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.

Netspar, Network for Studies on Pensions, Aging and Retirement, is een denktank en kennisnetwerk. Netspar is gericht op een goed geïnformeerd pensioendebat.


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