[2] A senior associate normally works alongside a veteran or senior partner (or several such partners) and assists in locating and analyzing investment opportunities. In the major funds, service in such a position is limited to a period of two to four years, following which the junior partner is promoted, if he has proven himself, or is fired.
[3] Decisions in the fund are always taken by vote, with the aspiration being that crucial decisions, such as recruiting or investments in companies, will be made unanimously.
[4] A buyout fund is a fund that acquires all or most of a “mature” company’s shares. This way, it establishes complete control over the acquired company. The fund invests in the company and improves it, in order to raise its value, then either sells it or takes it public for a much higher amount than the one it was originally acquired for.
Green Kills Page 25