IN CONTEXT
Profit and risk
1959 Fairchild Semiconductors, the first venture-capital-funded start-up, is created.
1978 US investment group KKR pays $380 million to take manufacturer Houdaille Industries Inc. private; this is probably the first private-equity transaction.
1988 KKR buys conglomorate RJR Nabisco for $25 billion in the biggest private-equity purchase the world has yet seen.
2006–07 A peak year for private equity—in the US alone, private equity companies buy 654 companies for a total of around $375 billion.
Some economists believe that “private equity” is misnamed, since it is a model based on debt, not equity (the value of assets ...
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