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We compare the characteristics of conglomerates and private equity entities. This is done by examining the differences among their business models. We analyze the relations of the two entity types to their investors on the one hand and to their investments on the other hand. The distinguishing characteristic of private equity entities is that they pursue a stand-aloneperspective with their investment policies, meaning that they treat each investment separately. Therefore, various linkages thatdoi:10.2139/ssrn.1140699 fatcat:x6d2ekdearhwhoov5t4gaudpwq