Abstract
This study reviews academic literature on private equity and family firms. Based on a systematic search process, we identify 50 relevant studies published in the fields of management, finance, and economics between 1990 and 2017. Besides providing a nuanced overview of the current state of research, we develop a framework to categorize the interaction between private equity firms and family firms along three phases. We outline the challenges and needs associated with a family firm–private equity partnership and discuss a variety of contingency factors. Lastly, we use the developed framework to propose an agenda for further research in the family firm–private equity field.
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