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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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From the Book: Private Equity Facts and Figures
- 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
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)
Top Customer Reviews
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:
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.Read more ›
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 , 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.Read more ›
Most Recent Customer Reviews
the book was pure theater, leaving the reader to wonder "are there really people like this out there in the world?"Published 5 months ago by Amazon Customer
I expected much more information in detail, but it's okay this book have general information.Published 8 months ago by Kuba
PRETTY GOOD BOOK ON SUBJECT>A BUY IF INTERESTED IN CORRUPTION IN CORPORATE POWERPublished 13 months ago by Lonnie W. Morris Jr.
This is a good, fast read for those new to the world of Private Equity and looking for an introduction to the history, major players, and a high level view of the structure of the... Read morePublished 13 months ago by Anton Romash
I was asked to read this book for work. So far I have only made it through the first chapter. Reads like a history book with lots of names and dates. Read morePublished 13 months ago by Mary D.
This is a very good book about the inner workings and players in the Private Equity world.Published 20 months ago by Steven R. LeBlanc