Private equity funds originated in the United States. At the end of 65438+2009 and the beginning of the 20th century, many wealthy private bankers put their money into high-risk emerging industries such as oil, steel and railway through the introduction and arrangement of lawyers and accountants. This kind of investment is completely decided by investors, and there is no special organization, which is the embryonic form of private equity funds. Modern private equity industry has experienced four important development periods. 1946 ~ 198 1 in the early PE period, some small private assets invested and small enterprises contacted private placement, which made PE start. The first round of economic depression and prosperity from 1982 to 1993 made PE develop into the second period, which was characterized by a large wave of acquisitions with junk bonds as capital leverage, and reached its climax in the late 1980s and early 1990s, when it was still frantically acquiring RJR· Beske, a famous American food and tobacco company, under the almost collapsed leveraged buyout industry environment. PE was washed in the second economic cycle (1992 ~ 2002) and experienced the third evolution period. At the beginning of this period, in the early 1990s, a series of financial and economic phenomena appeared, such as savings and loan crisis, insider trading scandal and real estate crisis. During this period, more institutionalized private equity investment enterprises appeared, and reached the development climax during the Internet bubble period from 65438 to 0999 to 2000. From 2003 to 2007, it became the fourth important period of PE development. The global economy has gradually weakened from the previous internet bubble, and leveraged buyouts have reached an unprecedented scale, thus making the institutionalization of private equity enterprises unprecedented. We can fully prove it from the IPO of Blackstone Group in 2007.