The Governance Revolution by Deborah Hicks Midanek

Author:Deborah Hicks Midanek
Language: eng
Format: epub
Publisher: De|G Press
Published: 2018-02-17T16:00:00+00:00

As private equity reemerged in the 1990s it began to earn respectability. Although in the 1980s, many of the acquisitions made were unsolicited and unwelcome, private equity firms in the 1990s focused on making buyouts more attractive propositions for management and shareholders.

Although there had previously been certain instances of publicly traded private equity vehicles, the convergence of private equity and the public equity markets attracted significantly greater attention when several of the largest private equity firms pursued various options through the public markets. Taking private equity firms and private equity funds public appeared an unusual move since private equity funds often buy public companies listed on exchange and then take them private.

In 2007, Blackstone Group, for example, offered shares in its management company, allowing shareholders to share in its management fees and carried interest earned. In 2006, Kohlberg Kravis Roberts completed an initial public offering for a new permanent investment vehicle (KKR Private Equity Investors or KPE) listing it on the Euronext exchange in Amsterdam (ENXTAM: KPE). They raised $5 billion, alleged to be more than 3 times what they had hoped for, perhaps an indication of the popularity of private equity as an asset class in that the form of the vehicle offered investors otherwise unable to invest in a traditional private equity limited partnership due to size or other restrictions to gain exposure to a portfolio of private equity investments.

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