The most useful private equity question is also the least asked.

Operators spend their time on what they will build. Funds spend their time on what they will measure. Almost no one spends time on the ...

Most executives think the compensation negotiation is about compensation.

It is not. It is about behavior. The dollars are real, but the dollars are downstream of a question the sponsor is silently as...

Here is a test you can run on any value creation deck in about ninety seconds. Find the page that explains where the return came from. Add up the components. Compare the total to the equity proceeds a...

For most of the modern private equity era, IRR was the metric that defined fund performance. It was reported on the cover page of every quarterly update. It was the headline statistic in every fundrai...

From capital deployment to capability deployment, and from financial engineer to industrial builder

The era of cheap debt and reliable multiple creep is over. Buyers now pay for improvements they ...