Buyout and distressed private equity

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The thesis “Buyout and Distressed Private Equity: Performance and Value Creation” by Christian Graf aims to enhance the understanding of private equity returns and value creation. It introduces a framework for analyzing key drivers of value creation in private equity buyouts, identifying operational improvements as the primary source. The research demonstrates a robust outperformance of buyouts compared to public markets within a simulated risk equilibrium scenario. Furthermore, the analysis extends beyond traditional buyout funds to explore distressed private equity, where funds acquire control over mature companies through outstanding claims. The findings reveal that distressed funds perform particularly well during economic downturns. This work highlights the significant role of operational enhancements in driving value and provides insights into the performance dynamics of both buyout and distressed private equity investments in varying economic conditions.