This research aims to examine the effects of private equity on human capital as measured by the deferred income of workers and pensioners covered by a defined benefit pension arrangement. Research is performed by analyzing private equity portfolio companies in the US and testing five previously identified value-redistributing strategies possibly applied by private equity firms to increase operational performance. Portfolio companies are compared to listed peers. Additionally, case studies are presented to illustrate value-redistribution practices and to complement the empirical research with a socio-economic point of view. Results indicate private equity uses defined benefit pension plans for value-redistribution to a limited extent as measured by the proposed strategies. Recommendations for future research include a plan-level analysis, while practitioners and regulators are advised to increase transparency to improve the negative image painted by critics of the private equity sector.