The Institute for Chartered Accountants in England and wales has produced this downloadable pdf e-book (now in its 3rd edition), which sets out to provide an objective explanation of private equity, recognising that for public scrutiny of this sector to be effective it must be conducted on an informed basis. This is recognised, it says, by the work featuring on reading lists of leading business schools. It includes a history of private equity, saying that while there have always been equity investments made outside the public markets, private equity as we understand the term today, emerged in the 1980s from, broadly, 2 pre-existing pools of funds: venture capital and development capital. The term private equity was adopted from the late 1980s. Before then it was more common to hear institutions refer to themselves as venture capitalists in the UK and leveraged buy-out (LBO) firms in the US.