Private equity associations that concentrate on investing in companies in crisis supply their targets with the funds and the and management support necessary to perform a turnaround. As these investors focus on companies in critical situations, they have to pay special attention to the selection of their targets to avoid unnecessary risk. Furthermore, while traditional private equity investors follow a passive “hands-off” approach regarding their investments, turnaround investors actively intervene in the management of their targets. Throughout this paper, the target selection of turnaround private equity associations is presented as a process of three stages. In addition, this paper details the methods and strategies used to ensure a promising development of the selected companies. The theoretical framework is backed by practical insights gained from interviews with private equity professionals.

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