Using a novel, hand-collected dataset, comprising 321 exited buyouts in the UK in the period 1995 to 2004, this study examines the realised value increase in exited leveraged buyouts. Testing the free cash flow theory, we show that value increase and return characteristics are related to...

The ICAEW's Corporate Finance Faculty published the third edition of its highly influential book Private Equity Demystified on 9 December 2014. The book is used as an independent, objective explanatory guide to private equity by policy-makers, regulators, investors, advisers and companies across...

Private Equity Demystified is published as part of the ICAEW Corporate Finance Faculty's thought leadership programme, Financing Change and includes a review of major academic studies on private equity globally. This not only outlines what is known, but highlights what isn't yet known about the...