In this book chapter for a practitioner audience, I present international PE activity data dating back to 2000, grouped into several “traditional” and “emerging” regions. There is no clear global development pattern for the PE market. After the historic high in 2000, activity peaked...

We study private equity in a dynamic general equilibrium model and ask two questions: (i) Why does the investment of venture funds respond more strongly to the business cycle than that of buyout funds? (ii) Why are venture funds returns higher than those of buyout? On (i), venture brings in new...

The investment-intensive growth model of the People's Republic of China (PRC) is often viewed as state-driven and ultimately unsustainable. But largely unnoticed, a shift has taken place. This paper examines the changes in investment patterns since 2003 and the potential impact of industrial...