You might have heard the term "private equity" thrown around lately.

Private equity, or "termite capitalism," as it's been ironically called, is a sweeping term for a massive industry built around buying and flipping established companies. These businesses can be just about anything — municipal water utilities, chain restaurants, bottling plants, and even retirement homes.

The strategy is largely extractive. When someone flips an abandoned house, they're theoretically making structural repairs and quality-of-life updates, in the hopes of selling for more than the cost of the whole project. At its worst, private equity does the opposite: taking over healthy companies, selling off their assets and laying off employees en masse — hence the "termite" moniker.

Now, venture capitalist and tec

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