Private equity: Not succeeding on succession

Thomas H Lee’s handing of the reins of his eponymous leveraged buyout shop to younger partners two years ago was considered a watershed. To private equity investors and practitioners, it spoke of the industry’s maturation from a cottage industry. It wasn’t just about the dealmakers anymore, but about the money-making franchises they created. Think again. Lee has now fallen out with his successors and will launch his own multi-billion dollar fund and compete with his former apprentices. While th...