The first edition of Private Equity Demystified – An Explanatory Guide was published in August 2008, as the first report to be issued under Financing Change, the thought leadership programme of the ICAEW Corporate Finance Faculty. The faculty is the world’s largest network of professionals involved in corporate finance and counts accountants, lawyers, bankers, other practitioners and people in business among its members. Financing Change aims to advance the economic and social contribution of corporate finance activity by promoting better understanding and practice.
Since the publication of the first edition of Private Equity Demystified the major economies have moved from growth to recession, the global banking community has experienced unprecedented turmoil and distress and we have all come to be familiar with the term ‘credit crunch’.
We have also seen the publication, in April 2009, of the European Commission’s proposed Alternative Investment Fund Managers directive which would cover private equity funds.

The second edition builds on the work of the first edition to reflect this recent turmoil and examines the way in which the banking market has changed its approach to private equity investments. It also includes more discussion of both mid-market buy-outs and the dynamics of the restructuring industry.

第一版《私募股权解惑——解释性指南》于2008年8月出版，这是第一份在《金融变革》下发布的报告，该报告是ICAEW公司金融学院的思想领导力课程。该学院是世界上最大的企业金融专业人员网络，成员包括会计师、律师、银行家、其他从业人员和商界人士。融资变革旨在通过促进更好的理解和实践，促进企业融资活动对经济和社会的贡献。
自第一版《私募股权》（Private Equity）的出版揭开了主要经济体从增长走向衰退的神秘面纱以来，全球银行业经历了前所未有的动荡和困境，我们都开始熟悉“信贷紧缩”这个词。
我们还看到，2009年4月，欧盟委员会（europeancommission）公布了拟议的替代投资基金经理指令（Alternative Investment Fund Managers directive），该指令将涵盖私人股本基金。
第二版以第一版的工作为基础，反映了最近的动荡，并探讨了银行市场改变其私人股本投资方式的方式。它还包括更多关于中端市场收购和重组行业动态的讨论。