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The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything |  |
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The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything | |
Inside the Trillion Dollar Industry That Owns Everything
What do Dunkin' Donuts, J. Crew, Toys "R" Us, and Burger King have in common? They are all currently or just recently were owned, operated, and controlled by private equity firms. The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything takes the reader behind the scenes of these firms: their famous billionaire founders, the overlapping stories of their creation and evolution, and the outsized ambitions that led a group of clever bankers from small shops operating in a corner of Wall Street into powerhouse titans of capital. This is the story of the money and the men who handle it.
Go inside the private worlds of founders Henry Kravis, Steve Schwarzman, David Bonderman, and more in The New Tycoons, and discover how these men have transformed the industry and built the some of the most powerful and most secretive houses of money in the world.
With numerous private equity firms going public for the first time, learn how these firms operate, where their money comes from and where it goes, and how every day millions of customers, employees, and retirees play a role in that complex tangle of money Author Jason Kelly tells the story of how thirty some years ago a group of colleagues with $120,000 of their own savings founded what would become one of the largest private equity shops in the world, completing the biggest buyout the world has ever seen, and making them all billionaires in the process Presents a never-before-seen look inside a secretive and powerful world on the verge of complete transformation as the industry and its leaders gain public profiles, scrutiny, and political positionsAnalyzing the founders and the firms at a crucial moment, when they've elevated themselves beyond their already lofty ambitions into the world of public opinion and valuation, New Tycoons looks at one of the most important, yet least examined, trillion-dollar corners of the global economy and what it portends for these new tycoons.
网友对The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything的评论
I first heard about `The New Tycoons' via Bloomberg radio. Having at least a tangential familiarity with the private equity business I was curious about the historical aspects of the business and the sometimes colorful background of the key players, not to mention how those huge sums of money were derived.
All of these items are well documented here as is the way PE grew (and continues to grow) in the current market environment - the latter not nearly as robust as its seminal formative years. Not surprisingly, the founders of PE were born largely out of investment banking. Too, the astronomical fortunes that have been made came at a game of high risk / high reward, but also exacting fees both before any profits were distributed to investors and large internal rates-of-return (IRR) payable directly to the PE companies. To some extent this business model has changed as larger pension funds and endowments have moved to take the ROI role internal.
Blackstone (Schwarzman), KKR (Kravis), Carlisle (Rubenstein), Bain (Romney), TPG (Bonderman) and a host of others are chronicled in a clear and concise way. Make no mistake. These guys (there are few if any women among the founders of PE) worked hard. Not a lot of heavy lifting, but more sweat equity involving lots of global travel, relationship development and time away from family and friends.
There are few areas in our daily lives that remain untouched by PE. Its reach is profound and its business decisions are capable of having a ripple effect across economies, industries, communities and families. In the interest of full disclosure several of the companies in my personal investment portfolio are partially owned by PE. I also worked several years for a company jointly owned by two PE players.
Like so many things in life and business including PE timing and opportunity are everything. I highly recommend this book for a reader with an interest in understanding more about the private equity business.
I found the New Tycoons informative and interesting reading. Can't say it gave me insight into the HOW of PE. The conclusion, at least for me is, if you want to invest in PE by the stock of a Blackstone or Carlyle. It's that or have $500 mil to invest or maybe it should be a billion. Maybe I can win the Buffet challenge of picking the perfect March Madness winning teams and thus win 1 billion! Yeah, right!!!
Entertaining, enthralling, and a little appalling.
The book provides a nice backdrop of the private equity industry. It is hard for me to believe the cash on cash returns warrant this investment, especially given the illiquidity. Why not just lever public equities. Don't bother with the uncorrelated argument since private equity needs the public markets to survive. Kelly does a nice job.
I expected much more information in detail, but it's okay this book have general information.
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