“…Our estimates imply that while private equity investment accounts for 8% of aggregate (private equity plus R&D) industrial spending, PE accounts for as much as 12% of industrial innovation. …”

“…We find that private equity investment benefits new business incorporation, especially in industries with naturally higher entry rates and R&D intensity. …”

“…The results using lagged private equity investments suggest that the results are not driven by reverse causality. …”