Two and Twenty: How the Masters of Private Equity Always Win Audiobook

The first true insider’s account of private equity, revealing what it takes to thrive among the world’s hungriest dealmakers

“Brilliant . . . eloquently takes readers inside the heroic world of private equity . . . [an] essential read.”—Forbes

ONE OF THE BEST BOOKS OF THE YEAR: Next Big Idea Club



Private equity was once an investment niche. Today, the wealth controlled by its leading firms surpasses the GDP of some nations. Private equity has overtaken investment banking—and well-known names like Goldman Sachs and Morgan Stanley—as the premier destination for ambitious financial talent, as well as the investment dollars of some of the world’s largest pension funds, sovereign wealth funds, and endowments. At the industry’s pinnacle are the firms’ partners, happy to earn “two and twenty”—that is, a flat yearly fee of 2 percent of a fund’s capital, on top of 20 percent of the investment spoils.

Private equity has succeeded in near-stealth—until now. In Two and Twenty, Sachin Khajuria, a former partner at Apollo, gives readers an unprecedented view inside this opaque global economic engine, which plays a vital role underpinning our retirement systems. From illuminating the rituals of firms’ all-powerful investment committees to exploring key precepts (“think like a principal, not an advisor”), Khajuria brings the traits, culture, and temperament of the industry’s leading practitioners to life through a series of vivid and unvarnished deal sketches.

Two and Twenty is an unflinching examination of the mindset that drives the world’s most aggressive financial animals to consistently deliver market-beating returns.

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"Khajuria believes private equity deserves to be defended. . . . [Deal] sketches supply helpful information about the structure of private equity funds. . . . The vignettes enable Khajuria to show the wide range of industries and transactions in which private equity now operates. . . . He suggests that private equity is too big and has insinuated itself too deeply into American life to be stopped. That may be the book’s most persuasive point."

— The Wall Street Journal