Leveraged Buyouts and Private Equity (Journal of Economic Perspectives)
by Steven N. Kaplan, Per Strömberg · American Economic Association
Survey of the leveraged buyout industry by two of its leading academic researchers, covering deal structure, fund and fee economics, governance and operating changes at portfolio companies, and the empirical evidence on returns through the 2007 boom. Single best free document explaining what a PE firm actually is: the partnership structure, the 2-and-20 economics, leverage and governance mechanisms, and what the data says about whether any of it creates value.
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