However, before graduates flock to private equity, they should know that only the very big funds can use debt to skew returns for insiders in this way, primarily because only they can raise the capital needed to buy well-established companies that are rich in fixed assets, and thus in potential collateral. Smaller private-equity funds typically buy into younger, smaller companies without such fixed assets, and the leverage in those deals is commensurately less.
但是，在毕业生一窝蜂地涌向私募股权之前，他们应该知道，只有非常大的基金才能用这种方式通过债务为内部人士创造回报，主要原因是只有它们能够不筹集到收购拥有大量固定资产（也是潜在抵押品）的老牌公司所需的资本。较小的私募股权资金通常只能买入较年轻、规模较小、没有如此多固定资产的公司，而这些交易中的杠杆相应地也会较低。