-106"><span class="cite-bracket">[</span>106<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Liquidity_in_the_private-equity_market">Liquidity in the private-equity market</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=20" title="Edit section: Liquidity in the private-equity market"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:SecondaryDiagram.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5e/SecondaryDiagram.png/300px-SecondaryDiagram.png" decoding="async" width="300" height="225" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5e/SecondaryDiagram.png/450px-SecondaryDiagram.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5e/SecondaryDiagram.png/600px-SecondaryDiagram.png 2x" data-file-width="960" data-file-height="720" /></a><figcaption>Diagram of a simple secondary market transfer of a limited partnership fund interest. The buyer exchanges a single cash payment to the seller for both the investments in the fund plus any unfunded commitments to the fund.</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">Private equity secondary market</a></div> <p>The private-equity secondary market (also often called private-equity secondaries) refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds. Sellers of private-equity investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds. By its nature, the private-equity asset class is illiquid, intended to be a long-term investment for buy-and-hold investors. For the vast majority of private-equity investments, there is no listed public market; however, there is a robust and maturing secondary market available for sellers of private-equity assets. </p><p>Increasingly, <a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">secondaries</a> are considered a distinct asset class with a cash flow profile that is not correlated with other private-equity investments. As a result, investors are allocating capital to secondary investments to diversify their private-equity programs. Driven by strong demand for private-equity exposure, a significant amount of capital has been committed to secondary investments from investors looking to increase and diversify their private-equity exposure. </p><p>Investors seeking access to private equity have been restricted to investments with structural impediments such as long lock-up periods, lack of transparency, unlimited leverage, concentrated holdings of illiquid securities and high investment minimums. </p><p>Secondary transactions can be generally split into two basic categories: </p> <dl><dt>Sale of limited-partnership interests</dt> <dd>The most common secondary transaction, this category includes the sale of an investor's interest in a private-equity fund or portfolio of interests in various funds through the transfer of the investor's limited-partnership interest in the fund(s). Nearly all types of private-equity funds (e.g., including buyout, growth equity, venture capital, mezzanine, distressed and real estate) can be sold in the secondary market. The transfer of the limited partnership interest typically will allow the investor to receive some liquidity for the funded investments as well as a release from any remaining unfunded obligations to the fund.</dd> <dt>Sale of direct interests, secondary directs or synthetic secondaries</dt> <dd>This category refers to the sale of portfolios of direct investments in operating companies, rather than limited partnership interests in investment funds. These portfolios historically have originated from either corporate development programs or large financial institutions.</dd></dl> <div class="mw-heading mw-heading2"><h2 id="Private-equity_firms">Private-equity firms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=21" title="Edit section: Private-equity firms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Private-equity_firm" class="mw-redirect" title="Private-equity firm">Private-equity firm</a> and <a href="/wiki/List_of_private-equity_firms" class="mw-redirect" title="List of private-equity firms">List of private-equity firms</a></div> <p>According to <a href="/wiki/Private_Equity_International" title="Private Equity International">Private Equity International's</a> latest PEI 300 ranking,<sup id="cite_ref-107" class="reference"><a href="#cite_note-107"><span class="cite-bracket">[</span>107<span class="cite-bracket">]</span></a></sup> the largest private-equity firm in the world today is <a href="/wiki/The_Blackstone_Group" class="mw-redirect" title="The Blackstone Group">The Blackstone Group</a> based on the amount of private-equity direct-investment capital raised over a five-year window. </p><p>As ranked by the PEI 300, the 15 largest private-equity firms in the world in 2024 were: </p> <ol><li><a href="/wiki/Blackstone_Inc." title="Blackstone Inc.">Blackstone Inc.</a></li> <li><a href="/wiki/Kohlberg_Kravis_Roberts" title="Kohlberg Kravis Roberts">Kohlberg Kravis Roberts</a></li> <li><a href="/wiki/EQT_AB" title="EQT AB">EQT AB</a></li> <li><a href="/wiki/CVC_Capital_Partners" title="CVC Capital Partners">CVC Capital Partners</a></li> <li><a href="/wiki/TPG_Capital" class="mw-redirect" title="TPG Capital">TPG Capital</a></li> <li><a href="/wiki/The_Carlyle_Group" title="The Carlyle Group">The Carlyle Group</a></li> <li><a href="/wiki/Thoma_Bravo" title="Thoma Bravo">Thoma Bravo</a></li> <li><a href="/wiki/Advent_International" title="Advent International">Advent International</a></li> <li><a href="/wiki/Warburg_Pincus" title="Warburg Pincus">Warburg Pincus</a></li> <li><a href="/wiki/Hg_(equity_firm)" title="Hg (equity firm)">Hg</a></li> <li><a href="/wiki/Clayton,_Dubilier_%26_Rice" title="Clayton, Dubilier & Rice">Clayton, Dubilier & Rice</a></li> <li><a href="/wiki/Silver_Lake_(investment_firm)" title="Silver Lake (investment firm)">Silver Lake</a></li> <li><a href="/wiki/Hellman_%26_Friedman" title="Hellman & Friedman">Hellman & Friedman</a></li> <li><a href="/wiki/Vista_Equity_Partners" title="Vista Equity Partners">Vista Equity Partners</a></li> <li><a href="/wiki/General_Atlantic" title="General Atlantic">General Atlantic</a></li></ol> <p>Because <a href="/wiki/List_of_private-equity_firms" class="mw-redirect" title="List of private-equity firms">private-equity firms</a> are continuously in the process of raising, investing and distributing their <a href="/wiki/Private_equity_fund" title="Private equity fund">private equity funds</a>, capital raised can often be the easiest to measure. Other metrics can include the total value of companies purchased by a firm or an estimate of the size of a firm's active portfolio plus capital available for new investments. As with any list that focuses on size, the list does not provide any indication as to relative investment performance of these funds or managers. </p><p><a href="/wiki/Preqin" title="Preqin">Preqin</a>, an independent data provider, ranks the <a href="/wiki/Private_equity_fund_of_funds" class="mw-redirect" title="Private equity fund of funds">25 largest private-equity investment managers</a>. Among the larger firms in the 2017 ranking were <a href="/wiki/AlpInvest_Partners" title="AlpInvest Partners">AlpInvest Partners</a>, <a href="/wiki/Ardian_(company)" title="Ardian (company)">Ardian</a> (formerly AXA Private Equity), <a href="/wiki/AIG" class="mw-redirect" title="AIG">AIG Investments</a>, and <a href="/wiki/Goldman_Sachs_Capital_Partners" title="Goldman Sachs Capital Partners">Goldman Sachs Capital Partners</a>. <a href="/wiki/Invest_Europe" title="Invest Europe">Invest Europe</a> publishes a yearbook which analyses industry trends derived from data disclosed by over 1,300 European private-equity funds.<sup id="cite_ref-108" class="reference"><a href="#cite_note-108"><span class="cite-bracket">[</span>108<span class="cite-bracket">]</span></a></sup> Finally, websites such as AskIvy.net<sup id="cite_ref-109" class="reference"><a href="#cite_note-109"><span class="cite-bracket">[</span>109<span class="cite-bracket">]</span></a></sup> provide lists of London-based private-equity firms. </p> <div class="mw-heading mw-heading3"><h3 id="Versus_hedge_funds">Versus hedge funds</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=22" title="Edit section: Versus hedge funds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The investment strategies of private-equity firms differ from those of <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a>. Typically, private-equity investment groups are geared towards long-hold, multiple-year investment strategies in illiquid assets (whole companies, large-scale real estate projects, or other tangibles not easily converted to cash) where they have more control and influence over operations or asset management to influence their long-term returns. Hedge funds usually focus on short or medium term liquid securities which are more quickly convertible to cash, and they do not have direct control over the business or asset in which they are investing.<sup id="cite_ref-110" class="reference"><a href="#cite_note-110"><span class="cite-bracket">[</span>110<span class="cite-bracket">]</span></a></sup> Both private-equity firms and hedge funds often specialize in specific types of investments and transactions. Private-equity specialization is usually in specific industry sector asset management while hedge fund specialization is in industry sector risk capital management. Private-equity strategies can include wholesale purchase of a privately held company or set of assets, <a href="/wiki/Mezzanine_capital" title="Mezzanine capital">mezzanine financing</a> for startup projects, <a href="/wiki/Growth_capital" title="Growth capital">growth capital</a> investments in existing businesses or <a href="/wiki/Leveraged_buyout" title="Leveraged buyout">leveraged buyout</a> of a publicly held asset converting it to private control.<sup id="cite_ref-111" class="reference"><a href="#cite_note-111"><span class="cite-bracket">[</span>111<span class="cite-bracket">]</span></a></sup> Finally, private-equity firms only take <a href="/wiki/Long_(finance)" title="Long (finance)">long positions</a>, for <a href="/wiki/Short_(finance)" title="Short (finance)">short selling</a> is not possible in this asset class. </p> <div class="mw-heading mw-heading2"><h2 id="Private-equity_funds">Private-equity funds</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=23" title="Edit section: Private-equity funds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Private-equity_fund" class="mw-redirect" title="Private-equity fund">Private-equity fund</a></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Private_equity" title="Special:EditPage/Private equity">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">August 2009</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>Private-equity fundraising refers to the action of private-equity firms seeking capital from investors for their funds. Typically an investor will invest in a specific fund managed by a firm, becoming a limited partner in the fund, rather than an investor in the firm itself. As a result, an investor will only benefit from investments made by a firm where the investment is made from the specific fund in which it has invested. </p> <ul><li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a>. These are private-equity funds that invest in other private-equity funds in order to provide investors with a lower risk product through exposure to a large number of vehicles often of different type and regional focus. Fund of funds accounted for 14% of global commitments made to private-equity funds in 2006.<sup id="cite_ref-112" class="reference"><a href="#cite_note-112"><span class="cite-bracket">[</span>112<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (September 2020)">citation needed</span></a></i>]</sup></li> <li>Individuals with substantial <a href="/wiki/Net_worth" title="Net worth">net worth</a>. Substantial net worth is often required of investors by the law, since private-equity funds are generally less regulated than ordinary <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a>. For example, in the US, most funds require potential investors to qualify as <a href="/wiki/Accredited_investor" title="Accredited investor">accredited investors</a>, which requires $1 million of net worth, $200,000 of individual income, or $300,000 of joint income (with spouse) for two documented years and an expectation that such income level will continue.</li></ul> <p>As fundraising has grown over the past few years, so too has the number of investors in the average fund. In 2004, there were 26 investors in the average private-equity fund, this figure has now grown to 42 according to <a href="/wiki/Preqin" title="Preqin">Preqin</a> ltd. (formerly known as Private Equity Intelligence). </p><p>The managers of private-equity funds will also invest in their own vehicles, typically providing between 1–5% of the overall capital. </p><p>Often private-equity fund managers will employ the services of external fundraising teams known as placement agents in order to raise capital for their vehicles. The use of placement agents has grown over the past few years, with 40% of funds closed in 2006 employing their services, according to Preqin ltd. Placement agents will approach potential investors on behalf of the fund manager, and will typically take a fee of around 1% of the commitments that they are able to garner. </p><p>The amount of time that a private-equity firm spends raising capital varies depending on the level of interest among investors, which is defined by current market conditions and also the track record of previous funds raised by the firm in question. Firms can spend as little as one or two months raising capital when they are able to reach the target that they set for their funds relatively easily, often through gaining commitments from existing investors in their previous funds, or where strong past performance leads to strong levels of investor interest. Other managers may find fundraising taking considerably longer, with managers of less popular fund types finding the fundraising process more tough. It can take up to two years to raise capital, although the majority of fund managers will complete fundraising within nine months to fifteen months. </p><p>Once a fund has reached its fundraising target, it will have a final close. After this point it is not normally possible for new investors to invest in the fund, unless they were to purchase an interest in the fund on the secondary market. </p> <div class="mw-heading mw-heading3"><h3 id="Size_of_the_industry">Size of the industry</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=24" title="Edit section: Size of the industry"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The state of the industry around the end of 2011 was as follows.<sup id="cite_ref-Private_Equity_Report,_2012_113-0" class="reference"><a href="#cite_note-Private_Equity_Report,_2012-113"><span class="cite-bracket">[</span>113<span class="cite-bracket">]</span></a></sup> </p><p>Private-equity <a href="/wiki/Assets_under_management" title="Assets under management">assets under management</a> probably exceeded $2 trillion at the end of March 2012, and funds available for investment totaled $949bn (about 47% of overall assets under management). </p><p>Approximately $246bn of private equity was invested globally in 2011, down 6% on the previous year and around two-thirds below the peak activity in 2006 and 2007. Following on from a strong start, deal activity slowed in the second half of 2011 due to concerns over the global economy and sovereign debt crisis in Europe. There was $93bn in investments during the first half of this year as the slowdown persisted into 2012. This was down a quarter on the same period in the previous year. Private-equity backed buyouts generated some 6.9% of global M&A volume in 2011 and 5.9% in the first half of 2012. This was down on 7.4% in 2010 and well below the all-time high of 21% in 2006. </p><p>Global exit activity totalled $252bn in 2011, practically unchanged from the previous year, but well up on 2008 and 2009 as private-equity firms sought to take advantage of improved market conditions at the start of the year to realise investments. Exit activity however, has lost momentum following a peak of $113bn in the second quarter of 2011. TheCityUK estimates total exit activity of some $100bn in the first half of 2012, well down on the same period in the previous year. </p><p>The fund raising environment remained stable for the third year running in 2011 with $270bn in new funds raised, slightly down on the previous year's total. Around $130bn in funds was raised in the first half of 2012, down around a fifth on the first half of 2011. The average time for funds to achieve a final close fell to 16.7 months in the first half of 2012, from 18.5 months in 2011. Private-equity funds available for investment ("dry powder") totalled $949bn at the end of q1-2012, down around 6% on the previous year. Including unrealised funds in existing investments, private-equity funds under management probably totalled over $2.0 trillion. </p><p>Public pensions are a major source of capital for private-equity funds. Increasingly, <a href="/wiki/Sovereign_wealth_funds" class="mw-redirect" title="Sovereign wealth funds">sovereign wealth funds</a> are growing as an investor class for private equity.<sup id="cite_ref-114" class="reference"><a href="#cite_note-114"><span class="cite-bracket">[</span>114<span class="cite-bracket">]</span></a></sup> </p><p>Private Equity was invested in 13% of the Pharma 1000 in 2021 according to Torreya with <a href="/w/index.php?title=Eight_Roads_Ventures&action=edit&redlink=1" class="new" title="Eight Roads Ventures (page does not exist)">Eight Roads Ventures</a> having the highest number of investments in this industry.<sup id="cite_ref-115" class="reference"><a href="#cite_note-115"><span class="cite-bracket">[</span>115<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Private-equity_fund_performance">Private-equity fund performance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=25" title="Edit section: Private-equity fund performance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Due to limited disclosure, studying the returns to private equity is relatively difficult. Unlike mutual funds, private-equity funds need not disclose performance data. And, as they invest in private companies, it is difficult to examine the underlying investments. It is challenging to compare private-equity performance to public-equity performance, in particular because private-equity fund investments are drawn and returned over time as investments are made and subsequently realized. </p><p>An oft-cited academic paper (Kaplan and Schoar, 2005)<sup id="cite_ref-Kaplan_and_Schoar,_2005_116-0" class="reference"><a href="#cite_note-Kaplan_and_Schoar,_2005-116"><span class="cite-bracket">[</span>116<span class="cite-bracket">]</span></a></sup> suggests that the net-of-fees returns to PE funds are roughly comparable to the S&P 500 (or even slightly under). This analysis may actually overstate the returns because it relies on voluntarily reported data and hence suffers from <a href="/wiki/Survivorship_bias" title="Survivorship bias">survivorship bias</a> (i.e. funds that fail will not report data). One should also note that these returns are not risk-adjusted. A 2012 paper by Harris, Jenkinson and Kaplan, 2012<sup id="cite_ref-Harris,_Jenkinson_and_Kaplan,_2012_117-0" class="reference"><a href="#cite_note-Harris,_Jenkinson_and_Kaplan,_2012-117"><span class="cite-bracket">[</span>117<span class="cite-bracket">]</span></a></sup> found that average buyout fund returns in the U.S. have actually exceeded that of public markets. These findings were supported by earlier work, using a data set from Robinson and Sensoy in 2011.<sup id="cite_ref-Robinson_and_Sensoy,_2011_118-0" class="reference"><a href="#cite_note-Robinson_and_Sensoy,_2011-118"><span class="cite-bracket">[</span>118<span class="cite-bracket">]</span></a></sup> </p><p>Commentators have argued that a standard methodology is needed to present an accurate picture of performance, to make individual private-equity funds comparable and so the asset class as a whole can be matched against public markets and other types of investment. It is also claimed that PE fund managers manipulate data to present themselves as strong performers, which makes it even more essential to standardize the industry.<sup id="cite_ref-realdeals.eu.com_Academic_pans_private_equity_returns_119-0" class="reference"><a href="#cite_note-realdeals.eu.com_Academic_pans_private_equity_returns-119"><span class="cite-bracket">[</span>119<span class="cite-bracket">]</span></a></sup> </p><p>Two other findings in Kaplan and Schoar in 2005: First, there is considerable variation in performance across PE funds. Second, unlike the mutual fund industry, there appears to be performance persistence in PE funds. That is, PE funds that perform well over one period, tend to also perform well the next period. Persistence is stronger for VC firms than for LBO firms. </p><p>The application of the <a href="/wiki/Freedom_of_Information_Act" title="Freedom of Information Act">Freedom of Information Act</a> (FOIA) in certain states in the United States has made certain performance data more readily available. Specifically, FOIA has required certain public agencies to disclose private-equity performance data directly on their websites.<sup id="cite_ref-120" class="reference"><a href="#cite_note-120"><span class="cite-bracket">[</span>120<span class="cite-bracket">]</span></a></sup> </p><p>In the United Kingdom, the second largest market for private equity, more data has become available since the 2007 publication of the <a href="/wiki/David_Walker_(chairman)" class="mw-redirect" title="David Walker (chairman)">David Walker</a> Guidelines for Disclosure and Transparency in Private Equity.<sup id="cite_ref-121" class="reference"><a href="#cite_note-121"><span class="cite-bracket">[</span>121<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="List_of_private_equity_billionaires">List of private equity billionaires</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=26" title="Edit section: List of private equity billionaires"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Below is a partial list of billionaires who acquired their wealth through private equity. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="plainlinks metadata ambox mbox-small-left ambox-notice" role="presentation" style="width: auto;"><tbody><tr><td class="mbox-image"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/1/1d/Information_icon4.svg/20px-Information_icon4.svg.png" decoding="async" width="20" height="20" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/1d/Information_icon4.svg/30px-Information_icon4.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/1d/Information_icon4.svg/40px-Information_icon4.svg.png 2x" data-file-width="620" data-file-height="620" /></span></span></td><td class="mbox-text" style="width: auto;"><div class="mbox-text-span">This list is <a href="/wiki/Wikipedia:WikiProject_Lists#Incomplete_lists" title="Wikipedia:WikiProject Lists">incomplete</a>; you can help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Private_equity&action=edit">adding missing items</a>. <span class="date-container"><i>(<span class="date">April 2024</span>)</i></span></div></td></tr></tbody></table> <table class="wikitable sortable"> <tbody><tr> <th>Name </th> <th>Net worth (USD) </th> <th>Firm </th> <th>Nationality </th></tr> <tr> <td><a href="/wiki/Stephen_A._Schwarzman" title="Stephen A. Schwarzman">Stephen A. Schwarzman</a> </td> <td>$32 billion<sup id="cite_ref-122" class="reference"><a href="#cite_note-122"><span class="cite-bracket">[</span>122<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/Blackstone_Inc." title="Blackstone Inc.">Blackstone Group</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/United_States" title="United States">United States</a> </td></tr> <tr> <td><a href="/wiki/Henry_Kravis" title="Henry Kravis">Henry Kravis</a> </td> <td>$11.7 billion<sup id="cite_ref-123" class="reference"><a href="#cite_note-123"><span class="cite-bracket">[</span>123<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/Kohlberg_Kravis_Roberts" title="Kohlberg Kravis Roberts">Kohlberg Kravis Roberts</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/United_States" title="United States">United States</a> </td></tr> <tr> <td><a href="/wiki/Orlando_Bravo" title="Orlando Bravo">Orlando Bravo</a> </td> <td>$8.7 billion<sup id="cite_ref-124" class="reference"><a href="#cite_note-124"><span class="cite-bracket">[</span>124<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/Thoma_Bravo" title="Thoma Bravo">Thoma Bravo</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/United_States" title="United States">United States</a> </td></tr> <tr> <td><a href="/wiki/Marc_Rowan" title="Marc Rowan">Marc Rowan</a> </td> <td>$6.5 billion<sup id="cite_ref-125" class="reference"><a href="#cite_note-125"><span class="cite-bracket">[</span>125<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/Apollo_Global_Management" title="Apollo Global Management">Apollo Global Management</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/United_States" title="United States">United States</a> </td></tr> <tr> <td><a href="/wiki/David_Bonderman" title="David Bonderman">David Bonderman</a> </td> <td>$6.4 billion<sup id="cite_ref-126" class="reference"><a href="#cite_note-126"><span class="cite-bracket">[</span>126<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/TPG_Capital" class="mw-redirect" title="TPG Capital">TPG Capital</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/United_States" title="United States">United States</a> </td></tr> <tr> <td><a href="/wiki/George_R._Roberts" title="George R. Roberts">George R. Roberts</a> </td> <td>$5.9 billion<sup id="cite_ref-127" class="reference"><a href="#cite_note-127"><span class="cite-bracket">[</span>127<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/Kohlberg_Kravis_Roberts" title="Kohlberg Kravis Roberts">Kohlberg Kravis Roberts</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/United_States" title="United States">United States</a> </td></tr> <tr> <td><a href="/wiki/James_Coulter_(financier)" title="James Coulter (financier)">James Coulter</a> </td> <td>$4.4 billion<sup id="cite_ref-128" class="reference"><a href="#cite_note-128"><span class="cite-bracket">[</span>128<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/TPG_Capital" class="mw-redirect" title="TPG Capital">TPG Capital</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/United_States" title="United States">United States</a> </td></tr> <tr> <td><a href="/wiki/Daniel_A._D%27Aniello" title="Daniel A. D'Aniello">Daniel A. D'Aniello</a> </td> <td>$4.2 billion<sup id="cite_ref-129" class="reference"><a href="#cite_note-129"><span class="cite-bracket">[</span>129<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/Carlyle_Group" class="mw-redirect" title="Carlyle Group">The Carlyle Group</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/United_States" title="United States">United States</a> </td></tr> <tr> <td><a href="/wiki/William_E._Conway_Jr." title="William E. Conway Jr.">William E. Conway Jr.</a> </td> <td>$3.6 billion<sup id="cite_ref-130" class="reference"><a href="#cite_note-130"><span class="cite-bracket">[</span>130<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/Carlyle_Group" class="mw-redirect" title="Carlyle Group">The Carlyle Group</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/United_States" title="United States">United States</a> </td></tr> <tr> <td>Carl Thoma </td> <td>$3.5 billion<sup id="cite_ref-131" class="reference"><a href="#cite_note-131"><span class="cite-bracket">[</span>131<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/Thoma_Bravo" title="Thoma Bravo">Thoma Bravo</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/United_States" title="United States">United States</a> </td></tr> <tr> <td><a href="/wiki/David_Rubenstein" title="David Rubenstein">David Rubenstein</a> </td> <td>$3.2 billion<sup id="cite_ref-132" class="reference"><a href="#cite_note-132"><span class="cite-bracket">[</span>132<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/Carlyle_Group" class="mw-redirect" title="Carlyle Group">The Carlyle Group</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/United_States" title="United States">United States</a> </td></tr> <tr> <td><a href="/wiki/Peter_G._Peterson" title="Peter G. Peterson">Peter G. Peterson</a> </td> <td>$2.8 billion before death<sup id="cite_ref-133" class="reference"><a href="#cite_note-133"><span class="cite-bracket">[</span>133<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/Blackstone_Inc." title="Blackstone Inc.">Blackstone Group</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/United_States" title="United States">United States</a> </td></tr> <tr> <td><a href="/wiki/Jerome_Kohlberg_Jr." title="Jerome Kohlberg Jr.">Jerome Kohlberg Jr.</a> </td> <td>$1.5 billion before death<sup id="cite_ref-134" class="reference"><a href="#cite_note-134"><span class="cite-bracket">[</span>134<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/Kohlberg_Kravis_Roberts" title="Kohlberg Kravis Roberts">Kohlberg Kravis Roberts</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/United_States" title="United States">United States</a> </td></tr> <tr> <td><a href="/w/index.php?title=Conni_Jonsson&action=edit&redlink=1" class="new" title="Conni Jonsson (page does not exist)">Conni Jonsson</a> </td> <td>$1.5 billion<sup id="cite_ref-135" class="reference"><a href="#cite_note-135"><span class="cite-bracket">[</span>135<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/EQT_AB" title="EQT AB">EQT AB</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/23px-Flag_of_Sweden.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/35px-Flag_of_Sweden.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/46px-Flag_of_Sweden.svg.png 2x" data-file-width="1600" data-file-height="1000" /></span></span> </span><a href="/wiki/Sweden" title="Sweden">Sweden</a> </td></tr> <tr> <td><a href="/wiki/Harry_Klagsbrun" title="Harry Klagsbrun">Harry Klagsbrun</a> </td> <td>$1.1 billion<sup id="cite_ref-136" class="reference"><a href="#cite_note-136"><span class="cite-bracket">[</span>136<span class="cite-bracket">]</span></a></sup> </td> <td><a href="/wiki/EQT_AB" title="EQT AB">EQT AB</a> </td> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/23px-Flag_of_Sweden.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/35px-Flag_of_Sweden.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/46px-Flag_of_Sweden.svg.png 2x" data-file-width="1600" data-file-height="1000" /></span></span> </span><a href="/wiki/Sweden" title="Sweden">Sweden</a> </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="Taxes">Taxes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=27" title="Edit section: Taxes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Income to private equity firms is primarily in the form of "<a href="/wiki/Carried_interest" title="Carried interest">carried interest</a>", typically 20% of the profits generated by investments made by the firm, and a "<a href="/wiki/Management_fee" title="Management fee">management fee</a>", often 2% of the principal invested in the firm by the outside investors whose money the firm holds. As a result of a <a href="/wiki/Tax_loophole" class="mw-redirect" title="Tax loophole">tax loophole</a> enshrined in the U.S. tax code, carried interest that accrues to private equity firms is treated as <a href="/wiki/Capital_gains_tax_in_the_United_States" title="Capital gains tax in the United States">capital gains</a>, which is taxed at a lower rate than is <a href="/wiki/Ordinary_income" title="Ordinary income">ordinary income</a>. Currently, the long term capital gains tax rate is 20% compared with the 37% top ordinary income tax rate for individuals. This loophole has been estimated to cost the government $130 billion over the next decade in unrealized revenue. Armies of corporate lobbyists and huge private equity industry <a href="/wiki/Campaign_finance_in_the_United_States" title="Campaign finance in the United States">donations to political campaigns</a> in the United States have ensured that this powerful industry receives this favorable tax treatment by the government. Private equity firms retain close to 200 <a href="/wiki/Lobbying_in_the_United_States" title="Lobbying in the United States">lobbyists</a> and over the last decade have made almost $600 million in political campaign contributions.<sup id="cite_ref-nytimes.com_137-0" class="reference"><a href="#cite_note-nytimes.com-137"><span class="cite-bracket">[</span>137<span class="cite-bracket">]</span></a></sup> </p><p>In addition, through an accounting maneuver called "fee waiver", private equity firms often also treat management fee income as capital gains. The U.S. <a href="/wiki/Internal_Revenue_Service" title="Internal Revenue Service">Internal Revenue Service</a> (IRS) lacks the manpower and the expertise that would be necessary to track compliance with even these already quite favorable legal requirements. In fact, the IRS conducts nearly no <a href="/wiki/Income_tax_audit" title="Income tax audit">income tax audits</a> of the industry. As a result of the complexity of the accounting that arises from the fact that most private equity firms are organized as large partnerships, such that the firm's profits are apportioned to each of the many partners, a number of private equity firms fail to comply with tax laws, according to industry <a href="/wiki/Whistleblower" class="mw-redirect" title="Whistleblower">whistleblowers</a>.<sup id="cite_ref-nytimes.com_137-1" class="reference"><a href="#cite_note-nytimes.com-137"><span class="cite-bracket">[</span>137<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Debate">Debate</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=28" title="Edit section: Debate"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Loss_of_innovation_and_quality">Loss of innovation and quality</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=29" title="Edit section: Loss of innovation and quality"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When a private equity entity invests in a company, industry or public service, there have been reports of reduced quality, both in terms of services and goods produced.<sup id="cite_ref-propublica.org_138-0" class="reference"><a href="#cite_note-propublica.org-138"><span class="cite-bracket">[</span>138<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-newyorker.com_139-0" class="reference"><a href="#cite_note-newyorker.com-139"><span class="cite-bracket">[</span>139<span class="cite-bracket">]</span></a></sup> While a private equity investment into a business might result in short-term improvements, such as new staff and equipment, the incentive is to maximize profits, not necessarily the quality of products or services. Over time, cost-cutting has also been common, as well as deferring further investments. Private equity investors may also be incentivized to make short-term gains by selling a company once a certain level of profitability is achieved or simply selling off its assets if that is not possible. Both of these situations, and others, can result in a loss of innovation and quality.<sup id="cite_ref-140" class="reference"><a href="#cite_note-140"><span class="cite-bracket">[</span>140<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-141" class="reference"><a href="#cite_note-141"><span class="cite-bracket">[</span>141<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-142" class="reference"><a href="#cite_note-142"><span class="cite-bracket">[</span>142<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-143" class="reference"><a href="#cite_note-143"><span class="cite-bracket">[</span>143<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-newyorker.com_139-1" class="reference"><a href="#cite_note-newyorker.com-139"><span class="cite-bracket">[</span>139<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-propublica.org_138-1" class="reference"><a href="#cite_note-propublica.org-138"><span class="cite-bracket">[</span>138<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Recording_private_equity">Recording private equity</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=30" title="Edit section: Recording private equity"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is a debate around the distinction between private equity and <a href="/wiki/Foreign_direct_investment" title="Foreign direct investment">foreign direct investment</a> (FDI), and whether to treat them separately. The difference is blurred on account of private equity not entering the country through the stock market. Private equity generally flows to unlisted firms and to firms where the percentage of shares is smaller than the promoter- or investor-held shares (also known as <a href="/wiki/Free_float" class="mw-redirect" title="Free float">free-floating shares</a>). The main point of contention is that FDI is used solely for production, whereas in the case of private equity the investor can reclaim their money after a revaluation period and make investments in other financial assets. At present, most countries report private equity as a part of FDI.<sup id="cite_ref-144" class="reference"><a href="#cite_note-144"><span class="cite-bracket">[</span>144<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Healthcare_investments">Healthcare investments</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=31" title="Edit section: Healthcare investments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Private-equity investments in health care and related services, such as nursing homes and hospitals, have decreased the quality of care while driving up costs. Researchers at the <a href="/wiki/Becker_Friedman_Institute_for_Research_in_Economics" title="Becker Friedman Institute for Research in Economics">Becker Friedman Institute</a> of the <a href="/wiki/University_of_Chicago" title="University of Chicago">University of Chicago</a> found that private-equity ownership of nursing homes increased the short-term mortality of Medicare patients by 10%.<sup id="cite_ref-145" class="reference"><a href="#cite_note-145"><span class="cite-bracket">[</span>145<span class="cite-bracket">]</span></a></sup> Treatment by private-equity owned health care providers tends to be associated with a higher rate of "surprise bills".<sup id="cite_ref-146" class="reference"><a href="#cite_note-146"><span class="cite-bracket">[</span>146<span class="cite-bracket">]</span></a></sup> Private equity ownership of dermatology practices has led to pressure to increase profitability, concerns about up-charging and patient safety.<sup id="cite_ref-147" class="reference"><a href="#cite_note-147"><span class="cite-bracket">[</span>147<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-148" class="reference"><a href="#cite_note-148"><span class="cite-bracket">[</span>148<span class="cite-bracket">]</span></a></sup> In a large 2024 study of 51 private equity–acquired hospitals matched with 250 controls, the former had a 25% increase in hospital-acquired conditions, like falls and <a href="/wiki/Central_line-associated_bloodstream_infection" class="mw-redirect" title="Central line-associated bloodstream infection">central line-associated bloodstream infections</a>.<sup id="cite_ref-149" class="reference"><a href="#cite_note-149"><span class="cite-bracket">[</span>149<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Wealth_capture">Wealth capture</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=32" title="Edit section: Wealth capture"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to conservative <a href="/wiki/Oren_Cass" title="Oren Cass">Oren Cass</a>, private equity captures wealth rather than creating it, and this capture can be "zero-sum, or even value-destroying, in aggregate." He describes "assets get shuffled and reshuffled, profits get made, but relatively little flows toward actual productive uses."<sup id="cite_ref-150" class="reference"><a href="#cite_note-150"><span class="cite-bracket">[</span>150<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Influence_on_inequality">Influence on inequality</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=33" title="Edit section: Influence on inequality"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><i>Bloomberg Businessweek</i> states that:</p><blockquote><p>PE may contribute to inequality in several ways. First, it offers investors higher returns than those available in public stocks and bonds markets. Yet, to enjoy those returns, it helps to already be rich. Private-equity funds are open solely to "qualified" (read: high-net-worth) individual investors and to institutions such as endowments. Only some workers get indirect exposure via pension funds. Second, PE puts pressure on the lower end of the wealth divide. Companies can be broken up, merged, or generally restructured to increase efficiency and productivity, which inevitably means job cuts.<sup id="cite_ref-:0_4-1" class="reference"><a href="#cite_note-:0-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=34" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Common_ordinary_equity" title="Common ordinary equity">Common ordinary equity</a></li> <li><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History of private equity and venture capital</a></li> <li><a href="/wiki/Holding_company" title="Holding company">Holding company</a></li> <li><a href="/wiki/List_of_private_equity_owned_companies_that_have_filed_for_bankruptcy" title="List of private equity owned companies that have filed for bankruptcy">List of private equity owned companies that have filed for bankruptcy</a></li> <li><a href="/wiki/Private_equity_fund" title="Private equity fund">Private equity fund</a></li> <li><a href="/wiki/Private_investment_in_public_equity" title="Private investment in public equity">Private investment in public equity</a></li> <li><a href="/wiki/Publicly_traded_private_equity" title="Publicly traded private equity">Publicly traded private equity</a></li> <li><a href="/wiki/Specialized_investment_fund" title="Specialized investment fund">Specialized investment fund</a></li> <li><a href="/wiki/Search_fund" title="Search fund">Search fund</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Organizations">Organizations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=35" title="Edit section: Organizations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Institutional_Limited_Partners_Association" title="Institutional Limited Partners Association">Institutional Limited Partners Association</a> – advocacy organization for investors in private equity</li> <li><a href="/wiki/American_Investment_Council" title="American Investment Council">American Investment Council</a> – advocacy and research organization for the industry</li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=36" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Investments in private equity <a rel="nofollow" class="external text" href="http://www.bvca.co.uk/publications/guide/intro.html">An Introduction to Private Equity</a>, including differences in terminology. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160105001859/http://www.bvca.co.uk/publications/guide/intro.html">Archived</a> 5 January 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-PrivCo.com_Private_Company_Knowledge_Bank-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-PrivCo.com_Private_Company_Knowledge_Bank_2-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.privco.com/knowledge-bank/VentureCapitalInvesting">"Venture Capital Investing"</a>. 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Retrieved <span class="nowrap">18 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Joseph+W.+Bartlett%2C+%22What+Is+Venture+Capital%3F%22&rft.pub=Vcexperts.com&rft_id=http%3A%2F%2Fvcexperts.com%2Fvce%2Flibrary%2Fencyclopedia%2Fdocuments_view.asp%3Fdocument_id%3D15&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></span> </li> <li id="cite_note-63"><span class="mw-cite-backlink"><b><a href="#cite_ref-63">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.sec.gov/news/speech/2007/spch102407bgc.htm">The Future of Securities Regulation</a> speech by Brian G. Cartwright, General Counsel U.S. Securities and Exchange Commission. University of Pennsylvania Law School Institute for Law and Economics Philadelphia, Pennsylvania. 24 October 2007.</span> </li> <li id="cite_note-64"><span class="mw-cite-backlink"><b><a href="#cite_ref-64">^</a></b></span> <span class="reference-text">On 21 January 1955, McLean Industries, Inc. purchased the capital stock of Pan Atlantic Steamship Corporation and Gulf Florida Terminal Company, Inc. from Waterman Steamship Corporation. In May McLean Industries, Inc. completed the acquisition of the common stock of Waterman Steamship Corporation from its founders and other stockholders.</span> </li> <li id="cite_note-65"><span class="mw-cite-backlink"><b><a href="#cite_ref-65">^</a></b></span> <span class="reference-text">Marc Levinson, <i><a href="/wiki/The_Box:_How_the_Shipping_Container_Made_the_World_Smaller_and_the_World_Economy_Bigger" class="mw-redirect" title="The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger">The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger</a></i>, pp. 44–47 (Princeton Univ. Press 2006). 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Notable examples of agencies that are mandated to disclose private-equity information include <a href="/wiki/CalPERS" title="CalPERS">CalPERS</a>, <a href="/wiki/CalSTRS" title="CalSTRS">CalSTRS</a> and <a href="/wiki/Pennsylvania_State_Employees_Retirement_System" class="mw-redirect" title="Pennsylvania State Employees Retirement System">Pennsylvania State Employees Retirement System</a> and the <a href="/wiki/Ohio_Bureau_of_Workers%27_Compensation" title="Ohio Bureau of Workers' Compensation">Ohio Bureau of Workers' Compensation</a></span> </li> <li id="cite_note-121"><span class="mw-cite-backlink"><b><a href="#cite_ref-121">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080704132213/http://walkerworkinggroup.com/sites/10051/files/wwg_report_final.pdf">"Guidelines for Disclosure and Transparency in Private Equity"</a> <span class="cs1-format">(PDF)</span>. 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Roberts#Career</a></span> </li> <li id="cite_note-128"><span class="mw-cite-backlink"><b><a href="#cite_ref-128">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.forbes.com/profile/jim-coulter/">"Jim Coulter"</a>. <i>Forbes</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">24 May</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+Yorker&rft.atitle=What+Happens+When+Investment+Firms+Acquire+Trailer+Parks&rft.date=2021-03-08&rft.issn=0028-792X&rft.aulast=Kolhatkar&rft.aufirst=Sheelah&rft_id=https%3A%2F%2Fwww.newyorker.com%2Fmagazine%2F2021%2F03%2F15%2Fwhat-happens-when-investment-firms-acquire-trailer-parks&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></span> </li> <li id="cite_note-140"><span class="mw-cite-backlink"><b><a href="#cite_ref-140">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHarvard_Medical_School2023" class="citation web cs1">Harvard Medical School (26 December 2023). <a rel="nofollow" class="external text" href="https://medicalxpress.com/news/2023-12-quality-declines-private-equity-hospitals.html">"Quality of care declines after private equity takes over hospitals, finds nationwide analysis"</a>. <i>Medical Xpress</i>. <a rel="nofollow" class="external text" href="http://web.archive.org/web/20240101060048/https://medicalxpress.com/news/2023-12-quality-declines-private-equity-hospitals.html">Archived</a> from the original on 1 January 2024<span class="reference-accessdate">. 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Retrieved <span class="nowrap">3 May</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=STAT+News&rft.atitle=After+private+equity+firms+gobbled+up+wheelchair+makers%2C+users+pay+the+price+in+long+repair+times&rft.date=2024-05-01&rft.aulast=Broderick&rft.aufirst=Timmy&rft_id=https%3A%2F%2Fwww.statnews.com%2F2024%2F05%2F01%2Fwheelchair-repair-delay-numotion-national-seating-mobility%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></span> </li> <li id="cite_note-144"><span class="mw-cite-backlink"><b><a href="#cite_ref-144">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.thehindubusinessline.in/2007/05/01/stories/2007050100040900.htm">Private Equity and India's FDI boom</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110506141105/http://www.thehindubusinessline.in/2007/05/01/stories/2007050100040900.htm">Archived</a> 6 May 2011 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The Hindu Business Line, 1 May 2007</span> </li> <li id="cite_note-145"><span class="mw-cite-backlink"><b><a href="#cite_ref-145">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://bfi.uchicago.edu/research_group/does-private-equity-investment-in-healthcare-benefit-patients-evidence-from-nursing-homes/">"Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes Archives"</a>. <i>BFI</i><span class="reference-accessdate">. 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Archived from <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.ft.com/content/7c8b4d01-f1cc-3db2-8b65-589cf4c1d77f">the original</a></span> on 10 December 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=US+Congress+examines+private+equity+role+in+surging+healthcare+costs&rft.date=2019-10-14&rft.aulast=Flood&rft.aufirst=Chris&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F7c8b4d01-f1cc-3db2-8b65-589cf4c1d77f&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></span> </li> <li id="cite_note-147"><span class="mw-cite-backlink"><b><a href="#cite_ref-147">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGondiSong2019" class="citation journal cs1">Gondi, Suhas; Song, Zirui (19 March 2019). <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6682417">"Potential Implications of Private Equity Investments in Health Care Delivery"</a>. <i>JAMA</i>. <b>321</b> (11): 1047–1048. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1001%2Fjama.2019.1077">10.1001/jama.2019.1077</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1538-3598">1538-3598</a>. <a href="/wiki/PMC_(identifier)" class="mw-redirect" title="PMC (identifier)">PMC</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6682417">6682417</a></span>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/30816912">30816912</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=JAMA&rft.atitle=Potential+Implications+of+Private+Equity+Investments+in+Health+Care+Delivery&rft.volume=321&rft.issue=11&rft.pages=1047-1048&rft.date=2019-03-19&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC6682417%23id-name%3DPMC&rft.issn=1538-3598&rft_id=info%3Apmid%2F30816912&rft_id=info%3Adoi%2F10.1001%2Fjama.2019.1077&rft.aulast=Gondi&rft.aufirst=Suhas&rft.au=Song%2C+Zirui&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC6682417&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></span> </li> <li id="cite_note-148"><span class="mw-cite-backlink"><b><a href="#cite_ref-148">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFResneck2018" class="citation journal cs1">Resneck, Jack S. (1 January 2018). "Dermatology Practice Consolidation Fueled by Private Equity Investment: Potential Consequences for the Specialty and Patients". <i>JAMA Dermatology</i>. <b>154</b> (1): 13–14. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1001%2Fjamadermatol.2017.5558">10.1001/jamadermatol.2017.5558</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/2168-6084">2168-6084</a>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/29164229">29164229</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=JAMA+Dermatology&rft.atitle=Dermatology+Practice+Consolidation+Fueled+by+Private+Equity+Investment%3A+Potential+Consequences+for+the+Specialty+and+Patients&rft.volume=154&rft.issue=1&rft.pages=13-14&rft.date=2018-01-01&rft.issn=2168-6084&rft_id=info%3Apmid%2F29164229&rft_id=info%3Adoi%2F10.1001%2Fjamadermatol.2017.5558&rft.aulast=Resneck&rft.aufirst=Jack+S.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></span> </li> <li id="cite_note-149"><span class="mw-cite-backlink"><b><a href="#cite_ref-149">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKannanBruchSong2023" class="citation journal cs1">Kannan, Sneha; Bruch, Joseph Dov; Song, Zirui (26 December 2023). <a rel="nofollow" class="external text" href="https://doi.org/10.1001/jama.2023.23147">"Changes in Hospital Adverse Events and Patient Outcomes Associated With Private Equity Acquisition"</a>. <i>JAMA</i>. <b>330</b> (24): 2365–2375. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1001%2Fjama.2023.23147">10.1001/jama.2023.23147</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0098-7484">0098-7484</a>. <a href="/wiki/PMC_(identifier)" class="mw-redirect" title="PMC (identifier)">PMC</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10751598">10751598</a></span>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/38147093">38147093</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=JAMA&rft.atitle=Changes+in+Hospital+Adverse+Events+and+Patient+Outcomes+Associated+With+Private+Equity+Acquisition&rft.volume=330&rft.issue=24&rft.pages=2365-2375&rft.date=2023-12-26&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC10751598%23id-name%3DPMC&rft.issn=0098-7484&rft_id=info%3Apmid%2F38147093&rft_id=info%3Adoi%2F10.1001%2Fjama.2023.23147&rft.aulast=Kannan&rft.aufirst=Sneha&rft.au=Bruch%2C+Joseph+Dov&rft.au=Song%2C+Zirui&rft_id=https%3A%2F%2Fdoi.org%2F10.1001%2Fjama.2023.23147&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></span> </li> <li id="cite_note-150"><span class="mw-cite-backlink"><b><a href="#cite_ref-150">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCass2020" class="citation news cs1">Cass, Oren (22 July 2020). <a rel="nofollow" class="external text" href="https://www.newsweek.com/private-equity-captures-rather-creates-value-opinion-1519748">"Private equity captures rather than creates value | Opinion"</a>. <i>Newsweek</i><span class="reference-accessdate">. Retrieved <span class="nowrap">15 August</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Newsweek&rft.atitle=Private+equity+captures+rather+than+creates+value+%7C+Opinion&rft.date=2020-07-22&rft.aulast=Cass&rft.aufirst=Oren&rft_id=https%3A%2F%2Fwww.newsweek.com%2Fprivate-equity-captures-rather-creates-value-opinion-1519748&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=37" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDavid_Stowell2010" class="citation book cs1">David Stowell (2010). <i>An Introduction to Investment Banks, Hedge Funds, and Private Equity: The New Paradigm</i>. Academic Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Introduction+to+Investment+Banks%2C+Hedge+Funds%2C+and+Private+Equity%3A+The+New+Paradigm&rft.pub=Academic+Press&rft.date=2010&rft.au=David+Stowell&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLemke,_Thomas_P.Lins,_Gerald_T.Hoenig,_Kathryn_L.Rube,_Patricia_S.2013" class="citation book cs1">Lemke, Thomas P.; Lins, Gerald T.; Hoenig, Kathryn L.; Rube, Patricia S. (2013). <i>Hedge Funds and Other Private Funds: Regulation and Compliance</i>. Thomson West.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Hedge+Funds+and+Other+Private+Funds%3A+Regulation+and+Compliance&rft.pub=Thomson+West&rft.date=2013&rft.au=Lemke%2C+Thomas+P.&rft.au=Lins%2C+Gerald+T.&rft.au=Hoenig%2C+Kathryn+L.&rft.au=Rube%2C+Patricia+S.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCendrowski,_HarryMartin,_James_P.Petro,_Louis_W.2008" class="citation book cs1">Cendrowski, Harry; Martin, James P.; Petro, Louis W. (2008). <i>Private Equity: History, Governance, and Operations</i>. Hoboken: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">John Wiley & Sons</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-17846-1" title="Special:BookSources/978-0-470-17846-1"><bdi>978-0-470-17846-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Private+Equity%3A+History%2C+Governance%2C+and+Operations&rft.place=Hoboken&rft.pub=John+Wiley+%26+Sons&rft.date=2008&rft.isbn=978-0-470-17846-1&rft.au=Cendrowski%2C+Harry&rft.au=Martin%2C+James+P.&rft.au=Petro%2C+Louis+W.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKocis,_James_M.Bachman,_James_C.Long,_Austin_M.Nickels,_Craig_J.2009" class="citation book cs1">Kocis, James M.; Bachman, James C.; Long, Austin M.; Nickels, Craig J. (2009). <i>Inside Private Equity: The Professional Investor's Handbook</i>. Hoboken: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">John Wiley & Sons</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-42189-5" title="Special:BookSources/978-0-470-42189-5"><bdi>978-0-470-42189-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Inside+Private+Equity%3A+The+Professional+Investor%27s+Handbook&rft.place=Hoboken&rft.pub=John+Wiley+%26+Sons&rft.date=2009&rft.isbn=978-0-470-42189-5&rft.au=Kocis%2C+James+M.&rft.au=Bachman%2C+James+C.&rft.au=Long%2C+Austin+M.&rft.au=Nickels%2C+Craig+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDavidoff,_Steven_M.2009" class="citation book cs1">Davidoff, Steven M. (2009). <i>Gods at War: Shot-gun Takeovers, Government by Deal and the Private Equity Implosion</i>. Hoboken: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">John Wiley & Sons</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-43129-0" title="Special:BookSources/978-0-470-43129-0"><bdi>978-0-470-43129-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Gods+at+War%3A+Shot-gun+Takeovers%2C+Government+by+Deal+and+the+Private+Equity+Implosion&rft.place=Hoboken&rft.pub=John+Wiley+%26+Sons&rft.date=2009&rft.isbn=978-0-470-43129-0&rft.au=Davidoff%2C+Steven+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDavis,_E._PhilipSteil,_Benn2001" class="citation book cs1">Davis, E. Philip; <a href="/wiki/Benn_Steil" title="Benn Steil">Steil, Benn</a> (2001). <i>Institutional Investors</i>. MIT Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-262-04192-8" title="Special:BookSources/978-0-262-04192-8"><bdi>978-0-262-04192-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Institutional+Investors&rft.pub=MIT+Press&rft.date=2001&rft.isbn=978-0-262-04192-8&rft.au=Davis%2C+E.+Philip&rft.au=Steil%2C+Benn&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMaxwell,_Ray2007" class="citation book cs1">Maxwell, Ray (2007). <i>Private Equity Funds: A Practical Guide for Investors</i>. New York: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">John Wiley & Sons</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-02818-6" title="Special:BookSources/978-0-470-02818-6"><bdi>978-0-470-02818-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Private+Equity+Funds%3A+A+Practical+Guide+for+Investors&rft.place=New+York&rft.pub=John+Wiley+%26+Sons&rft.date=2007&rft.isbn=978-0-470-02818-6&rft.au=Maxwell%2C+Ray&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLeleuxHans_van_Swaay2006" class="citation book cs1">Leleux, Benoit; Hans van Swaay (2006). <i>Growth at All Costs: Private Equity as Capitalism on Steroids</i>. Basingstoke: <a href="/wiki/Palgrave_Macmillan" title="Palgrave Macmillan">Palgrave Macmillan</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4039-8634-4" title="Special:BookSources/978-1-4039-8634-4"><bdi>978-1-4039-8634-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Growth+at+All+Costs%3A+Private+Equity+as+Capitalism+on+Steroids&rft.place=Basingstoke&rft.pub=Palgrave+Macmillan&rft.date=2006&rft.isbn=978-1-4039-8634-4&rft.aulast=Leleux&rft.aufirst=Benoit&rft.au=Hans+van+Swaay&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFraser-Sampson,_Guy2007" class="citation book cs1">Fraser-Sampson, Guy (2007). <i>Private Equity as an Asset Class</i>. Hoboken, NJ: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">John Wiley & Sons</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-06645-4" title="Special:BookSources/978-0-470-06645-4"><bdi>978-0-470-06645-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Private+Equity+as+an+Asset+Class&rft.place=Hoboken%2C+NJ&rft.pub=John+Wiley+%26+Sons&rft.date=2007&rft.isbn=978-0-470-06645-4&rft.au=Fraser-Sampson%2C+Guy&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBassiJeremy_Grant2006" class="citation book cs1">Bassi, Iggy; Jeremy Grant (2006). <i>Structuring European Private Equity</i>. London: Euromoney Books. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84374-262-3" title="Special:BookSources/978-1-84374-262-3"><bdi>978-1-84374-262-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Structuring+European+Private+Equity&rft.place=London&rft.pub=Euromoney+Books&rft.date=2006&rft.isbn=978-1-84374-262-3&rft.aulast=Bassi&rft.aufirst=Iggy&rft.au=Jeremy+Grant&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThorsten,_Gröne2005" class="citation book cs1">Thorsten, Gröne (2005). <i>Private Equity in Germany – Evaluation of the Value Creation Potential for German Mid-Cap Companies</i>. Stuttgart: Ibidem-Verl. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-89821-620-3" title="Special:BookSources/978-3-89821-620-3"><bdi>978-3-89821-620-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Private+Equity+in+Germany+%E2%80%93+Evaluation+of+the+Value+Creation+Potential+for+German+Mid-Cap+Companies&rft.place=Stuttgart&rft.pub=Ibidem-Verl&rft.date=2005&rft.isbn=978-3-89821-620-3&rft.au=Thorsten%2C+Gr%C3%B6ne&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRosenbaum,_JoshuaJoshua_Pearl2009" class="citation book cs1">Rosenbaum, Joshua; Joshua Pearl (2009). <i>Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions</i>. Hoboken, NJ: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">John Wiley & Sons</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-44220-3" title="Special:BookSources/978-0-470-44220-3"><bdi>978-0-470-44220-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Investment+Banking%3A+Valuation%2C+Leveraged+Buyouts%2C+and+Mergers+%26+Acquisitions&rft.place=Hoboken%2C+NJ&rft.pub=John+Wiley+%26+Sons&rft.date=2009&rft.isbn=978-0-470-44220-3&rft.au=Rosenbaum%2C+Joshua&rft.au=Joshua+Pearl&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLerner,_Joshua2000" class="citation book cs1">Lerner, Joshua (2000). <i>Venture Capital and Private Equity: A Casebook</i>. New York: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">John Wiley & Sons</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-471-32286-3" title="Special:BookSources/978-0-471-32286-3"><bdi>978-0-471-32286-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Venture+Capital+and+Private+Equity%3A+A+Casebook&rft.place=New+York&rft.pub=John+Wiley+%26+Sons&rft.date=2000&rft.isbn=978-0-471-32286-3&rft.au=Lerner%2C+Joshua&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGrabenwarter,_UlrichTom_Weidig2005" class="citation book cs1">Grabenwarter, Ulrich; Tom Weidig (2005). <a href="/wiki/J_Curve" class="mw-redirect" title="J Curve"><i>Exposed to the J Curve: Understanding and Managing Private Equity Fund Investments</i></a>. London: Euromoney Institutional Investor. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84374-149-7" title="Special:BookSources/978-1-84374-149-7"><bdi>978-1-84374-149-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Exposed+to+the+J+Curve%3A+Understanding+and+Managing+Private+Equity+Fund+Investments&rft.place=London&rft.pub=Euromoney+Institutional+Investor&rft.date=2005&rft.isbn=978-1-84374-149-7&rft.au=Grabenwarter%2C+Ulrich&rft.au=Tom+Weidig&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLoewen,_Jacoline2008" class="citation book cs1">Loewen, Jacoline (2008). <i>Money Magnet: Attract Investors to Your Business</i>. Canada, Toronto: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">John Wiley & Sons</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-15575-2" title="Special:BookSources/978-0-470-15575-2"><bdi>978-0-470-15575-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Money+Magnet%3A+Attract+Investors+to+Your+Business&rft.place=Canada%2C+Toronto&rft.pub=John+Wiley+%26+Sons&rft.date=2008&rft.isbn=978-0-470-15575-2&rft.au=Loewen%2C+Jacoline&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><a rel="nofollow" class="external text" href="https://www.newyorker.com/talk/financial/2012/01/30/120130ta_talk_surowiecki">Private Inequity</a> by James Surowiecki, The Financial Page, <i><a href="/wiki/The_New_Yorker" title="The New Yorker">The New Yorker</a></i>, 30 January 2012.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGilligan,_JohnMike_Wright2020" class="citation book cs1">Gilligan, John; Mike Wright (2020). <i>Private Equity Demystified. 4th Edition</i>. London: <a href="/wiki/OUP" class="mw-redirect" title="OUP">OUP</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-198-86699-2" title="Special:BookSources/978-0-198-86699-2"><bdi>978-0-198-86699-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Private+Equity+Demystified.+4th+Edition&rft.place=London&rft.pub=OUP&rft.date=2020&rft.isbn=978-0-198-86699-2&rft.au=Gilligan%2C+John&rft.au=Mike+Wright&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGladstone,_DavidLaura_Gladstone2004" class="citation book cs1">Gladstone, David; Laura Gladstone (2004). <i>Venture Capital Investing, the complete handbook for investing in new businesses</i>. Upper Saddle River, NJ: <a href="/wiki/Pearson_Education" title="Pearson Education">Pearson Education</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-13-101885-3" title="Special:BookSources/978-0-13-101885-3"><bdi>978-0-13-101885-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Venture+Capital+Investing%2C+the+complete+handbook+for+investing+in+new+businesses&rft.place=Upper+Saddle+River%2C+NJ&rft.pub=Pearson+Education&rft.date=2004&rft.isbn=978-0-13-101885-3&rft.au=Gladstone%2C+David&rft.au=Laura+Gladstone&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPlantGajerRist" class="citation journal cs1">Plant, Nicholas; Gajer, Paul; Rist, Steven. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20151017041206/https://www.transactionadvisors.com/insights/private-equity-transactions-uk">"Private Equity Transactions in the UK"</a>. <i>Transaction Advisors</i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/2329-9134">2329-9134</a>. Archived from <a rel="nofollow" class="external text" href="https://www.transactionadvisors.com/insights/private-equity-transactions-uk">the original</a> on 17 October 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">21 July</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Transaction+Advisors&rft.atitle=Private+Equity+Transactions+in+the+UK&rft.issn=2329-9134&rft.aulast=Plant&rft.aufirst=Nicholas&rft.au=Gajer%2C+Paul&rft.au=Rist%2C+Steven&rft_id=https%3A%2F%2Fwww.transactionadvisors.com%2Finsights%2Fprivate-equity-transactions-uk&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrivate+equity" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Private_equity&action=edit&section=38" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Commons-logo.svg" class="mw-file-description"><img alt="" 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href="/wiki/Template_talk:Private_equity_and_venture_capital" title="Template talk:Private equity and venture capital"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Private_equity_and_venture_capital" title="Special:EditPage/Template:Private equity and venture capital"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Private_equity_and_venture_capital" style="font-size:114%;margin:0 4em"><a class="mw-selflink selflink">Private equity</a> and <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment types</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buyout" title="Buyout">Buyout</a> <ul><li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged</a></li></ul></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine</a></li> <li><a href="/wiki/Growth_capital" title="Growth capital">Growth</a></li> <li><a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">Secondaries</a></li> <li><a href="/wiki/Equity_co-investment" title="Equity co-investment">Equity co-investment</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history</a></li> <li><a href="/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s">1980s</a></li> <li><a href="/wiki/Private_equity_in_the_1990s" title="Private equity in the 1990s">1990s</a></li> <li><a href="/wiki/Private_equity_in_the_2000s" title="Private equity in the 2000s">2000s</a></li> <li><a href="/wiki/Private_equity_in_the_2010s" title="Private equity in the 2010s">2010s</a></li> <li><a href="/wiki/Private_equity_in_the_2020s" title="Private equity in the 2020s">2020s</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terms and <br />concepts</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Buyout</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Management_buyout" title="Management buyout">Management buyout</a></li> <li><a href="/wiki/Divisional_buyout" title="Divisional buyout">Divisional buyout</a></li> <li><a href="/wiki/Buy%E2%80%93sell_agreement" title="Buy–sell agreement">Buy–sell agreement</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Business_incubator" title="Business incubator">Business incubator</a></li> <li><a href="/wiki/Post-money_valuation" title="Post-money valuation">Post-money valuation</a></li> <li><a href="/wiki/Pre-money_valuation" title="Pre-money valuation">Pre-money valuation</a></li> <li><a href="/wiki/Simple_agreement_for_future_equity" title="Simple agreement for future equity">SAFE</a></li> <li><a href="/wiki/Seed_money" title="Seed money">Seed money</a></li> <li><a href="/wiki/Startup_company" title="Startup company">Startup company</a></li> <li><a href="/wiki/Venture_capital_financing" class="mw-redirect" title="Venture capital financing">Venture capital financing</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture debt</a></li> <li><a href="/wiki/Venture_round" title="Venture round">Venture round</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Structure</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Private_equity_firm" title="Private equity firm">Private equity firms</a> and <a href="/wiki/Private_equity_fund" title="Private equity fund">funds</a></li> <li><a href="/wiki/Limited_partnership" title="Limited partnership">Limited partnership</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company</a></li> <li><a href="/wiki/Carried_interest" title="Carried interest">Carried interest</a></li> <li><a href="/wiki/Management_fee" title="Management fee">Management fee</a></li> <li><a href="/wiki/Pledge_fund" title="Pledge fund">Pledge fund</a></li> <li><a href="/wiki/Publicly_traded_private_equity" title="Publicly traded private equity">Publicly traded private equity</a> <ul><li><a href="/wiki/Business_Development_Company" title="Business Development Company">Business Development Company</a></li> <li><a href="/wiki/Venture_capital_trust" title="Venture capital trust">Venture capital trust</a></li></ul></li> <li><a href="/wiki/Private_investment_in_public_equity" title="Private investment in public equity">Private investment in public equity (PIPE)</a></li> <li><a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">SPAC</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_venture_capital" title="Corporate venture capital">Corporations</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Insurance#Insurance_companies" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Financial_endowment" title="Financial endowment">Endowments</a></li> <li><a href="/wiki/Private_foundation" title="Private foundation">Foundations</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant banks</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial banks</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individuals</a></li> <li><a href="/wiki/Family_office" title="Family office">Family offices</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth funds</a></li> <li><a href="/wiki/Crowdfunding" title="Crowdfunding">Crowdfunding</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related <br />financial terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Assets_under_management" title="Assets under management">AUM</a></li> <li><a href="/wiki/Capitalization_table" title="Capitalization table">Cap table</a></li> <li><a href="/wiki/Capital_call" title="Capital call">Capital call</a></li> <li><a href="/wiki/Capital_commitment" title="Capital commitment">Capital commitment</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Distribution_waterfall" title="Distribution waterfall">Distribution waterfall</a></li> <li><a href="/wiki/Earnings_before_interest,_taxes,_depreciation_and_amortization" title="Earnings before interest, taxes, depreciation and amortization">EBITDA</a></li> <li><a href="/wiki/Envy_ratio" title="Envy ratio">Envy ratio</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">IPO</a></li> <li><a href="/wiki/Internal_rate_of_return" title="Internal rate of return">IRR</a></li> <li><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></li> <li><a href="/wiki/Liquidation_preference" title="Liquidation preference">Liquidation preference</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">M&A</a></li> <li><a href="/wiki/Public_Market_Equivalent" title="Public Market Equivalent">PME</a></li> <li><a href="/wiki/Taxation_of_private_equity_and_hedge_funds" title="Taxation of private equity and hedge funds">Taxation of private equity and hedge funds</a></li> <li><a href="/wiki/Undercapitalization" title="Undercapitalization">Undercapitalization</a></li> <li><a href="/wiki/Vintage_year" title="Vintage year">Vintage year</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Private_equity_and_venture_capital_investors" title="Category:Private equity and venture capital investors">Private equity and venture capital investors</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Private_equity_firms" title="Category:Private equity firms">Private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_private_equity_firms" title="List of private equity firms">List of private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Venture_capital_firms" title="Category:Venture capital firms">Venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_venture_capital_firms" title="List of venture capital firms">List of venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Angel_investors" title="Category:Angel investors">Angel investors</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Private_equity_portfolio_companies" title="Category:Private equity portfolio companies">Portfolio companies</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Largest_private_equity_investment_firms" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Largest_private_equity_firms" title="Template:Largest private equity firms"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Largest_private_equity_firms" title="Template talk:Largest private equity firms"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Largest_private_equity_firms" title="Special:EditPage/Template:Largest private equity firms"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Largest_private_equity_investment_firms" style="font-size:114%;margin:0 4em"><a href="/wiki/List_of_private_equity_firms" title="List of private equity firms">Largest private equity investment firms</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Advent_International" title="Advent International">Advent International</a></li> <li><a href="/wiki/Apollo_Global_Management" title="Apollo Global Management">Apollo Global Management</a></li> <li><a href="/wiki/Ardian_(company)" title="Ardian (company)">Ardian</a></li> <li><a href="/wiki/Bain_Capital" title="Bain Capital">Bain Capital</a></li> <li><a href="/wiki/Blackstone_Inc." title="Blackstone Inc.">Blackstone</a></li> <li><a href="/wiki/The_Carlyle_Group" title="The Carlyle Group">Carlyle Group</a></li> <li><a href="/wiki/Clearlake_Capital" title="Clearlake Capital">Clearlake Capital</a></li> <li><a href="/wiki/CVC_Capital_Partners" title="CVC Capital Partners">CVC Capital Partners</a></li> <li><a href="/wiki/EQT_AB" title="EQT AB">EQT AB</a></li> <li><a href="/wiki/General_Atlantic" title="General Atlantic">General Atlantic</a></li> <li><a href="/wiki/HarbourVest_Partners" title="HarbourVest Partners">HarbourVest Partners</a></li> <li><a href="/wiki/Hellman_%26_Friedman" title="Hellman & Friedman">Hellman & Friedman</a></li> <li><a href="/wiki/Hg_(equity_firm)" title="Hg (equity firm)">Hg</a></li> <li><a href="/wiki/Insight_Partners" title="Insight Partners">Insight Partners</a></li> <li><a href="/wiki/Kohlberg_Kravis_Roberts" title="Kohlberg Kravis Roberts">KKR</a></li> <li><a href="/wiki/Leonard_Green_%26_Partners" title="Leonard Green & Partners">Leonard Green & Partners</a></li> <li><a href="/wiki/Lone_Star_Funds" title="Lone Star Funds">Lone Star Funds</a></li> <li><a href="/wiki/Neuberger_Berman" title="Neuberger Berman">Neuberger Berman</a></li> <li><a href="/wiki/Partners_Group" title="Partners Group">Partners Group</a></li> <li><a href="/wiki/Permira" title="Permira">Permira</a></li> <li><a href="/wiki/Silver_Lake_(investment_firm)" title="Silver Lake (investment firm)">Silver Lake</a></li> <li><a href="/wiki/Thoma_Bravo" title="Thoma Bravo">Thoma Bravo</a></li> <li><a href="/wiki/TPG_Inc." title="TPG Inc.">TPG</a></li> <li><a href="/wiki/Warburg_Pincus" title="Warburg Pincus">Warburg Pincus</a></li> <li><a href="/wiki/Vista_Equity_Partners" title="Vista Equity Partners">Vista Equity Partners</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div><small><i>Methodology: <a href="/wiki/Assets_under_management" title="Assets under management">AUM</a> over US$70 billion</i></small> <ul><li><a class="mw-selflink selflink">Private equity</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Private_equity_firms" title="Category:Private equity firms">Private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Venture_capital_firms" title="Category:Venture capital firms">Venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Private_equity_portfolio_companies" title="Category:Private equity portfolio companies">Portfolio companies</a></li></ul></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r886047488">.mw-parser-output .nobold{font-weight:normal}</style></div><div role="navigation" class="navbox" aria-labelledby="Corporate_finance_and_investment_banking" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_finance_and_investment_banking" title="Template:Corporate finance and investment banking"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_finance_and_investment_banking" title="Template talk:Corporate finance and investment banking"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_finance_and_investment_banking" title="Special:EditPage/Template:Corporate finance and investment banking"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Corporate_finance_and_investment_banking" style="font-size:114%;margin:0 4em"><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a> and <a href="/wiki/Investment_banking" title="Investment banking">investment banking</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible debt</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable debt</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine debt</a></li> <li><a href="/wiki/Pari_passu#In_lending,_bankruptcy_and_default" title="Pari passu">Pari passu</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred equity</a></li> <li><a href="/wiki/Second_lien_loan" title="Second lien loan">Second lien debt</a></li> <li><a href="/wiki/Senior_debt" title="Senior debt">Senior debt</a></li> <li><a href="/wiki/Secured_loan" title="Secured loan">Senior secured debt</a></li> <li><a href="/wiki/Shareholder_loan" title="Shareholder loan">Shareholder loan</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrant</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;">Transactions<br /><span class="nobold">(terms/conditions)</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Public_offering" title="Public offering">Equity offerings</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/At-the-market_offering" title="At-the-market offering">At-the-market offering</a></li> <li><a href="/wiki/Book_building" title="Book building">Book building</a></li> <li><a href="/wiki/Bookrunner" title="Bookrunner">Bookrunner</a></li> <li><a href="/wiki/Bought_deal" title="Bought deal">Bought deal</a></li> <li><a href="/wiki/Bought_out_deal" title="Bought out deal">Bought out deal</a></li> <li><a href="/wiki/Corporate_spin-off" title="Corporate spin-off">Corporate spin-off</a></li> <li><a href="/wiki/Direct_public_offering" title="Direct public offering">Direct public offering</a></li> <li><a href="/wiki/Equity_carve-out" title="Equity carve-out">Equity carve-out</a></li> <li><a href="/wiki/Follow-on_offering" title="Follow-on offering">Follow-on offering</a></li> <li><a href="/wiki/Greenshoe" title="Greenshoe">Greenshoe</a> <ul><li><a href="/wiki/Reverse_greenshoe" class="mw-redirect" title="Reverse greenshoe">Reverse</a></li></ul></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a></li> <li><a href="/wiki/Pre-IPO" title="Pre-IPO">Pre-IPO</a></li> <li><a href="/wiki/Private_placement" title="Private placement">Private placement</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rights_issue" title="Rights issue">Rights issue</a></li> <li><a href="/wiki/Seasoned_equity_offering" title="Seasoned equity offering">Seasoned equity offering</a></li> <li><a href="/wiki/Secondary_market_offering" title="Secondary market offering">Secondary market offering</a></li> <li><a href="/wiki/Underwriting" title="Underwriting">Underwriting</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and<br />acquisitions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buy_side" title="Buy side">Buy side</a></li> <li><a href="/wiki/Contingent_value_rights" title="Contingent value rights">Contingent value rights</a></li> <li><a href="/wiki/Control_premium" title="Control premium">Control premium</a></li> <li><a href="/wiki/Demerger" title="Demerger">Demerger</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Management_due_diligence" title="Management due diligence">Management due diligence</a></li> <li><a href="/wiki/Managerial_entrenchment" class="mw-redirect" title="Managerial entrenchment">Managerial entrenchment</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Minority_discount" title="Minority discount">Minority discount</a></li> <li><a href="/wiki/Pitch_book" title="Pitch book">Pitch book</a></li> <li><a href="/wiki/Pre-emption_right" title="Pre-emption right">Pre-emption right</a></li> <li><a href="/wiki/Proxy_fight" title="Proxy fight">Proxy fight</a></li> <li><a href="/wiki/Post-merger_integration" title="Post-merger integration">Post-merger integration</a></li> <li><a href="/wiki/Sell_side" title="Sell side">Sell side</a></li> <li><a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">Shareholder rights plan</a></li> <li><a href="/wiki/Special-purpose_entity" title="Special-purpose entity">Special-purpose entity</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Staggered_board_of_directors" class="mw-redirect" title="Staggered board of directors">Staggered board of directors</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Super-majority_amendment" class="mw-redirect" title="Super-majority amendment">Super-majority amendment</a></li> <li><a href="/wiki/Corporate_synergy" title="Corporate synergy">Synergy</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Takeover" title="Takeover">Takeover</a> <ul><li><a href="/wiki/Reverse_takeover" title="Reverse takeover">Reverse</a></li></ul></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Debt restructuring</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession financing</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li> <li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a class="mw-selflink selflink">Private equity</a></li> <li><a href="/wiki/Project_finance" title="Project finance">Project finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Valuation_(finance)" title="Valuation (finance)">Valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accretion/dilution_analysis" title="Accretion/dilution analysis">Accretion/dilution analysis</a></li> <li><a href="/wiki/Adjusted_present_value" title="Adjusted present value">Adjusted present value</a></li> <li><a href="/wiki/Associate_company" title="Associate company">Associate company</a></li> <li><a href="/wiki/Business_valuation" title="Business valuation">Business valuation</a></li> <li><a href="/wiki/Conglomerate_discount" title="Conglomerate discount">Conglomerate discount</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a> <ul><li><a href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">Weighted average</a></li></ul></li> <li><a href="/wiki/Discounted_cash_flow" title="Discounted cash flow">Discounted cash flow</a></li> <li><a href="/wiki/Economic_value_added" title="Economic value added">Economic value added</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Fairness_opinion" title="Fairness opinion">Fairness opinion</a></li> <li><a href="/wiki/Financial_modeling" title="Financial modeling">Financial modeling</a></li> <li><a href="/wiki/Free_cash_flow" title="Free cash flow">Free cash flow</a> <ul><li><a href="/wiki/Free_cash_flow_to_equity" title="Free cash flow to equity">Free cash flow to equity</a></li></ul></li> <li><a href="/wiki/Market_value_added" title="Market value added">Market value added</a></li> <li><a href="/wiki/Minority_interest" title="Minority interest">Minority interest</a></li> <li><a href="/wiki/Mismarking" title="Mismarking">Mismarking</a></li> <li><a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</a></li> <li><a href="/wiki/Net_present_value" title="Net present value">Net present value</a></li> <li><a href="/wiki/Pure_play#Pure_play_method" title="Pure play">Pure play</a></li> <li><a href="/wiki/Real_options_valuation" title="Real options valuation">Real options</a></li> <li><a href="/wiki/Residual_income_valuation" title="Residual income valuation">Residual income</a></li> <li><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></li> <li><a href="/wiki/Sum-of-the-parts_analysis" title="Sum-of-the-parts analysis">Sum-of-the-parts analysis</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Terminal_value_(finance)" title="Terminal value (finance)">Terminal value</a></li> <li><a href="/wiki/Valuation_using_multiples" title="Valuation using multiples">Valuation using multiples</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_investment_banks" title="List of investment banks">List of investment banks</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Outline_of_finance" title="Outline of finance">Outline of finance</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style></div><div role="navigation" class="navbox authority-control" aria-label="Navbox" style="padding:3px"><table class="nowraplinks hlist navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a>: National <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q476115#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" 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