Over the past 32 years, management buyouts have evolved from a little known style of equity investing to a mainstream form of corporate finance. The governance principles of our buyouts – for example, aligning the interests of owners and managers – have become corporate best practice. The economic and social value of private equity has been documented by academics and others.

Although much has changed in the market for buyouts, and the way we manage our firm and investments, we have maintained a singular focus on the core of our franchise: investing substantial capital to acquire a controlling stake in an industry-leading business – one with a sustainable competitive advantage and one in which our involvement will enhance value creation.