King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone

I went into this book thinking it would be about Blackstone [as the title might suggest]. It's actually about the past thirty years of private equity, including some lengthy sections on the progenitors of the industry, KKR.

It's an interesting mix of personal stories, industry trends, and a history of specific deals and what patterns can be learned from them. It really gives a lot of insight into how LBOs [Leveraged Buyouts] work, from looking at their early ties with junk-bond funding, to the massive rounds they've raised in recent years.

Ultimately, this is the kind of book I read for fun and entertainment, and in that regard, it delivered.

It should be taken with a grain of salt, as the authors think that LBOs are good thing—a show more perspective on which most people would take issue. If you are looking for a larger analysis of the impacts of LBOs and leverage in general on the global economy, this is definitely not your book, as it is focused solely on the heart of the LBO industry. show less

A history of the Blackstone LBO/merchant banking firm. I found this to be an interesting counterpart to the much earlier "Merchants of Debt" (a history of KKR, a rival firm), in that it brings the story up to date, including various twists, like the full fallout of the RJR Nabisco buyout, and the 2008 crash. Fairly even-handed, I think, to the point that there's a defence of the infamous Safeway LBO in one of the later chapters of the book. Definitely worth reading if you are interested in LBOs. Curiously, no photographs.