Development Financial Leverage Innovation Operations 
Harvard Business Review
AUGUST 9, 2016
a condo development, apartment building, or golf course). In phase three, PE firms are not simply holding companies waiting to dispose of the property, nor are they operating companies seeking to integrate their acquisitions into an existing business. In this phase, the acquired property is not just managed, but transformed.
Harvard Business Review
MAY 1, 2017
And the average long-term ROE is more than 25%, reflecting improved efficiency combined with greater reliance on financial leverage at most companies. In our experience, companies still focus more on cutting costs than on developing and executing new growth strategies. The result: a shortage of good growth ideas.
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