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LBOs are commonly used in private equity, which is an asset class of increasing interest to both institutional and retail investors.

An LBO occurs where a target company is loaded with the debt used too acquire it – a strategy that requires careful judgement. Getting the balance right between debt load and future performance can be challenging.

Former investment banker David Pilger helps students and finance professionals master leveraged buyouts. In plain English, he discusses their purpose, benefits, risks and outcomes, and provides insight into the players in a typical LBO deal.