The Importance of Cost Reduction in Private Equity

I think private equity often gets a reputation of its only cost reduction and is found way through. That is kind of layoffs or things like that. Headcount reductions and finding efficiencies is one way of creating value. I think there's also a lot of non-headcount related efficiencies related to cost reduction at some larger private equity firms. It can be related in our size firms to thinking about how much are we paying for certain licenses for vendors.