History of private equity and venture capital | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-02

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/History_of_private_equity_and_venture_capital


00:02:31 1 Pre-history
00:05:02 2 Origins of modern private equity
00:10:36 3 Early venture capital and the growth of Silicon Valley (1959–1981)
00:15:16 4 Early history of leveraged buyouts (1955–1981)
00:15:31 4.1 McLean Industries and public holding companies
00:19:44 4.2 KKR and the pioneers of private equity
00:23:56 4.3 Regulatory and tax changes impact the boom
00:26:48 5 The first private equity boom (1982–1993)
00:28:01 5.1 Beginning of the LBO boom
00:31:28 5.2 Venture capital in the 1980s
00:34:16 5.3 Corporate raiders, hostile takeovers and greenmail
00:40:40 5.4 RJR Nabisco and the Barbarians at the Gate
00:46:52 6 LBO bust (1990–1992)
00:48:01 6.1 The collapse of Drexel Burnham Lambert
00:51:48 6.2 S&amp;L and the shutdown of the Junk Bond Market
00:54:20 7 The second private equity boom and the origins of modern private equity
00:55:22 7.1 Resurgence of leveraged buyouts
01:01:56 7.2 The venture capital boom and the Internet Bubble (1995–2000)
01:04:25 8 The bursting of the Internet Bubble and the private equity crash (2000–2003)
01:06:55 8.1 Stagnation in the LBO market
01:12:29 9 The third private equity boom and the Golden Age of Private Equity (2003–2007)
01:16:13 9.1 Resurgence of the large buyout
01:18:59 9.2 Age of the mega-buyout
01:21:40 9.3 Publicly traded private equity
01:29:28 9.4 Secondary market and the evolution of the private equity asset class
01:31:40 10 The Credit Crunch and post-modern private equity (2007–2008)
01:34:57 11 Responses to private equity
01:35:08 11.1 1980s reflections of private equity
01:37:58 11.2 Contemporary reflections of private equity and private equity controversies
01:42:58 12 See also



Listening is a more natural way of learning, when compared to reading. Written language only began at around 3200 BC, but spoken language has existed long ago.

Learning by listening is a great way to:
- increases imagination and understanding
- improves your listening skills
- improves your own spoken accent
- learn while on the move
- reduce eye strain

Now learn the vast amount of general knowledge available on Wikipedia through audio (audio article). You could even learn subconsciously by playing the audio while you are sleeping! If you are planning to listen a lot, you could try using a bone conduction headphone, or a standard speaker instead of an earphone.

Listen on Google Assistant through Extra Audio:
https://assistant.google.com/services/invoke/uid/0000001a130b3f91
Other Wikipedia audio articles at:
https://www.youtube.com/results?search_query=wikipedia+tts
Upload your own Wikipedia articles through:
https://github.com/nodef/wikipedia-tts
Speaking Rate: 0.8734193614872381
Voice name: en-GB-Wavenet-C


"I cannot teach anybody anything, I can only make them think."
- Socrates


SUMMARY
=======
The history of private equity and venture capital and the development of these asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel, although interrelated tracks.
Since the origins of the modern private equity industry in 1946, there have been four major epochs marked by three boom and bust cycles. The early history of private equity—from 1946 through 1981—was characterized by relatively small volumes of private equity investment, rudimentary firm organizations and limited awareness of and familiarity with the private equity industry. The first boom and bust cycle, from 1982 through 1993, was characterized by the dramatic surge in leveraged buyout activity financed by junk bonds and culminating in the massive buyout of RJR Nabisco before the near collapse of the leveraged buyout industry in the late 1980s and early 1990s.  The second boom and bust cycle (from 1992 through 2002) emerged from the ashes of the savings and loan crisis, the insider trading scandals, the real estate market collapse and the recession of the early 1990s.  This period saw the emergence of more institutionalized private equity firms, ultimately culminating in the massive Dot-com bubble in 1999 and 2000. The third boom and bust cycle (from 2003 through 2007) came in the wake of the collapse of the Dot-com bubble—leveraged buyouts reach unparalleled size and the institutionalization of private equity firms is exemplified by the Blackstone Group's 2007 initial public offering.
In its early years through to roughly the year 2000, the private equity and venture capital asset classes were primarily active in the United States. With the second private equity boom in the mid-1990s and liberalization of regulation for institutional investors in Europe, a mature European private equity market emerged.