The New Private Equity: Corporate Raider, Main Street Invader, Monopoly Builder, Shadow Owner

The report assembles data from proprietary sources to trace U.S. private equity since the 1980s. Its account describes a shift from corporate raiding toward acquisition of Main Street businesses, industry consolidation, and “shadow ownership” through complex holding structures.

The authors argue these roles can reduce the visibility and contestability of ownership, especially where the same firms acquire competitors or essential local businesses. The report provides a structural map of private equity’s reach rather than a firm-by-firm finding of unlawful conduct.