This book deals with risk capital provided for established firms outside the stock market, private equity. It has grown rapidly over the last three decades, yet it is largely poorly understood. Although private equity has often been criticised in the public mind as being short-termist and having adverse consequence for employment, in reality this is far from the case. Dispelling some of the biggest myths and misconceptions about private equity, the book explains in detail what private equity involves and provides a review of the systematic evidence of what the impact of private equity has been. Written in a highly accessible style, it takes the reader through what private equity means, the different actors involved, and issues concerning sourcing, checking out, valuing, and structuring deals. The book contains summary tables of the academic research carried out over the past three decades across the private equity landscape, including the returns to investors, economic performance, impact on R&D and employees, and the longevity and life-cycle of private equity backed deal.