Preview
  • Two and Twenty

  • How the Masters of Private Equity Always Win
  • By: Sachin Khajuria
  • Narrated by: Will Damron
  • Length: 7 hrs and 44 mins
  • 3.8 out of 5 stars (73 ratings)

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Two and Twenty

By: Sachin Khajuria
Narrated by: Will Damron
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Publisher's summary

The first true insider’s account of private equity, revealing what it takes to thrive among the world’s hungriest dealmakers

“Brilliant . . . eloquently takes readers inside the heroic world of private equity . . . [an] essential read.”—Forbes

ONE OF THE BEST BOOKS OF THE YEAR: Next Big Idea Club

Private equity was once an investment niche. Today, the wealth controlled by its leading firms surpasses the GDP of some nations. Private equity has overtaken investment banking—and well-known names like Goldman Sachs and Morgan Stanley—as the premier destination for ambitious financial talent, as well as the investment dollars of some of the world’s largest pension funds, sovereign wealth funds, and endowments. At the industry’s pinnacle are the firms’ partners, happy to earn “two and twenty”—that is, a flat yearly fee of 2 percent of a fund’s capital, on top of 20 percent of the investment spoils.

Private equity has succeeded in near-stealth—until now. In Two and Twenty, Sachin Khajuria, a former partner at Apollo, gives readers an unprecedented view inside this opaque global economic engine, which plays a vital role underpinning our retirement systems. From illuminating the rituals of firms’ all-powerful investment committees to exploring key precepts (“think like a principal, not an advisor”), Khajuria brings the traits, culture, and temperament of the industry’s leading practitioners to life through a series of vivid and unvarnished deal sketches.

Two and Twenty is an unflinching examination of the mindset that drives the world’s most aggressive financial animals to consistently deliver market-beating returns.

©2022 Sachin Khajuria (P)2022 Random House Audio
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Critic reviews

“A true insider’s account of the industry.”—Fortune

“It cannot be stressed enough how much [Two and Twenty] is needed. . . . Private equity investors are not overpaid, nor are they avoiding taxes on our backs. In reality they’re heroes. Read Sachin Khajuria’s excellent and essential book to understand why.”—Forbes

“Khajuria believes private equity deserves to be defended. . . . [Deal] sketches supply helpful information about the structure of private equity funds. . . . The vignettes enable Khajuria to show the wide range of industries and transactions in which private equity now operates. . . . He suggests that private equity is too big and has insinuated itself too deeply into American life to be stopped. That may be the book’s most persuasive point.” —The Wall Street Journal

What listeners say about Two and Twenty

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  • Overall
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well written ans motivational

fascinating look at the inside of the PE investment sector. however one sided, not much objectivity when it comes to the utility of the sector and its externalities... which would have been interesting too to get an understanding.

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  • Overall
    3 out of 5 stars
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    1 out of 5 stars

Really just an infomercial for private equity

This is a primer explaining what the private equity business is all about. The author is a big advocate of the industry and doesn’t get into any of the more serious policy issues associated with the sector until the last few pages of the book, and then it is only to identify them, not discuss them in any detail. I tried to think about who would find a book useful. I think that if you were a student trying to decide whether to seek a job in private equity, this might be worth reading. Other than that group, I am hard-pressed to think of any category of people for whom it would be useful. There does not appear to be any original research reflected in the book and no real names are given. It is all hypothetical and fictional, although clearly based on real life situations. To his credit, the performer has done an excellent job of dramatizing the book.

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  • Overall
    5 out of 5 stars
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    5 out of 5 stars

A candid perspective of Private Equity and Private Capital from an insider

Loved the examples of how PE firms construct deals and investment cases.
Liked the admission that there will be some losses, but the good firms will have a stronger win rate
The narrator was good and I did not put the book down from start to finish

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  • Overall
    3 out of 5 stars
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    3 out of 5 stars

Disappointed by lack of real examples and facts

The author uses hypothetical sketches to walkthrough a series of private equity deals. Although the sketches are modeled on real life case studies, they give the whole project a bit of an artificial and unreal feel.

In my view, the whole book would be much more compelling if anchored on real examples and details. With only sketches, it’s harder to understand if the book’s glowing profile of private equity is justified or if it’s inflated.

It’s also impossible to fact-check or critically explore the examples and learn more about them by checking contemporary news stories or other sources.

Somewhat disappointing.

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1 person found this helpful

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    5 out of 5 stars
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Great book!

This was one of the best books on how private equity works that I’ve listened to. Definitely a must read !

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If interested in PE listen

As someone who is thirsty for a glimpse into in the world of private equity and finance, I found "2 and 20" to be an accessible and engaging novel. Sachin Khajuria's writing is clear and concise, and he does an excellent job of bringing the characters of “the firm” and their struggles to life. While the novel may not be suspenseful, it is nonetheless thought-provoking and insightful, and it provides a unique perspective on the challenges and pressures faced by those in the finance industry. I listened to the audiobook version on Audible, and I highly recommend it as a great way to experience this excellent novel.

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  • Overall
    2 out of 5 stars
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    2 out of 5 stars
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    1 out of 5 stars

Sycophantic

Claims to show “both sides” of the industry, but paints a sycophantic, relentlessly positive view of what PE firms and their professionals do.

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  • Overall
    2 out of 5 stars
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    3 out of 5 stars
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    2 out of 5 stars

Meh

Because the author didn’t want to violate NDAs, the stories are made up. Not very interesting. A book like this would be better if written by a journalist and let this author be a source as opposed to the way this book covers the topic.

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  • Overall
    1 out of 5 stars
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    1 out of 5 stars

Boring

Storytelling is boring as the characters and companies are not named which takes out all the excitement

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Not as Good as expected

The book keeps companies abstract so so you don’t really know who “The Firm” is. I read a magazine that gave more detail about private equity than this book. Look for the Mother Jones private equity edition

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