Abstract
This paper explores the evolution and strategic positioning of private equity firms (general partners) themselves (versus previous research focused on buyout portfolio firm implications). Specifically, we provide a conceptual configuration of private equity firms along two dimensions: their financial structure emphasis (the strategic use of debt versus equity among private equity portfolio firms) and the diversified scope of their portfolio firms. Using these dimensions, we create a typology classifying private equity firms into short-term efficiency niche players, niche players with long-term equity positions, diversified players with focused groups of portfolio firms, and short-term diversified efficiency-oriented players. We also use resource dependence theory and resource-based theory to form our model, and discuss theoretical and managerial implications as well as public policy suggestions.
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