Private equity | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-02

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Private_equity


00:04:56 1 Strategies
00:05:16 1.1 Leveraged buyout
00:08:14 1.1.1 Simple example of leveraged buyout
00:11:26 1.2 Growth capital
00:13:44 1.3 Mezzanine capital
00:14:56 1.4 Venture capital
00:17:37 1.5 Distressed and special situations
00:18:58 1.6 Secondaries
00:20:33 1.7 Other strategies
00:23:35 2 History and development
00:23:45 2.1 Early history and the development of venture capital
00:25:41 2.2 Origins of the leveraged buyout
00:29:02 2.3 Private equity in the 1980s
00:35:42 2.4 Age of the mega-buyout 2005–2007
00:40:42 3 Investments in private equity
00:41:53 3.1 Investor categories
00:42:36 3.2 Direct vs. indirect investment
00:43:28 3.3 Investment timescales
00:45:36 4 Liquidity in the private equity market
00:48:59 5 Private equity firms
00:51:33 5.1 Versus hedge funds
00:53:24 6 Private equity funds
00:57:55 6.1 Size of the industry
01:01:33 6.2 Private equity fund performance
01:04:51 7 Debate
01:05:00 7.1 Recording private equity
01:06:06 7.2 Cognitive bias
01:06:27 8 See also
01:06:52 8.1 Organizations
01:07:42 9 Notes
01:07:51 10 Further reading
01:13:58 11 External links



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SUMMARY
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Private equity typically refers to investment funds, generally organized as limited partnerships, that buy and restructure companies that are not publicly traded. 
Private equity is, strictly speaking, a type of equity and one of the asset classes consisting of equity securities and debt in operating companies that are not publicly traded on a stock exchange. However the term has come to be used to describe the business of taking a company into private ownership in order to restructure it before selling it again at a hoped-for profit.
A private equity investment will generally be made by a private equity firm, a venture capital firm or an angel investor. Each of these categories of investors has its own set of goals, preferences and investment strategies; however, all provide working capital to a target company to nurture expansion, new-product development, or restructuring of the company’s operations, management, or ownership.Bloomberg Businessweek has called "private equity" a rebranding of leveraged-buyout firms after the 1980s.  Common investment strategies in private equity include leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital.  In a typical leveraged-buyout transaction, a private-equity firm buys majority control of an existing or mature firm.  This is distinct from a venture-capital or growth-capital investment, in which the investors (typically venture-capital firms or angel investors) invest in young, growing or emerging companies, and rarely obtain majority control.
Private equity is also often grouped into a broader category called private capital, generally used to describe capital supporting any long-term, illiquid investment strategy.
The key features of private equity operations are generally as follows.

A private equity manager uses other people's money to fund its acquisitions – the money of investors such as hedge funds, pension funds, university endowments or wealthy individuals – hence the earlier name for private equity operations: leveraged buy-outs.
It restructures the acquired firm (or firms) and attempts to resell at a higher value, aiming for a high return on equity. The restructuring often involves cutting costs, which produces higher profits in the short term, but can do long-term damage to customer relationships and workforce morale.
Private equity makes extensive use of debt financing to purchase companies. Debt financing reduces corporate taxation burdens and is one of the principal ways in which profits are made for investors. A small increase in firm value – say a growth of asset price by 20% �� ...