Private equity (PE) remains an underutilised source of funding for firms in the EBRD regions. This EBRD Impact Brief explores how private equity can help companies prosper. It reports on a detailed study of both textual and financial data from more than 170 private equity funds that the EBRD invested in over a period of 25 years.1 The findings show that PE funds follow a rich set of strategies to create value during the life of a deal. These strategies typically increase operational efficiency in the companies they support – boosting investment, employment and sales – even when compared with equally high-growth and profitable companies. The data show that most operational improvements instigated by PE funds persist after the funds have fully exited their investments.