Private equity earned a reputation as a ruthless and lucrative business. But over the past few years, large groups have been doing something that seems like the opposite of their cutthroat image: giving equity worth hundreds of thousands of dollars to the ordinary workers at the companies they own. Antoine Gara, the FT’s US private & institutional capital correspondent, explains how these payouts make business sense for private equity firms – and help soften their tough image. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Workers getting share in windfalls as private equity firms soften image Private equity groups’ assets struggling under hefty debt loads, Moody’s says Blackstone plans to list some of its largest investments  - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow Antoine Gara (@antoinegara) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Activist investors tend to rely on an element of surprise to catch their target company off guard: quietly building up a stake and swooping in with a slide deck full of strategic changes at just the right moment. That’s not what happened at the beginning of a recent campaign led by the hedge fund Starboard Value against pharmaceutical giant Pfizer. The FT’s Oliver Barnes, US pharmaceutical and biotech correspondent, and Maria Heeter, US deals correspondent, examine what went awry and what happens next.      Clips from CBS, ABC, CNBC, NBC    - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Starboard plotted a campaign against Pfizer’s chief. Then a blank email dropped in his inbox Why Pfizer sorely needs the activist treatment  Starboard-Pfizer battle strains Guggenheim’s relationship with drugmaker - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow Oliver Barnes (@mroliverbarnes), Maria Heeter (@HeeterMaria) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.  - - - - - - - - - - - - - - - - - - - - - - - - - -  Attend the FT Global Banking Summit, December 3 and 4 in London: Enter BTM20 for a 20% discount (applicable on all ticket types), register here.   Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.