A Quote by David Bonderman
The private equity world is a relatively small one. There are currently probably a few thousand professional jobs worldwide. In private equity, that's probably about all there is. So in the scheme of things, the firms are all relatively small.
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Private equity firms aren't necessarily evil by definition. There are many stories of successful turnarounds fueled by private equity, often involving multiple floundering businesses that are rolled into a single entity, eliminating duplicative overhead.
We really wake up every day trying to build businesses. That is the goal of private equity. It's a misnomer out there that private equity profits by shrinking companies. In fact, it's just the opposite. Private equity creates value by growing great companies.
I've probably done more venture capital deals and expansion financings than I have done private equity deals. But both are the same. Private equity companies have also built jobs.
Private equity has absolutely no reason to exist. The private equity holder has all the upside and the banks all the downside.
When I was a CEO, I thought I understood private equity. I didn't. And what I've learned since my retirement, and since becoming directly involved in the world of private equity, points the way to a new career path for thousands of talented senior executives - and a new engine for value creation.
Being a good private equity investor is more complicated than it seems. I would say that there are a few characteristics that are important. If you look at the skill set that you need to ultimately be a successful private equity investor, at least at the senior level, you have to be, in this business, a good investor. You have to be able to help companies perform and you have to have judgment around exiting investments. If you look at the skill sets there, they include some things you can teach and some that you can't.
If private-equity firms are as good at remaking companies as they claim, they don't need tax loopholes to make money.
People used to think that private equity was basically just a compensation scheme, but it is much more about making companies more efficient.
Our economy is a plantation run for the aristocrats - the CEOs, hedge funds, private equity firms - while the field hands are left with the scraps.
We've got to move beyond the idea that the public and private sectors are at odds. Government has to lay the groundwork for private equity to productively invest in things like education. It's a partnership, not a battle.
Private equity does pay very well, and my counterparts, guys that I grew up with who are still working at a number of firms, all make a lot of money.
I thought I should try something relatively inexpensive, relatively contained, relatively small. I started working on a feature, a film I'd still like to make: a very talky film of people and ideas about our contemporary state with regard to relationships, marriage, sex, and romance. I started trying to educate myself about filmmaking.
Nobody in my generation ever started out in private equity. We got there by accident. There was no private equity business - actually, the word didn't even exist - when I started. I got there out of the purest of happenstance and so I think many people find what they really enjoy doing just in that way. So another piece of advice for you is: don't worry too much about what you're going to be doing when you get out of business school - life will come your way.
When it comes to gay marriage, the electorate can be broken into three basic groups: a relatively small core of committed opponents; a relatively small core of committed supporters; and a vast swath of conflicted voters who like to think of themselves as 'tolerant,' but who are instinctively uneasy with sudden, sweeping change.
It's actually a relatively small number of people that really are those risk takers, and a relatively small number of people that end up really having an impact on the world, and it doesn't take a lot of people. We said, 'Well, rather than just sit by and wait, or fold our tent and go do something else, let's keep at it. Maybe we can be the ones who can figure this out,' and eventually we were.
Private equity firms working closely with venture capitalists and technologists may be able to unlock assets that others have not leveraged and build technology cultures to iterate on solutions that make these assets more productive.
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