Transparency: Private to public

The private equity industry has long avoided public scrutiny. But a new consensus is emerging among the industry’s top brass. Blackstone’s Stephen Schwarzman, Carlyle’s David Rubenstein, and Permira’s Damon Buffini all agree that the buyout business has to embrace openness. But what exactly should LBO houses to disclose - and why? The starting point is to realise that there are several constituencies that have a legitimate interest in the industry’s activities: investors; employees in the compa...