A private equity buyout is an acquisition of a company by a private equity firm using a mix of fund equity and significant debt financing. Typically 50 to 70 percent debt-to-capitalization in classic leveraged buyouts (LBOs). It is distinct from strategic acquisitions in motivation (PE seeks financial returns through operational improvements, multiple expansion, and eventual re-sale; strategics seek synergies with their existing business) and in post-close approach (PE firms run a defined hold period of typically 3 to 7 years before re-selling or IPO; strategics integrate and hold). It is a meaningful share of mid-market and large-cap M&A volume, and a growing share of tech and software exits as PE expanded into s...