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Professor George Smith discusses the history of the private equity industry

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Excerpt from The Daily Deal -- "Whitney and ARDC ... 'They're really venture capital firms,' said George David Smith, Clinical Professor of Economics and International Business at the New York University Stern School of Business. 'It wasn't until the mid 1980s that you began to see the big takeovers by [leveraged buyout] firms.' In fact, Smith said, the term 'private equity' itself wasn't widely embraced. Most firms used the moniker LBO shops."