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The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything

3.70  ·  Rating details ·  717 ratings  ·  60 reviews
Inside the Trillion Dollar Industry That Owns Everything

What do Dunkin' Donuts, J. Crew, Toys "R" Us, and Burger King have in common? They are all currently or just recently were owned, operated, and controlled by private equity firms. "The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything" takes the reader behind the scenes of these firm
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Hardcover, 256 pages
Published September 11th 2012 by Bloomberg Press (first published August 2nd 2012)
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Joseph
Oct 09, 2012 rated it it was ok
Shelves: non-fiction
The biggest drawback about this book is in the editing. Key concepts about private equity aren't sufficiently covered until near the end of the book. In its place there is a lot of personal profiles and company profiles of the major players in private equity. There is a good story here--the decision to invest billions in an undervalued company, the political ramifications of taxing a major portion of private equity's profits at 15% and the ubiquity of private equity in consumers' everyday lives- ...more
Jean
Dec 26, 2015 rated it really liked it
The first time I paid much attention to the term “private equity companies” was when Mitt Romney was running for President. They reported he made a fortune while working at Bain Capital a private equity firm. I saw the title of this book and grabbed it hoping I could learn more about this confusing topic.

Jason Kelly provides the history of private equity (PE) firms but more importantly he has gone behind the scenes to explain what makes the industry tick. He states the industry goes after unattr
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Magda
Aug 01, 2015 rated it it was ok
Like its title, this book has a plethora of money stats and name drops that are hardly relatable

The book shows the origins and evolution of the biggest private equity firms. Although the author clearly did his research on the matter, the format is stiff, almost factual, embellished with tiny little details that are circumstantial. I tried several times to finish this book, but left the last one third undone.
Bartosz Majewski
Jun 12, 2019 rated it it was amazing
Shelves: business
If you want to understand private equity better this is a good place to start. The book covers the history of the industry and it's key players, compensation structure and explains where do LPs come from. It's really US centric and focuses on the biggest firms.

I liked it a lot and was able to listien to the Audible audiobook in 2 days
Matt Hooper
Jun 12, 2018 rated it liked it
When Jason Kelly's primer on the private equity industry was published in 2012, Americans had a serious incentive to learn at least the basics of this complex, somewhat secretive industry. Mitt Romney, the GOP presidential nominee, had made his fortune as the CEO of Bain Capital -- one of the more notable and successful private equity companies in U.S. history.

Historically, American voters haven't voted against wealth -- or, at least what they perceive to be honest wealth, and particularly self
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Suresh Ramaswamy
Mar 28, 2018 rated it really liked it
I had heard of “Private-Equity”. My son works for private-equity. During his summer internship he had worked with Bank of America Merrill Lynch, and on completing his MBA, he joined the private-equity industry.

But what exactly do private-equity firms do – that was the million dollar question. Jason Kelly’s “New Tycoons” takes us on a journey through the business cycle of the industry.

Extremely well researched and written highlighting the growth of the titans Blackstone, Carlyle, KKR and TPG, whi
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CharlesS
Feb 17, 2019 rated it really liked it
The book does a good job narrating the history of some of the most prominent PE firms in the world and offering a glimpse into the infrastructure, practices, and recent trends of the PE industry. It also provides perspectives of the core practitioners and other parties intricately involved such as institutional investors and managers of portfolio companies.

A few takeaways:
1. The institutional limited partner association and its efforts and success at norm-making that seem to have a profound imp
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Adam
Feb 28, 2019 rated it it was amazing
Shed light into every deal shop around the globe aiming for big deals. A true fly on the walls view minus the geek speak buzzing in your ear.

Pearls of wisdom
AUM = Assests under management
MOIC = Multiple of invested capital
The stock market is more of a war then a sport
The company will build whatever the CEO decides to measure
We are two people with one voice
Analyzing the merits of value
My time horizon is a little different
I have a no assholes rule
Strip and flip
Dividend recap the worst of priv
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Connor
May 02, 2020 rated it liked it
2.5 / 5 - While interesting the book lacked focus and seemed to meander through the PE industry, glossing over some of the more interesting information and technical details. I would have enjoyed a more technical analysis of some of the deals discussed throughout, as well as more information on the makeup of the companies profiled. It was hard to understand the landscape as the author made contradictory statements throughout. Rubenstein is the face of the PE industry - no Schwarzman is the face ...more
Daniel Lambauer
Jun 07, 2020 rated it liked it
As always when someone has access to rich, powerful, interesting and reclusive people , the write-up of the interviews and conversation is fascinating.

However I would have liked to read more about the mechanics of the industry and of actual deals - as well as some stats. It is in the book somewhere, but only between quite a lof of fawning of the new tyconns.

Some questions are left unanswered - where would these equity funds be without pension funds? how much us really financial engineering rat
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Rbarfuss
Aug 14, 2017 rated it liked it  ·  review of another edition
Shelves: business, finance
While there were definitely some interesting tidbits in this book, I found the book to be one of those good for background. My mind would often wonder to other issues I was currently dealing with.

Private Equity is a fascinating subject to me, but this didn't give the insight that I had hoped. There were definite flashes of it - but then the author would run off to another corner of description and leave out the details of the deals.

I'm glad I read it, but it's not one I would read again.
Nero
Jan 28, 2020 rated it really liked it
The book did its job on summarizing info about the PE industry, the prominent firms, and the key persons involved in it. One key take-away is the idea whether PE firms create or destroy jobs. It highlighted the fact that PE's end goal is to grow companies, which eventually would create jobs. However, some PE-owned firms may be pressured to cut jobs to meet margin targets or debt obligations.

Although it took me a while to finish, it is still a good book to read if one wants to learn about this s
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Kumar
Aug 19, 2017 rated it liked it
Shelves: business
A good review of making of the pervasive modern private equity industry from Carlyle to KKR and Blackstone. Leveraging his journalistic style, Kelly touches on a wide range of issues related to the PE industry: the politics of carried interest taxes, labor relations, transition to public private equity, etc. Kelly's access to the leaders at these firms and his first hand account of some of the recent defining moments of this industry, makes the book particularly engaging.
Todd Benschneider
Sep 11, 2018 rated it really liked it
There are several times toward the end of the book, I found myself questioning if the author was compensated by Blackstone execs to promote its brand placement in private equity. There are times where the author writes a critical perspective of every player except for Blackstone and Mitt Romney. I was expecting a book more focused on the mechanics of how private equity created jobs and long term wealth, but the book is mostly about the political and tax details of PE unique positions.
Ietrio
Dec 10, 2019 rated it did not like it
Shelves: junk
Another English major that has discovered the Reptilian conspiracy. And it's easy to believe that, after all Kelly does not understand economics beyond buying a bagel at Walmart.

And, of course, one can argue that Kelly, in his ignorance, is an agent for another conspiracy. While asking for the blood of the investors, Kelly conveniently ignores that the US Social Security spends the one trillion *every year*.
Sherreka Burton
Jan 07, 2019 rated it liked it
Shelves: business
I thought this was going to be more...I don't know. It seemed like a lot of name dropping with a few tidbits on the industry itself. If you're going to drop so many name, how about dropping some net worths and assets to go along with it. At least make it more interesting.
Marina Gurevich
May 04, 2019 rated it liked it
Journalistic style written for general audience. Yet not sure how much general audience is interested in PE. Tells stories, some in my opinion totally irrelevant. Again this is journalistic style but little use if you’d like to learn about the industry more professionally
Joseph
Jan 12, 2020 rated it really liked it
A great background on the private equity industry and key transaction, firms and individuals involved. Many of the details and interviews are surprisingly revealing for a very - well, private- industry.
Devin
Jul 23, 2017 rated it liked it
Interesting look at the top tier firms and their founders.
Leonardo
Mar 05, 2018 rated it liked it
Ok but mostly about the story of the biggest firms. Not much about the remaining of the industry
Adhitya Wardhana
Aug 26, 2018 rated it really liked it
Easy to understand the complex world of finance, PE, VC, etc
Tim Gillen
Sep 11, 2018 rated it really liked it
While not necessarily new or novel, I found this book to be quite interesting. Insightful into the interplay between business and government, and how the current structures exist today.
Tom
Nov 24, 2018 rated it it was amazing
Great intro to private equity. Next up: barbarians at the gate.
Sonja Ellicott
Nov 28, 2018 rated it liked it
Shelves: business
It was hard to get through, but really useful information.
Hass Khalife
Mar 05, 2019 rated it it was amazing
Great read with deep insights into the Private Equity industry.
Robert
May 26, 2019 rated it liked it  ·  review of another edition
Fascinating Read About PE

This book opened my eyes to the world of private equity. Made me question who owns what in commerce. The writing style was bit difficult to follow.
Daniel
May 30, 2019 rated it liked it
Shelves: money, nonfiction
I was looking for a more balanced view of Private Equity. The New Tycoons ended up being more like a very long PR brochure for the industry. Some interesting back stories, though.
Matt
Jun 04, 2019 added it
Good general explanation of industry and key events to understand topics surrounding it.
Michael Payne
Nov 10, 2019 rated it liked it
What does Private Equity create for civilization?

They prosper mightily. We are all the poorer.

Make something meaningful as an alternate course.
David Skinner
Feb 26, 2020 rated it liked it
The author gave some helpful insight into the private equity business, but it was not that compelling.
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Jason Kelly is a writer covering the global private equity industry for
Bloomberg News in New York and the author of "The New Tycoons: Inside the
Trillion Dollar Private Equity Industry That Owns Everything." He's a frequent
contributor to Bloomberg Television and Bloomberg Businessweek. During his
tenure at Bloomberg, he's written about issues ranging from
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