PT - JOURNAL ARTICLE AU - Josh Lerner AU - Diana Noble TI - Practical Applications of When to Go and How to Go? Founder and Leader Transition in Private Equity Firms AID - 10.3905/jai.2021.jaipa051 DP - 2021 Nov 25 TA - The Journal of Alternative Investments PG - jai.2021.jaipa051 4099 - https://pm-research.com/content/early/2022/01/27/jai.2021.jaipa051.short 4100 - https://pm-research.com/content/early/2022/01/27/jai.2021.jaipa051.full AB - In When to Go and How to Go? Founder and Leader Transition in Private Equity Firms, published in the Fall 2021 issue of The Journal of Alternative Investments, Josh Lerner of Harvard Business School and Diana Noble, founder of Kirkos Partners, examine leadership transitions at private equity (PE) firms. They find that the philosophy of the founder and the context in which the firm finds itself usually drive most leadership transitions, which typically are complex multiyear processes with substantial frictions. PE firms encounter challenges with leadership transitions partly because there has been little research about the process. As the PE industry matures, the pace of leadership transitions will accelerate and the need for accepted best practices for the process will be amplified.