The Money, Freedom, and Glamour of Private Equity

A decade ago, we were on the verge of IPO mania: Soon we’d see every entrepreneur wanting to go public, and every investor wanting to be in on the next IPO. Today, the business elite is swarming to join or invest with private equity firms. Why is this trend so hot? What are the opportunities and risks? Where will it lead? We’ll answer these, and other important questions.

What do the fabled chief executives of top corporations do when they retire? Many golf, sail, or write their memoirs — b.....