Many private equity professionals today think that private equity has always been the way it is currently. In fact, the origins of modern private equity date back to a bit after World War II when two major venture capital firms were founded, the American Research and Development Corporation (ARDC) and J.H. Whitney & Company. ARDC was founded to help private sector businesses that were run by soldiers returning from World War II. J.H. Whitney invested in a variety of companies, some of which were focused on providing soldiers with nutrition and others related to food and other entertainment. It was not until the late 1950s and early 1960s that leveraged buyouts were popularized and companies like KKR looked to acquire family-owned businesses that were too small to be taken public and/or the families were unwilling to sell to competitors.

Overall, if there is one major takeaway from this piece, it is that private equity will continue to play a major role in the lives of investors and the trajectory of our modern economy. The world not only survives on private capital; it develops and thrives with the help of investors such as private equity firms. While it can be tempting to follow trends of new, perhaps more “chic” asset classes like crypto or NFTs, private equity will likely be an asset class that continues to truly stand the test of time.

Private equity is a fast-paced, stimulating, and rewarding career path. However, the journey from entry-level associate to partner sitting on the investment committee is long and winding. On this road, there are many opportunities and challenges that a new private equity investor should be attuned to. Having a keen sense of what to expect will allow you to best position yourself for recruiting and, more importantly, for succeeding in your role once on the job.

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