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Corporate Governance Should Combine the Best of Private Equity and Family Firms

Harvard Business Review

We believe so — it is a form of governance that is much older than the public and private equity models, one developed in sophisticated Western capital markets. Mars invested in China not only with a long-term purpose and commitment, but also with a clear medium-term strategy that was not swayed by short-term setbacks.

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Private Equity’s New Phase

Harvard Business Review

In phase one (buy and sell), PE investors looked for the equivalent of a “fixer-upper house” — a dilapidated company in a good industry that could be purchased at a discount and, after the business equivalent of some fresh paint and new appliances, resold for a profit. Large private equity firms (e.g.,

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