Who should read *Two and Twenty*?

This book is ideal for finance professionals, investors, and anyone curious about private equity’s influence on the economy. It’s particularly valuable for skeptics questioning PE’s wealth accumulation, retirees reliant on pension funds invested in PE, and analysts seeking insights into leveraged buyouts and distressed asset management. Khajuria’s blend of case studies and candid reflections caters to both novices and industry veterans.

Is *Two and Twenty* worth reading?

Yes, *Two and Twenty* is a compelling primer on private equity’s opaque world, praised for its clarity and real-world examples. While some critics argue it overly celebrates PE’s successes, the book balances praise with scrutiny of ethical dilemmas, such as fee structures and insider deals. It’s essential reading for understanding how PE shapes markets and retirement portfolios.

What does the “two and twenty” fee model mean?

The term refers to private equity’s standard compensation: a 2% annual management fee on assets under management and 20% of profits (carried interest). Khajuria explains how this aligns incentives between investors and fund managers but also critiques its potential to prioritize short-term gains over long-term stability. The model has fueled PE’s growth but faces regulatory scrutiny.

How does private equity impact retirement funds?

Private equity firms manage trillions for pension funds, endowments, and sovereign wealth funds, directly affecting retirement savings. Khajuria highlights PE’s role in delivering higher returns than public markets but warns of illiquidity risks and opaque fees. For example, Apollo’s infrastructure investments may boost yields but lock capital for decades, requiring careful investor due diligence.

What traits define successful private equity investors?

Khajuria emphasizes patience, analytical rigor, and a “principal mindset” focused on long-term value over short-term wins. Top investors excel in distressed asset turnarounds, negotiate favorable terms during market downturns, and build relationships with management teams. Adaptability is key, as seen in Apollo’s pivot to insurance-linked investments post-2008.

Does *Two and Twenty* address criticisms of private equity?

Yes. Khajuria acknowledges critiques like excessive leverage, job cuts, and conflicts of interest in affiliated deals. He argues that PE often saves failing businesses but concedes some firms prioritize profits over stakeholders. The book encourages regulatory balance to preserve innovation while curbing exploitation.

How does Khajuria view private equity’s future?

He predicts continued growth, driven by retail investors and demand for alternative assets. However, he cautions that rising competition and regulatory pressures—such as fee transparency rules—will force firms to innovate. Sustainable investing and technology-driven due diligence are cited as emerging trends.

二与二十：私募基金的秘密世界

Q: What is *Two and Twenty: How the Masters of Private Equity Always Win* about?

*Two and Twenty* provides an insider’s perspective on private equity (PE), demystifying its strategies, fee structures, and impact on global finance. Sachin Khajuria, a former Apollo partner, explains how PE firms like Blackstone and Carlyle generate outsized returns through long-term investments, operational expertise, and disciplined risk management. The book also addresses criticisms of the industry, such as conflicts of interest and job cuts, while highlighting its role in retirement systems.

# 私募股权大师如何稳操胜券

萨钦·卡朱里亚

3.33(338 Reviews)

《二与二十：私募基金的秘密世界》概述

有没有想过私募股权巨头是如何积累财富的？《二与二十》（Two and Twenty）提供了华尔街资深人士萨钦·卡朱里亚（Sachin Khajuria）前所未有的业内视角，揭示了这个塑造全球退休体系的行业。这本书被《福布斯》誉为“卓越之作”，揭露了造就亿万富翁的“2%/20%”模式背后鲜为人知的策略。

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第 1 章

The Billionaire's Playbook: Inside the $12 Trillion Private Equity Machine

When Theodore Roosevelt spoke of "the man in the arena" whose face is "marred by dust and sweat and blood," he could have been describing today's private equity titans. These financial gladiators operate in a world where billions flow through their decisions daily, yet few outside their circle understand how they truly function. The industry's signature "Two and Twenty" formula-2% annual fees and 20% of profits-has created more billionaires than perhaps any other business model in modern history. Despite identical fee structures across firms, performance varies dramatically, with some consistently generating returns that make pension fund managers swoon while others barely outpace index funds. What explains this difference? It's not just financial engineering-it's the people, their mindsets, and the cultures they create. As private equity's influence has exploded to $12 trillion in assets touching virtually every sector of the global economy, understanding this secretive world has never been more important.

第 2 章

The Best Game in Town: How Private Equity Thrives in Chaos

Picture this: It's September 2008, Lehman Brothers has just collapsed, and eleven partners of an elite private equity firm are gathered in a Manhattan boardroom. While markets worldwide are in freefall, these investors see opportunity. Their target? TV Corp, Germany's largest broadcaster-a company they previously owned and sold at a premium. Now, with markets in panic, they can buy back the same business at a 75% discount. While mutual funds and everyday investors are desperately selling, these masters of finance are calculating their entry points, planning to triple their money once markets stabilize. This scene exemplifies why private equity has become "the best game in town." The industry's signature Two and Twenty model means firms retain 20% of profits while charging 2% annual management fees. What began as a compensation structure to align interests has evolved into something far more lucrative. As the industry has grown dramatically-some firms now approach trillion-dollar portfolios-these management fees have transformed from merely covering operating costs to becoming massive profit centers themselves. The industry's expansion has been strategic and opportunistic. Following the 2008 crisis, as banks retreated under stricter regulations, private equity firms moved into direct lending through credit funds, becoming "shadow banks" that fill crucial financing gaps. They've similarly stepped into infrastructure investing, taking over management of airports, toll roads, and utilities traditionally operated by governments. What makes this system work is the concentration of decision-making power. A $10 billion fund might have only twenty partners, and even when assets double to $20 billion, the partnership circle might grow to just thirty. This deliberate limitation preserves the decisive, nimble culture that drives their success. The brightest financial minds now prefer Blackstone, Carlyle, and KKR over traditional banking powerhouses, creating a self-reinforcing cycle of talent attraction and performance gains. Success in private equity depends not on automation or AI but on professionals with exceptional risk-return analysis skills and the stamina to nurture deals across decade-long horizons. Even during market volatility, private equity's illiquid nature becomes paradoxically appealing to investors seeking stability. Despite higher costs and opacity, it delivers results-making it truly "the best game in town."

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第 3 章

Beyond Financial Engineering: The Art of Business Transformation

Private equity sells what sounds like financial alchemy-consistently beating markets while minimizing risk, focusing on long-term value rather than quarterly results, and transforming investments through expertise most others lack. Unlike passive index funds charging minimal fees (0.1%), private equity commands premium Two and Twenty rates by offering active transformation of businesses. Success hinges on a 360-degree understanding of both financial and operational aspects of target businesses. Investment professionals analyze sector dynamics, competitive landscapes, technological impacts, and regulatory environments to identify value-creation levers. They assess business resilience, capital structure, refinancing opportunities, and long-term strategic vision. Consider Pharma Corp, once a market darling that lost 80% of its value-$100 billion-in twelve months. Its business model of acquiring drug companies, slashing R&D, and implementing massive price hikes collapsed amid accusations of price gouging and questionable accounting. Meanwhile, a savvy private equity firm had been exploring pharmaceutical investments for years, avoiding the risky strategies that doomed Pharma Corp. Their deal team-having hired industry veterans, attended conferences, and built detailed models-identified opportunities to carve out unloved older medicines from pharmaceutical giants where modest price increases could be justified, and to acquire distressed debt at discounted rates. This approach demonstrates private equity's edge-learning from failed models while refining them to create profitable opportunities. They move quickly when needed, with flexible approval processes allowing real-time decisions. Their goal is signature deals that signal their arrival in the space-smart bargains others wish they had the brains and muscle to execute. Private equity firms operate with a pyramid structure: young analytical professionals at the base, deal quarterbacks in the middle, and partners leading investment activities at the top. Despite this hierarchy, teams operate with flat dynamics: open doors, calls at any hour, and shared responsibility. Deal teams are remarkably lean-just three or four professionals can manage billion-dollar investments. The process demands building powerful industry networks and recognizing excellent management talent. Professionals run countless financial scenarios to stress-test targets before settling on realistic base cases. Throughout the investment lifecycle, they maintain close relationships with portfolio company executives, requiring both analytical skills and emotional intelligence rarely found on Wall Street.

第 4 章

Behind the Curtain: The Concentrated Power of Private Equity

On David's first day at the Firm, he witnesses the Founder-a visionary worth three billion dollars-stroll past security without removing his custom Persol sunglasses, causing waiting bankers to part ways instantly. The Firm's slick website portrays a global investment machine with thousands of employees across continents, investing billions across sectors while championing social causes and workplace diversity. Yet David quickly senses the reality differs. Despite hundreds of employees, vital decisions on thirty billion dollars of investments ultimately fall to perhaps twenty deal partners. To understand how private equity truly works, he must understand these people behind the curtain-the concentrated power that drives the extraordinary results. During orientation, David absorbs facts about regulations and protocols in bland conference rooms adorned with ornate antique rifles-their suggestion of old-fashioned firepower contrasting with the modern organization being described. At his $150,000 compensation package, HR reminded him that less than one percent of applicants secure such positions-an ironic gateway to a club whose members occupy the top one percent of society by wealth. By 11:00 a.m., David's orientation ends, and he's immediately staffed on "Endgame"-a confidential strategy project presented directly to the Founder. This living document, refined every six months, anticipates optimal ways to maximize scale and profit by identifying market opportunities before competitors. The assignment is so sensitive that David is forbidden from discussing it with fellow associates. The Firm projects a first-class environment where emotions are measured and words deliberate. Hours pass without raised voices, though occasional laughter breaks the professional hush. Lavish spreads from Michelin-starred restaurants add luxury to office meals. Partners occupy proper offices with floor-to-ceiling windows overlooking Central Park, while VIPs regularly pass through-senators, Fortune 500 CEOs, tech entrepreneurs, and Hollywood moguls. Communication follows strict hierarchies: face-to-face conversations are preferred for confidential matters, phone calls kept brief, and emails never contain negative content. The most terrifying message David receives in his first week is simply: "Let's chat." David's project reveals that since the Firm's IPO, they've discovered the stock market values stable, recurring management fees (the "two percent") over potentially volatile performance fees (the "twenty percent"). His task involves developing "permanent capital" platforms without preset redemption periods and tapping retail investors through 401(k) plans. Despite ethical concerns about whether ordinary workers' retirement savings should be invested in complex private equity products, David recognizes these initiatives could dramatically increase the Firm's stock price. Private equity operates with concentrated power, not democracy. While deal teams collaborate and debate freely, ultimate authority rests with "key employees"-senior partners with the strongest investment track records who also hold major ownership stakes. This power concentration means a tiny number of private individuals control hundreds of thousands of employees and communities through their portfolio companies.

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第 5 章

We Eat Our Own Cooking: The Ownership Mindset

Private equity professionals aren't mere salaried employees-they have personal equity in deal outcomes, creating an ingrained sense of ownership absent elsewhere on Wall Street. They act as if they personally own the businesses they invest in, working closely with management to create value. Yet unlike traditional business owners, they maintain the ability to detach and analyze problems objectively when necessary. This ownership mindset becomes evident during crises. When the Founder sends a terse email about a troubled investment-"Sounds like a problem. Tk."-it signals a potentially catastrophic failure requiring immediate intervention. The Plastix deal exemplifies this scenario: twelve weeks after acquisition, aggressive headcount cuts triggered crippling strikes, production disruptions led to delayed orders and lost customers, and the company was burning through liquidity, necessitating an urgent $50 million cash infusion to avoid losing the entire $400 million investment. The team structures a two-shot capital infusion strategy-an immediate injection followed by a second round within ten weeks-hoping to kickstart recovery. They protect themselves through debt rather than equity investment with strong covenants giving them extra power if things deteriorate further. The investment committee meeting showcases their fiduciary responsibility-the lead partner takes full accountability for past mistakes with no corporate cover-up, earning the Founder's approval through demonstrated humility and hunger to win. The imperative to never lose investors' money drives their iron grip on portfolio companies, pulling every lever to protect and grow investments. When deals go wrong, private equity bares its teeth-negotiating with debtholders, cutting costs ruthlessly, and fighting aggressively for their assets when necessary.

第 6 章

Running into Burning Buildings: The Value of Complexity

Masters of private equity actively seek out chaos and complexity where others see only risk. While most people prefer simplicity and quick fixes, private equity professionals embrace complexity, believing the biggest profits hide within messy situations. They analyze multi-billion-dollar assets in weeks, driven by human judgment rather than algorithms, bringing skepticism and investigative mindsets to every opportunity. During the 2008 financial crisis, when panic swept through the insurance industry after AIG's collapse, private equity saw opportunity while others fled. The deal team proposes acquiring an underperforming large insurer called General Insurance Group-a sprawling, opaque business with multiple entities across Chicago, Bermuda, and London. Despite market panic, they believe the Federal Reserve's unprecedented monetary policy will soon flood markets with liquidity, making this an excellent time to buy. Through intensive due diligence costing millions-hiring twelve actuaries and specialized attorneys to scrutinize every contract-they discover a $300 million surplus hidden in the balance sheet that can be extracted as dividends post-acquisition. Beyond this, they identify numerous efficiency opportunities: consolidating six underwriting entities into two, eliminating expensive sponsorships and corporate jets, addressing four-day workweeks and easy-to-meet bonus targets, scaling back overfunded pensions, and outsourcing IT. Most significantly, General Insurance sits on a $3 billion "float" of client premiums currently earning minimal returns. The Firm can manage these assets directly through its credit funds and selected external managers, dramatically increasing yield. Being debt-free, the company can also issue high-yield bonds with payment-in-kind interest, financing additional dividends. Together, these moves would return over 50% of the initial investment within twelve months. The masters of private equity thrive on "good complexity"-situations where value creation paths are hidden to most investors but paved with gold once discovered. Their approach isn't simply gambling on binary outcomes, but methodically breaking down complex situations into controllable levers that determine value creation. This mindset combines natural aptitude and learned experience: embracing the unknown, executing logical plans, admitting knowledge gaps, finding good businesses to improve, understanding realistic changes, analyzing data with patience, and partnering with management through emotional intelligence.

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轻松跟读，《二与二十：私募基金的秘密世界》中的每个词都会随音频实时高亮。

第 7 章

There Is No Formula: The Adaptability Imperative

The masters of private equity maintain a single-minded focus on investment returns while remaining flexible about how to achieve them. Despite popular misconceptions about financial engineering and quick flips, successful private equity requires crafting sustainable value creation plans for each unique investment. While firms have playbooks of proven techniques, these are merely guides-not formulas. Two junior associates on the Foodmart deal team work late into the night, reflecting on the wealth potential in private equity careers-once openly discussed as reaching "$100 million as a partner" but now a delicate topic post-IPO. Despite public criticism of their profession as mere financial engineers who flip companies, their daily experience proves this narrative false. They understand that successful private equity requires comprehensive business transformation, not just financial manipulation. The Firm leverages Foodmart's real estate portfolio by borrowing against the properties at 80% of market value, generating a dividend so large that the entire equity investment is returned within six months. However, after a year, operational changes struggle as affluent young people don't embrace the refurbished stores. The situation becomes critical when an online giant acquires Foodmart's competitor and begins aggressive price-cutting with superior logistics. The deal team pivots quickly, gathering customer data and expert opinions to redefine the business. They rebrand as "Farm-Fresh," focusing on fresh produce, community values, and enhanced in-store experiences while maintaining moderate prices. The strategy succeeds brilliantly-loyalty memberships skyrocket, the business goes public with booming stock prices, and even navigates pandemic challenges by partnering with tech companies for home delivery. Within two years, the Firm triples its investment, earning over $100 million in profit share and fees. Despite Farm-Fresh's success, not all investments work out. Investment professionals can lose perspective when too deeply involved, misreading situations and presenting overly optimistic scenarios. This happened with the deal team's next investment-a European food retailer rebranded as "Organic Foods." Despite applying the same successful strategy from Farm-Fresh, the project falls significantly behind budget. The deal partner responds defensively when confronted, presenting unrealistic scenarios rather than addressing problems. After losing the committee's support, he receives a limited chance to turn things around with new management and a revised strategy. Despite these efforts, nothing works, and the partner develops a bunker mentality with "controlled disclosure" about progress. After twelve months, the investment committee takes over and sells Organic to a SPAC, recovering only the invested capital.

第 8 章

The Long Game: Temperament and Strategic Vision

The Founder prepares for a CNBC interview at Davos following an annus horribilis for the Firm. Despite strong fund performance, regulatory breaches, tax investigations, and workplace misconduct allegations have created a reputational crisis. The Founder, though internally furious, demonstrates masterful temperament by responding rather than reacting to the crisis. Instead of being defensive, he pivots the conversation toward the future, announcing plans to double assets under management to over a trillion dollars and positioning the Firm to join the S&P 500 index-a first for private equity. These real experiences illustrate that even when emotions run high in private equity, the most important decisions are taken without emotion. Unlike liquid trades measured in minutes or days, private equity investments and careers span decades, requiring judgments for the long run-perhaps the hardest skill to learn. Following the Davos conference, the Founder travels to elite gatherings in California and Asia, sharing similar messages about the Firm's trajectory. Within a year, his predictions materialize-the stock joins the S&P 500, and massive deals are struck in life sciences and insurance. The Firm's masterstrokes continue with the acquisition of a midsize retail asset manager, which is optimized using typical private equity techniques. The Founder's ultimate strategy emerges: offering private equity vehicles directly to retail investors, not just institutions. After regulatory approval, retail money pours in, leaving competitors scrambling to catch up. The Founder remains factual and concise about this success, working twelve-hour days and donating generously, driven by a patient but insatiable thirst to succeed.

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第 9 章

If You Don't Ask, You Don't Win: The Relentless Pursuit of Returns

For masters of private equity, winning isn't optional-it's essential. There's no value in almost exiting an investment successfully or nearly making a project work. Without generating the promised returns, retirement systems might as well invest passively in stock and bond markets at a fraction of the cost. The billionaire founders at major private equity firms embody a culture of no-excuses success that attracts new recruits. Built to win through design and force of will, they understand that running from mistakes is impossible and every investor is judged by their unvarnished track record. They accept public responsibility flowing from their judgment and would never fake success or disown failure. Negotiation forms the core of private equity's winning design-iterative, constant, and relentless. Deal teams continuously question whether each material point in business strategy or execution is good enough or can be improved. This haggling and hustling never stops, driven by the unyielding desire to optimize everything from financing settlements to acquisition prices. The ethos from leadership is clear: fight for every dollar, as even seemingly small amounts matter to investors. Private equity firms operate with striking asymmetry when acting as lenders versus borrowers. When financing their own buyouts, they negotiate aggressively for the weakest possible creditor protections. Conversely, when financing competitors' deals, firms demand the strongest possible protections and favorable terms like equity participation options. This dual standard exists because firms possess expertise and scale in both lending and borrowing markets. The PetCare case exemplifies strategic opportunism. Rather than acquiring the struggling target outright, the young partner proposes consolidating PetCare's existing debt into a private loan facility from the Firm's funds, providing liquidity while positioning themselves to potentially take over if the company falters further. This arrangement appears collaborative on the surface-"We're here to help"-but actually gives the Firm tremendous leverage as PetCare's sole large creditor.

第 10 章

The Library: Building an Intelligence Advantage

Private equity firms operate like vast conglomerates with holdings across nearly every sector of the economy, from retail and healthcare to technology and manufacturing. These firms actively manage their businesses from positions of material influence, typically holding board seats and maintaining frequent operational oversight. They collect extensive data across their investments - everything from daily sales figures and customer behavior patterns to supply chain metrics and market penetration rates - creating a powerful intelligence network that provides unique market insights unavailable to other investors. While maintaining strict information barriers through formal compliance protocols and dedicated information security teams to avoid conflicts of interest, senior leaders carefully navigate this data goldmine. They connect dots between investments while adhering to regulatory requirements, including SEC regulations on material non-public information and antitrust considerations. This careful balance allows firms to leverage insights without compromising legal obligations. The Firm's annual investor meeting exemplifies this knowledge ecosystem, transforming a Manhattan luxury hotel into a nexus of financial power for three intensive days. With portfolio company executives outnumbering deal professionals five-to-one, these gatherings serve multiple purposes: showcasing successful investments, facilitating deep networking connections, and enabling strategic intelligence exchange. Breakout sessions range from macro-economic trends to specific sector deep-dives, with CEOs sharing best practices and identifying potential investment opportunities. For complex transactions like a two-billion-dollar carve-out of a scientific publishing business, the Firm leverages its network systematically. It assembles executives from past and current investments in related fields - online education platforms, medical publishing companies, and specialty media outlets - who collectively possess centuries of publishing experience. These executives don't simply provide consulting advice; they approach the analysis with an investor's mindset, combining their operational expertise with strategic thinking. They evaluate everything from digital transformation opportunities to subscription model optimization, turning their combined data into actionable intelligence that shapes investment decisions. As firms gather more granular data through advanced analytics platforms, apply sophisticated machine learning algorithms to identify patterns, and combine this knowledge with their extensive track records and substantial capital reserves, they increasingly outpace traditional investors and strategic buyers. The "library" of a private equity firm has evolved beyond simple financial metrics to become a real-time intelligence system. Through portfolio company dashboards, executive polling, and integrated data analytics, firms gain immediate insights into consumer sentiment shifts, sector-specific challenges, emerging risk factors, and economic trends. This intelligence advantage becomes particularly valuable during market volatility, helping firms identify both risks and opportunities faster than competitors. This knowledge ecosystem continues to expand as firms invest in data science capabilities and build more sophisticated analytical tools, transforming raw data into strategic insights that drive both investment decisions and operational improvements across portfolio companies.

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第 11 章

The Edge: Evolution and Adaptation in Private Equity

What truly distinguishes top private equity firms is their evolution beyond single specialties into versatile investment platforms. While maintaining their distinctive cultures and practices, they've integrated lateral hires, built infrastructure across multiple domains, and developed capabilities to handle diverse investment opportunities. This versatility becomes evident when comparing the Firm to Madison Stone, a rival private equity firm that "failed to evolve." Founded the same year as the Founder's firm, Madison Stone has remained narrowly focused on leveraged buyouts with limited international presence and capital sources. Despite its outward success and comfortable culture, the firm has become stagnant-still operating like a 1990s Wall Street firm with formal offices, limited diversity, and rigid schedules. Madison Stone now faces an existential crisis. The firm's largest investors have called for third-party management of their funds following unexpected leadership infighting and plummeting investment performance. The breaking point came when one of the three founding cousins refused to update the "key employee" provisions to include succession plans, creating a glass ceiling that drove away the firm's top talent. A representative from the investors' special committee approaches the Firm to take over Madison Stone's funds. The Firm has evolved into an operation three times larger, with superior infrastructure in data science, risk management, financial reporting, and environmental impact. The Firm already has preliminary views on each Madison Stone portfolio asset through its comprehensive "library," along with data mining capabilities to benchmark key metrics and billions in available capital to help portfolio companies grow. With market capitalizations exceeding a quarter trillion dollars collectively and managing over 2.5 trillion in assets, these evolved firms have become systemic to the economy, consistently delivering returns that pension systems and institutional investors increasingly depend upon. They've transformed from "alternative" investments into what might be called Mainstream Active Asset Managers (MAAMs).

★★★★★

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《二与二十：私募基金的秘密世界》核心主题

private equity operations
investment fee structures
corporate turnaround strategies
alternative asset management
deal making psychology

《二与二十：私募基金的秘密世界》经典语录

Private equity has become "the best game in town."
It's not just financial engineering-it's the people.
They move quickly when needed.
Despite higher costs and opacity, it delivers results.
The brightest financial minds now prefer Blackstone, Carlyle, and KKR.

《二与二十：私募基金的秘密世界》主要人物

Sachin KhajuriaAuthor and former private equity partner

关于作者

Sachin Khajuria 是畅销书《Two and Twenty: How the Masters of Private Equity Always Win》的作者，也是私募股权市场资深投资者和权威人士。凭借超过 25 年的从业经验（包括担任 Apollo Global Management 的合伙人），他在私募股权、困境债务和特殊情况等领域主导了多项旗舰级投资。他的著作揭开了顶级公司投资策略的神秘面纱，结合了其管理数十亿美元基金及为机构投资者提供咨询的任职经历，将真实的交易洞察与应对复杂市场的实用原则融为一体。

Khajuria 毕业于剑桥大学经济系，他创立了利用人工智能技术的私人投资公司 Achilles Management，目前仍是 Apollo、Blackstone 和 Carlyle 旗下基金的有限合伙人。

他的分析见解曾刊登于《Spear’s》并出现在知名财经播客中，巩固了他作为另类投资领域权威发声者的地位。《Two and Twenty》由 Penguin Random House 出版，该书将他的前线专业知识与面向机构及零售受众的通俗课程相结合，体现了他致力于在日益民主化的资产类别中弥合知识鸿沟的使命。

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1 h 12 m•3 章节

学习计划

Build True Time Wealth

This plan is designed for entrepreneurs and professionals trapped in the cycle of trading time for money. It provides a strategic framework to transition from active labor to scalable leverage, making it essential for anyone seeking total financial and operational independence.

1 h 12 m•3 章节

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由哥伦比亚大学校友在旧金山创建

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"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

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"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

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开启你的学习之旅，就是现在

第 10 章

二与二十：私募基金的秘密世界

概述《二与二十：私募基金的秘密世界》概述

一本书，多种聆听方式。

The Billionaire's Playbook: Inside the $12 Trillion Private Equity Machine

The Best Game in Town: How Private Equity Thrives in Chaos

边听边看，每个词都清晰呈现

Beyond Financial Engineering: The Art of Business Transformation

Behind the Curtain: The Concentrated Power of Private Equity

从 《二与二十：私募基金的秘密世界》中收获更多

We Eat Our Own Cooking: The Ownership Mindset

Running into Burning Buildings: The Value of Complexity

边听边看，每个词都清晰呈现

There Is No Formula: The Adaptability Imperative

The Long Game: Temperament and Strategic Vision

从 《二与二十：私募基金的秘密世界》中收获更多

If You Don't Ask, You Don't Win: The Relentless Pursuit of Returns

The Library: Building an Intelligence Advantage

边听边看，每个词都清晰呈现

The Edge: Evolution and Adaptation in Private Equity

你已读完 《二与二十：私募基金的秘密世界》

《二与二十：私募基金的秘密世界》核心主题

《二与二十：私募基金的秘密世界》经典语录

《二与二十：私募基金的秘密世界》主要人物

关于作者

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What is Two and Twenty: How the Masters of Private Equity Always Win about?

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Is Two and Twenty worth reading?

What does the “two and twenty” fee model mean?

发现更多

1,000,000+ curious minds.

1,000,000+ curious minds.

一本书，多种聆听方式。

The Billionaire's Playbook: Inside the $12 Trillion Private Equity Machine

The Best Game in Town: How Private Equity Thrives in Chaos

边听边看，每个词都清晰呈现

Beyond Financial Engineering: The Art of Business Transformation

Behind the Curtain: The Concentrated Power of Private Equity

从 《二与二十：私募基金的秘密世界》中收获更多

We Eat Our Own Cooking: The Ownership Mindset

Running into Burning Buildings: The Value of Complexity

边听边看，每个词都清晰呈现

There Is No Formula: The Adaptability Imperative

The Long Game: Temperament and Strategic Vision

从 《二与二十：私募基金的秘密世界》中收获更多

If You Don't Ask, You Don't Win: The Relentless Pursuit of Returns

The Library: Building an Intelligence Advantage

边听边看，每个词都清晰呈现

The Edge: Evolution and Adaptation in Private Equity

你已读完 《二与二十：私募基金的秘密世界》

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《二与二十：私募基金的秘密世界》概述

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