The inner workings of private equity, are outlined, including its true modus operandi, as well as its ability to create, and sometimes to destroy value. Chapter 1 provides an assessment of where the industry stands today. Chapter 2 investigates the industry's dominant business models. Chapter 3 analyses how financial and economic value are created in the industry. Chapter 4 details how value creation comes to be measured in the industry and examines the return characteristics and fund performances by industry segments. Chapter 5 gives an overview of the main characters in the industry, i.e. the successful firms in each of the industry segments and their 'representative' deals, while chapter 6 provides insights into what the authors refer to as the "supporting cast," i.e. the ecosystem of advisers, gatekeepers and professionals gravitating around private equity funds. Chapter 7 takes a fund investment perspective, trying to provide guidelines for the selection of funds to invest in. The book concludes with Chapter 8, where the authors attempt to provide a map to the future of the industry, highlighting the issues at stake in the new environment and suggesting ways to improve the industry. Throughout the chapters, many case studies of (successful) deals are used as illustration.