Two and Twenty: How the Masters of Private Equity Always Win

The first true insider’s account of private equity, revealing what it takes to thrive among the world’s hungriest dealmakers
ONE OF THE MOST ANTICIPATED BOOKS OF THE SUMMER—Bloomberg
Private equity was once an investment niche. Today, the wealth controlled by its leading firms surpasses the GDP of some nations. Private equity has overtaken investment banking—and well-known names like Goldman Sachs and Morgan Stanley—as the premier destination for ambitious financial talent, as well as the investment dollars of some of the world’s largest pension funds, sovereign wealth funds, and endowments. At the industry’s pinnacle are the firms’ partners, happy to earn “two and twenty”—that is, a flat yearly fee of 2 percent of a fund’s capital, on top of 20 percent of the investment spoils.
Private equity has succeeded in near-stealth—until now. InTwo and Twenty, Sachin Khajuria,...