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One Way to Look at Private Equity
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Paul Levy of JLL Partners, a midsize private equity firm, reminds readers that private equity firms also invest funds for the pension and retirement funds of teachers and firemen, and the endowments of universities in the U.S. He responds to the criticism about overleveraging and pushing companies to bankruptcy by overloading them with debt and other questionable practices of private equity firms.
Private equity and the consequences of overleveraging firms, questionable practices and special tax treatment
01/17/2012
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Simmons and Mervyns are examples of loss of jobs and overloading companies with debt by private equity ending in bankruptcy. The debt crisis of 2008 made carrying large debt loads of the kind used by private equity dangerous because of the difficulty of finding financing. According to Standard and Poors/LCD Group private equity loaded $741 billion onto firms balance sheets between 2005 and 2008. Debt soared with the low interest rates and high liquidity environment preceding the crisis. In the 2008 financial crisis many of these companies with high debt loads went bankrupt- 66 of 105 companies that went into bankruptcy that year were under private equity firms according to Capital IQ. Private Equity can also operate in the manner of venture capital as in the Staples investment by Bain Capital. Jobs created in retail firms in this case are lower wage less skilled jobs.
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How Private Equity Strangled Mervyns
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Private equity buyout firms and unemployment in the U.S.
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Buyout Firms Profited as a Company’s Debt Soared
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How Private Equity Strangled Mervyns
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