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"PRIVATE EQUITY"
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The financialisation of rental housing
This paper compares how recent waves of private equity real estate investment have reshaped the rental housing markets in New York and Berlin. Through secondary analysis of separate primary research projects, we explore financialisation's impact on tenants, neighbourhoods, and urban space. Despite their contrasting market contexts and investor strategies, financialisation heightened existing inequalities in housing affordability and stability, and rearranged spaces of abandonment and gentrification in both cities. Conversely cities themselves also shaped the process of financialisation, with weakened rental protections providing an opening to transform affordable housing into a new global asset class. We also show how financialisation's adaptability in the face of changing market conditions entails ongoing, but shifting processes of uneven development. Comparative studies of financialisation can help highlight geographically disparate, but similar exposures to this global process, thus contributing to a critical urban politics of finance that crosses boundaries of space, sector and scale.
Journal Article
Private equity : history, governance, and operations
\"An authoritative guide to understanding the world of private equity (PE) investing, governance structures, and operational assessments of PE portfolio companiesAn essential text for any business/finance professional's library, Private Equity: History, Governance, and Operations, Second Edition begins by presenting historical information regarding the asset class. This information includes historical fundraising and investment levels, returns, correlation of returns to public market indices, and harvest trends. The text subsequently analyzes PE fund and portfolio company governance structures. It also presents ways to improve existing governance structures of these entities. A specific focus on portfolio company operations, including due diligence assessments, concludes the text. Seamlessly blends historical information with practical guidance based on risk management and fundamental accounting techniques Assists the book's professional audience in maximizing returns of their PE investments Highly conducive to advanced, graduate-level classroom use Purchase of the text includes access to a website of teaching materials for instructional use Learn more about PE history, governance, and operations with the authoritative guidance found in Private Equity: History, Governance, and Operations, Second Edition\"-- Provided by publisher.
Book
Private Equity and Industry Performance
The growth of the private equity industry has spurred concerns about its impact on the economy. This analysis looks across nations and industries to assess the impact of private equity on industry performance. We find that industries where private equity funds invest grow more quickly in terms of total production and employment and appear less exposed to aggregate shocks. Our robustness tests provide some evidence that is consistent with our effects being driven by our preferred channel.
This paper was accepted by Amit Seru, finance
.
Journal Article
Leveraged Buyouts and Private Equity
In a leveraged buyout, a company is acquired by a specialized investment firm using a relatively small portion of equity and a relatively large portion of outside debt financing. The leveraged buyout investment firms today refer to themselves (and are generally referred to) as private equity firms. We describe and present time series evidence on the private equity industry, considering both firms and transactions. We discuss the existing empirical evidence on the economics of the firms and transactions. We consider similarities and differences between the recent private equity wave and the wave of the 1980s. Finally, we speculate on what the evidence implies for the future of private equity.
Journal Article
Private equity and reproductive medicine: “Fertile breeding ground” – a physician’s perspective
The growing influence of private equity (PE) in reproductive medicine makes it increasingly important to examine its impact from the perspectives of physicians, patients, and investors. As PE firms increasingly acquire fertility clinics and related healthcare services, they bring promises of operational efficiency, expanded access, and innovation. At the same time, these developments have come under growing scrutiny, raising critical concerns about the commercialization of care, equity of access, and the long-term impact on clinical outcomes. From the physician’s viewpoint, PE involvement presents both opportunities and challenges—shaping medical autonomy, clinical decision-making, and the ability to prioritize patient-centered care. The article critically assesses these dynamics, weighing the potential benefits of investment against concerns over profit-driven models, regulatory scrutiny, and the shifting role of healthcare professionals in an increasingly corporatized landscape.
Journal Article
Risk Management Practices among Private Equity Funds in South Africa
Effective risk management is essential for private equity (PE) funds to navigate economic, market, and operational challenges while maximizing investor returns. This study aims to evaluate the risk management practices employed by private equity funds in South Africa, focusing on the tools used for pre-investment risk assessment and the strategies implemented throughout the investment process. A quantitative approach was adopted, using a semi-structured questionnaire administered to 31 private equity fund managers in South Africa’s Gauteng province. The Mann-Whitney U test, a non- parametric statistical method, was applied to assess the independence of smaller and larger fund groups, given their distinct nature and the non-normal distribution of the dependent variable. The findings indicate that traditional pre-screening risk assessment methods are commonly used by South African private equity funds. Additionally, larger funds tend to co-invest with trusted partners as a key strategy for mitigating risk. The results also reveal that these larger funds more frequently utilize the enterprise value/earnings before interest and tax (EV/EBIT) ratio in their evaluation process. This study supports the Basel II recommendation, which suggests that adopting an audit and risk planning framework can help private equity firms identify the most critical risks and concentrate their risk management efforts accordingly. The survey’s overall results show that cash flow-volatility-based models and stress testing are the most widely utilized tools among the funds studied. This research contributes to the ongoing discourse on risk management in private equity, particularly in the context of South Africa’s emerging economy, offering new insights into a relatively underexplored area.
Journal Article