Two and Twenty, Sachin Khajuria
Two and Twenty, Sachin Khajuria
List: $20.00 | Sale: $14.00
Club: $10.00

Two and Twenty
How the Masters of Private Equity Always Win

Author: Sachin Khajuria

Narrator: Will Damron

Unabridged: 7 hr 44 min

Format: Digital Audiobook Download

Published: 06/14/2022


Synopsis

The first true insider’s account of private equity, revealing what it takes to thrive among the world’s hungriest dealmakers

“Brilliant . . . eloquently takes readers inside the heroic world of private equity . . . [an] essential read.”—Forbes

ONE OF THE BEST BOOKS OF THE YEAR: Next Big Idea Club

Private equity was once an investment niche. Today, the wealth controlled by its leading firms surpasses the GDP of some nations. Private equity has overtaken investment banking—and well-known names like Goldman Sachs and Morgan Stanley—as the premier destination for ambitious financial talent, as well as the investment dollars of some of the world’s largest pension funds, sovereign wealth funds, and endowments. At the industry’s pinnacle are the firms’ partners, happy to earn “two and twenty”—that is, a flat yearly fee of 2 percent of a fund’s capital, on top of 20 percent of the investment spoils.

Private equity has succeeded in near-stealth—until now. In Two and Twenty, Sachin Khajuria, a former partner at Apollo, gives readers an unprecedented view inside this opaque global economic engine, which plays a vital role underpinning our retirement systems. From illuminating the rituals of firms’ all-powerful investment committees to exploring key precepts (“think like a principal, not an advisor”), Khajuria brings the traits, culture, and temperament of the industry’s leading practitioners to life through a series of vivid and unvarnished deal sketches.

Two and Twenty is an unflinching examination of the mindset that drives the world’s most aggressive financial animals to consistently deliver market-beating returns.

Reviews

Maybe it’s my own fault I found Two and Twenty disappointing; looking back at book jacket makes me realize that perhaps I should have had more of an inkling that Khajuria’s book would essentially function as an unabashed cheerleader for private equity. But … come on. While I don’t think reading this......more

Goodreads review by Fred

Two and Twenty is not a recipe for blackbird pie, it is the fee structure for private equity managers - 2% of assets every year and 20% of any profits. Far higher than "passive" investments like mutual funds and ETFs. No wonder the partners are often worth in excess of $100 million! Remember the clas......more

Not sure the grandiose characterisation of PE works when told by “sketches” involving semi-fictional scenarios. These sketches are fairly unsubstantiated (fewer facts than a case interview, and a lot of hyperbole) and so appeal to the credulity of the reader being wowed by the descriptions of super-......more

Goodreads review by Jung

Two and Twenty (2022) provides an up-close-and-personal account of the mysterious world of private equity. It gives insights into this unique branch of the finance sector and explains what sets it apart from other investment models. Sachin Khajuria is a former partner at Apollo, one of the world’s la......more

Goodreads review by Stefan

All I could say is that I expected more. Highly repetitive and everything is described as a high-level, nothing in details.......more


Quotes

“A true insider’s account of the industry.”—Fortune

“It cannot be stressed enough how much [Two and Twenty] is needed. . . . Private equity investors are not overpaid, nor are they avoiding taxes on our backs. In reality they’re heroes. Read Sachin Khajuria’s excellent and essential book to understand why.”—Forbes

“Khajuria believes private equity deserves to be defended. . . . [Deal] sketches supply helpful information about the structure of private equity funds. . . . The vignettes enable Khajuria to show the wide range of industries and transactions in which private equity now operates. . . . He suggests that private equity is too big and has insinuated itself too deeply into American life to be stopped. That may be the book’s most persuasive point.” —The Wall Street Journal

[Two and Twenty is] an excellent primer on the industry, from how things work at the very top to the nuts and bolts of its vast influence around the globe.”—Bloomberg Businessweek

“[Sachin Khajuria] demystifies the private equity world.”—Financial Times