[001sky]

Counter-examples, or a couple examples of the salt: skype, getty images, doubleclick, etc. sometimes, it really does makes sense to add capital and/or shield the company from the public markets. When going through change, etc. builders and flippers are co-mingled though. just like vc presumably.

[winterchil]

Absolutely. And the distinction between "growth equity" and "private equity" gets ever more blurry over time.