Sebastien Canderle’s book, The Good, the Bad and the Ugly of Private Equity, is an outstanding book and valuable resource. It should be on the desk of both experienced, investment executives and Business School students alike.The strength of the book rests on the twin pillars of the author’s experience and the case studies he shares.Canderle’s experience, both in the investment sector and as a university lecturer, attests to his authority and credibility -- items that undergird this important work.The book’s muscle is further rooted in the detailed case studies that the author brings to life for his reader; case studies that take concepts out of the theoretical realm and place them into stark, market reality. Canderle unwraps the often-opaque world of Private Equity and takes us though the paces of what works and what does not.He addresses a broad range of issues such as leverage, target company identification, economic cycles and human psychology. These subjects come alive in the selected examples, which reflect the author’s broad sector knowledge and his ability to effectively distil key subjects for his readers.Canderle deftly demonstrates how the best intentions can fall victim to market changes, management hubris, gross miscalculations or all of the above. He takes on topics such as the difference between building businesses and simply polishing up portfolio companies for sale in order to prop up a fund’s flagging rate of return. He discusses how to identify pitfalls and how well thought out and well-executed strategies can lead to impressive success.I have read other books about Private Equity that attempt to describe both the philosophy and mechanics of this industry; books which strive to make a positive case for this sector, backed up by examples. But these previous works tend to include only those case studies, which support the industry’s already positive view of itself.Canderle’s book goes well beyond that sort of simple and self-flattering exercise. He gets deep into the actual transaction mechanics and addresses both the positive aspects and the less appealing sides of this industry in refreshingly sober fashion. He takes the reader inside the corridors of the PE funds. Most importantly he takes the reader into the thought processes of those persons whose work drives this sector. And frankly, an honest and critical assessment of this particular sector’s behaviour and performance has often been lacking. On that count alone, Canderle’s book deserves praise.Using clear and easy language the author provides the reader with a trove of practical information and valuable insight. His style is accommodating for readers of various levels but never simplistic. Each case study presented is supported by figures and data that clarify and support the topics in question, and which include convenient summaries to keep the reader on track.Whether you are a Business School student, a seasoned executive in the investment field or someone simply curious about how the global Private Equity sector functions, Sebastien Canderle’s book represents integral reading. The author has rendered a genuine and valuable service to his readers, to investors and to the Private Equity industry itself.