The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything is a book by Jason Kelly that provides a detailed look at the world of private equity and the influential players who dominate this industry. The book examines the origins of private equity, the business strategies of the major players, and the impact of private equity on the broader economy.
Kelly begins the book by providing a historical overview of the private equity industry, tracing its origins to the 1960s and 1970s when a small group of investors began to specialize in buying and selling companies. He explores how the industry has evolved over time, from its early days as a niche area of finance to its current status as a major player in the global economy.
One of the key themes of the book is the power and influence of private equity firms and their founders. Kelly provides insights into the personalities and business strategies of some of the most successful private equity investors, including Steve Schwarzman, David Rubenstein, and Henry Kravis. He explores how these individuals have built massive fortunes and amassed significant political power through their investments in a wide range of companies.
Another important theme of the book is the impact of private equity on the broader economy. Kelly explores how private equity firms have transformed entire industries through their investments, often leading to significant job losses and other negative consequences for workers and communities. He also examines the role of private equity in the 2008 financial crisis and the controversial practices that have led to criticism and calls for greater regulation of the industry.
Despite the criticisms of the private equity industry, Kelly acknowledges the role that these firms play in the economy and the value that they can bring to companies and investors. He provides examples of successful investments and argues that private equity can be a powerful tool for driving innovation and growth in a wide range of industries.
One of the strengths of the book is its detailed and nuanced analysis of the private equity industry and the individuals who dominate this field. Kelly provides insights into the personalities, motivations, and business strategies of some of the most successful private equity investors, and explores the impact of their investments on the broader economy. The book is well-researched and provides a wealth of information and data on the industry.
However, one potential weakness of the book is that it may be too focused on the most successful and influential players in the private equity industry. While the book provides valuable insights into the strategies and practices of these individuals, it may not provide as much insight into the experiences of smaller private equity firms and investors who are still making their way in this industry.
Overall, The New Tycoons is a valuable resource for anyone looking to gain insights into the private equity industry and the powerful individuals who dominate this field. The book provides a detailed and nuanced look at the history, practices, and impact of private equity, and the role that this industry plays in the broader economy. While the book may be too focused on the most successful players in the industry, it is still an excellent resource for anyone looking to understand the forces shaping the global economy and the role of private equity in driving these changes.