Private equity firms typically have a complex structure with a main entity advising multiple funds that attract investments from various sources. These funds then acquire companies in different sectors like nursing homes, rentals, clinics, and practices. Over time, private equity firms have diversified beyond traditional private equity into areas like credit, insurance, and real estate. Their role has expanded significantly, resembling the importance of investment banks during the Great Recession. Private equity firms have also influenced the shift towards fewer companies going public due to deregulation, making it easier to stay private and raise funds privately. They can enter businesses through buyouts or private credit, offering loans as debt without the transparency of the public market. While some view private equity positively for streamlining bloated companies, improving efficiency, and leading to profitable exits, others criticize their short-term focus, heavy debt burden on acquired companies, and lack of accountability when strategies fail.