观点私募基金

The thinking barbarians: how private equity has evolved

The industry cannot always be caricatured as short-termist, debt-addicted asset-strippers
George Roberts and Henry Kravis of KKR close the RJR Nabisco deal

Consider the tale of two $20bn-something companies — both of them private equity buyouts.

Thirty-five years ago, when Kohlberg Kravis Roberts pounced on the food-to-tobacco conglomerate, RJR Nabisco, the private equity industry hit mainstream headlines for probably the first time. The scale of that $25bn Nabisco deal — immortalised in the bestselling business book Barbarians at the Gate — is still totemic. (It dwarfs last year’s biggest global buyout — the $14bn paid for Toshiba by Japan Industrial Partners).

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