In this episode, J. Neely, a Partner at Booz & Company, explores the private equity industry in light of Carlyle Group's recent IPO announcement. He discusses a number of topics including whether the Carlyle announcement is indicative of any kind of fundamental change in the private equity industry, major challenges faced by private equity firms today, and what may be in store as a next act for private equity. His discussion is based in part on the recent strategy+business article "The Next Winning Move in Private Equity," which he co-authored with Booz & Company Senior Partner Ken Favaro.