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It is well know that the private equity industry is in the midst of a dramatic evolution in size and influence. Less well appreciated is the beginning of a sea change in transparency and corporate governance. This will transform it from a low profile, private industry dominated by a deal-making culture into one that conforms to a far greater extent with the norms of the public listed markets.
The industry's greater size and visibility, as well as its potential desire to access public equity markets are seen as major drivers of this trend. But accounting and regulatory changes are also reinforcing the paradigm shift, as is the need to manage growing tax risks.