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unit, The Blackstone Group Inc.ûs acquisition of Hilton empire and

KKR & Co. Inc.ûs leveraged buyout of food and tobacco giant RJR
(1)
Nabisco Inc.

However, in Thai market, the term çprivate equityé is still little

recognized, especially by legal practitioners. This indeed calls for
further exploration and discussion in this Article, which aims to

examine and explain an overview of private equity (including the

common investment structure) and the relevant regulatory framework

from the perspective of Thai law and Thai context as well as raising

the challenging question - should extra regulatory measures be

introduced to control cross-border private equity transaction in the

Thai market?

2 What is Private Equity?

Private equity generally involves investments in the companies

not listed on a stock exchange, during the stage in which

these companies encounter a transformation in their corporate

(1)
During the last two decades, the US have seen a tremendous growth of the private equity
industry whereby its value has sharply increased from lower than US$ 10 billion to more

than US$ 180 billion. See Steven N. Kaplan & Antoinette Schoar, Private Equity Performance:
Returns, Persistence, and Capital Flows, 60 J. FIN. 1791, 1791 (2005).

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