FInally some coverage on 'private equity'

We have been hearing in the media of late about how 'private equity' firms have been aggressively acquiring businesses in Australia (Qantas being the latest victim). It's been mentioned a few times of late by friends and family. Basically, they have asked 'what's with these private equity firms, and who are they?' These are good questions but no one in the media seem to be taking a bite at this story. However, Ross Gittens has piece on private equity in the SMH today.