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The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything Hardcover – September 11, 2012


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The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything + King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone + The Masters of Private Equity and Venture Capital
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Product Details

  • Hardcover: 256 pages
  • Publisher: Bloomberg Press; 1 edition (September 11, 2012)
  • Language: English
  • ISBN-10: 1118205464
  • ISBN-13: 978-1118205464
  • Product Dimensions: 6.3 x 0.8 x 9.3 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (29 customer reviews)
  • Amazon Best Sellers Rank: #155,624 in Books (See Top 100 in Books)

Editorial Reviews

Amazon.com Review

From the Book: Private Equity Facts and Figures

Infographic1Infographic2
  • Number of people employed by private-equity owned companies in the U.S.: 8.1 million
  • Private-equity backed companies headquartered in the U.S.: 15,300
  • Examples of private-equity owned companies: Toys "R" Us, The Weather Channel, Madam Tussaud's, Dunkin' Donuts, J. Crew, Outback Steakhouse, Gymboree, Guitar Center, Miramax, Sea World
  • Number of private equity firms in the U.S.: 2,600
  • Total assets under management in all types of private-equity funds: about $3 trillion
  • Capital committed since 1990 to private-equity funds by California Public Employees' Retirement System (CalPERS): $66.8 billion
  • Combined revenues of KKR-owned companies in 2011: $200 billion
  • Total value of private-equity deals announced during the past decade: $3.89 trillion
  • Amount Carlyle's three founders were paid in 2011, including salary, bonus and distributions from funds: $413 million
  • Sources: Bloomberg, Private Equity Growth Capital Council, Preqin, firm and pension websites

Review

Subtitled Inside the Trillion Dollar Private Equity Industry that owns Everything, Kelly tries to demystify the complex world of private equity through telling the stories of the leading characters and key firms in the industry.

A Bloomberg news reporter, Kelly is familiar with his subject and he traces the mushrooming of this industry from a relatively small niche area of financial service into a globally powerful phenomenon.

The book has a timely edge given the presidential candidacy of Mitt Romney, a former chief executive of Bain Capital, and is certainly well researched.

Kelly notes that he is trained to look for surprise and that as he researched the book, the omnipresence of the industry surprised even him. So much is owned by the industry, and the appetite to run the numbers on businesses that are not, appears to be relentless.

Kelly does his best to make the complex simple with glossaries and charts; it is a challenging read nonetheless.

Although interesting for the general reader, the book will be of most interest to those who work in the global financial services industry and who can relate readily to the firms under consideration here. (Irishtimes.com, November 2012)


More About the Author

Jason Kelly is a writer covering the global private equity industry for
Bloomberg News in New York and the author of "The New Tycoons: Inside the
Trillion Dollar Private Equity Industry That Owns Everything." He's a frequent
contributor to Bloomberg Television and Bloomberg Businessweek. During his
tenure at Bloomberg, he's written about issues ranging from the aftermath of
Hurricane Katrina to economic development during the war in Afghanistan. Prior
to joining Bloomberg in 2002, he was the editor in chief of digitalsouth
magazine, a publication focused on technology and finance in the Southeast and
Texas. He earned a bachelor's degree from Georgetown University.

Customer Reviews

This is one of those rare books which is both very informative and very entertaining.
Pat C
Still, I found the book enjoyable and informative about an industry I understood only in passing prior to reading Kelly's work.
Matthew Clark
The author's description of the individuals in the book reads as though characters in a novel.
margaret w brownlee

Most Helpful Customer Reviews

40 of 40 people found the following review helpful By David Merkel on September 7, 2012
Format: Hardcover
Private equity is ill-understood by the general public because it is private. They don't have to file statements with the SEC, all they have to do is inform their limited partners on how they are doing.

Jason Kelly gives us a neutral view of what is going on in private equity. I think he is neutral, because he does not come across as a fan or a critic. Personally, I think that is hard to do with private equity, because 1) it is easy for some to become amazed at the success of some incredibly wealthy and clever businessmen, or 2) it is easy to take offense at these shadowy capitalists that have produced bankruptcies, fired many people, and have been very clever at using the tax code to pay minimal taxes.

Both of these views are caricatures and the truth does not lie in-between but embraces both views. Indeed, in many cases, jobs have been preserved or created through private ownership of firms. Many firms might have died without private equity restructuring the company, leading to the loss of all jobs.

Jason Kelly takes you through all aspects of private equity:

Fundraising
Leverage
Dealmaking
Operations
Exiting (Selling)

He also introduces you to all of the major private equity shops, and their leadership.

One thing the author highlights in the book is the pervasiveness of private equity. He notes how many businesses are managed by private equity. In general, these are businesses with steady cash flows that can service the debt that the private equity funds borrowed to buy them.

Some private equity firms are passive, and don't try to improve operations. Others make a great effort to grow the companies, hiring new people in the process, and taking risks to create a better company.
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35 of 39 people found the following review helpful By Jairo R. Navarro on September 26, 2012
Format: Kindle Edition Verified Purchase
Bought the book based on its good reviews to date. However, found very little in terms of substance or new information on any of the private equity firms or the industry overall. Author touches briefly on each of the major players in their industry, but he does not provide any insight or details on the background and experience of the founders, their benchmark deals, or how they got to the top. In addition, I expected to see a bit of "Barbarians at the Gate" type deal insight, and was instead bored by what seemed to be essay reflections of the value of the industry, its impact in society and employment. If you are looking for a very top level and general view on the industry the book does its job, but in terms of getting "inside" the industry, or learning anything new about the "new tycoons", I think you will be very disappointed.
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Format: Kindle Edition
This is one of those rare books which is both very informative and very entertaining. It manages to detail the ups and downs of the big-ticket corporate world, inter-weaving the real-life personalities of those involved. It reminds us that the basics of good business are common in all industries and that good management is good management. It also reminds us of the personal cost paid by those willing to roll the very big dice! This was a pleasure to read and gave me many things to think about for a long time.
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12 of 15 people found the following review helpful By James R. Maclean on November 13, 2012
Format: Hardcover
I read the book with a few disclaimers already understood in advance: the author, a fairly newish journalist with Bloomberg, needs to cultivate relationships with the top figures in PE. So he needs to avoid printing anything about anyone that might possibly be offensive to that person...unless that person happens to be, say, a critic of the PE sector.

Likewise, this book will mainly cover the PE sector from the point of view of investors, especially investors who are interested in the newly-available shares of the largest PE firms (some of whom only just went public). And finally, there are some business press conventions about social issues that cannot be transgressed: for example, all members of labor unions are avatars of Sergey Nechayev and Homer Simpson. There are many other examples.

(All right, one point worth noting: PE partnerships are typically very well-connected: indeed, they make Goldman Sachs look like a shut-in [1], with partnerships combining the most powerful people in Washington with the most powerful people on Wall Street or Dubai. Do PE partners have decisive power over arcane legislation regarding recondite financial practices? Yes. Ideally, a financier pushes the laws in order to make money, and legislators make laws to make sure the boundaries imposed by them--up against which the financier pushes--do the job of protecting other parts of the economic system. No one expects the financier to pay more tax than required by law. But it becomes a problem if the financier can have a loyal consigliere write those laws, which is increasingly the case.
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2 of 2 people found the following review helpful By Jason English on March 13, 2014
If you want a book that is informative in the first two chapters and then goes on and on about why someone will or wont eat a meatball sub, then this is for you. If you forgot how to find a restaurant and you want an in depth aesthic description (with address) of every nice restaruant in Manhattan then this book is for you. If you want to know the childhood story over every person mentioned and cataloguing of every piece of artwork that hung in their office, then you found your book. The author clearly got caught up in demonstrating his prowess for creative writing and neglected any substance relevant to private equity.
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