Private Equity Resources




  • Levintova, Hannah. “The Smash and Grab Economy.” Mother Jones, May + June 2022. Part of a multi-part series, this article describes the increasing role over time of private equity in our daily lives.


  • More Perfect Union. “How Private Equity Plundered The American Economy | Ft. Adam Conover.” YouTube 7 Mar 2022 (18 minutes). A video introduction to private equity investments and the leveraged-buyout strategy, including how this strategy can negatively impact workers and health care quality. Argues for transparency and unionization as solutions.



Workers and Jobs




  • Primack, Dan. “Private equity takeovers result in significant job losses.” Axios, 7 October, 2019. Coverage of a study by Josh Lerner of Harvard Business School and Steve Davis of the University of Chicago describing how private equity takeovers result in significant job losses. This is significant because private equity regularly defends its employment record by citing a 2011 study by the same two authors.



  • Dayen, David. “Cut Off Private Equity’s Money Spigot.” The American Prospect, 28 Jul 2022. Describes how private equity fund managers use leveraged buyouts to increase their own wealth, while harming workers as well as business earnings. Provides background on federal legislation that has benefited private equity firms and policy recommendations.


Health Care


  • Olson, Laura Katz. Ethically Challenged. Johns Hopkins University Press, 2022. Describes the increasing role of private equity in health care and how the profit motive can lead to lower quality care.








  • Appelbaum, Eileen and Rosemary Batt. “Private Equity Buyouts in Healthcare: Who Wins, Who Loses?” Institute for New Economic Thinking Working Paper Series No. 118. 15 Mar 2020. Shares examples of private equity firms consolidating smaller providers, loading them with debt, and exiting with a profit.



  • Scully, Vincent, Jr. “Private Equity Harms Autism Service Market.Spectrum News. Opinion column. 1 Mar 2023. Provides examples of harmful practices in private equity-owned autism treatment facilities that aim to increase profits, including excessive caseloads, lack of training, lower quality or “cookie-cutter” learning plans, and overbilling of hours.






  • Financial Services Committee of the US House of Representatives Majority Staff to Committee Members. Memorandum regarding hearing entitled, “Where Have All the Houses Gone? Private Equity, Single Family Rentals, and America’s Neighborhoods.” 8 Jun 2022. Memorandum describes research findings that large investors tend to purchase homes in neighborhoods with larger Black populations, lower home values, and higher rents; to outcompete first-time homebuyers; to raise rents; and then to sell the homes in bulk to other institutional investors.




  • Ellen, Ingrid Gould and Laurie Goodman. “Single-family rentals: trends and policy recommendations.” Brookings report. 2023 Nov. Discusses the limited research on large institutional investment in single family home rental properties and provides policy recommendations, including the adoption of rental registries.







  • Gillers, Heather. “Retirement Funds Bet Bigger on Private Equity.” Wall Street Journal, 10 Jan. 2022. Explains that state and local pension funds are investing more and more in private equity: pension funds invest about a quarter of their funds, or $480 billion, in private equity, a 60-percent increase from 2018.


  • Phalippou, Ludovic. 2020. “An Inconvenient Fact: Private Equity Returns & The Billionaire Factory.” University of Oxford, Said Business School, Working Paper, 10 Jun 2020. Reports findings that private equity funds failed to outperform public equity indices (i.e., the stock market). He argues that creative accounting by private equity managers has made private equity seem like a better investment than it really is.


  • Aubry, Jean-Pierre. “Public Pension Investment Update: Have Alternatives Helped or Hurt?” Issue in Brief 22-20, 2022. Chestnut Hill, MA: Center for Retirement Research at Boston College. Shows that alternative investments (private equity, hedge funds, real estate, and commodities) have not increased pension returns but may have reduced volatility.



  • Baik, Brian K. “Private Equity Fund Valuation Management During Fundraising.” Harvard Business School. Working Paper 23-013, 11 Jan 2024. Summary article here. Finds that low-reputation private equity funds use tactics to inflate their reported earnings during fundraising periods and suggests that investors would lose interest in these funds if the investors knew their true (lower) value.