Two and Twenty

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This insider's account of private equity reveals how the industry's top players identify opportunities and secure deals, highlighting the mindset needed to excel in this high-stakes, evolving field. Once a niche managing $500 billion, private equity now exceeds $7 trillion, surpassing investment banking and attracting ambitious financial talent and significant investment from major pension funds and sovereign wealth funds. At the top are partners who earn "two and twenty"—a 2% management fee plus 20% of profits. The industry has thrived in relative obscurity until now. The author, a former partner at Apollo, offers a critical yet candid look at this expanding economic engine, sharing insights on how to "think like a principal" and "respond, don't react." Through vivid deal sketches, the book illustrates the traits, culture, and temperament that lead to superior returns. It serves as an unflinching examination of the mindset driving this influential sector and urges readers to pay closer attention to an industry that underpins global retirement systems, often misunderstood and sometimes criticized.