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Private equity

Private equity (PE) is capital stock in a private company that does not offer stock to the general public. In the field of finance, private equity is offered instead to specialized investment funds and limited partnerships that take an active role in the management and structuring of the companies. In casual usage, "private equity" can refer to these investment firms rather than the companies that they invest in.

Private-equity capital is invested into a target company either by an investment management company (private equity firm), a venture capital fund, or an angel investor; each category of investor has specific financial goals, management preferences, and investment strategies for profiting from their investments.

As a financial product, the private-equity fund is a type of private capital for financing a long-term investment strategy in an illiquid business enterprise. Private equity fund investing has been described by the financial press as the superficial rebranding of investment management companies who specialized in the leveraged buyout of financially weak companies.

Evaluations of the returns of private equity are mixed: some find that it outperforms public equity while others find it does not.

Key features
Some key features of private equity investment include:

 * An investment manager (the private equity investor) raises money from institutional investors (e.g., hedge funds, pension funds, university endowments, and ultra-high-net-worth individuals) to pursue a particular investment strategy.
 * The fundraise proceeds are placed into an investment fund, in which the investment manager acts as a General Partner (GP) and the institutional investors act as Limited Partners (LPs).
 * The investment manager then purchases equity ownership stakes in companies using a combination of equity and debt financing, with the goal of generating returns on the equity invested, including any subsequent equity investments into the target companies, over a target horizon based on the particular investment fund and strategy (typically 4–7 years).
 * From a financial modeling perspective, the primary levers available to private equity investors to drive returns are:
 * Revenue growth
 * Margin expansion (typically an EBITDA margin)
 * Free cash flow generation / debt paydown
 * Valuation multiple expansion (typically an Enterprise Value / EBITDA multiple)
 * Value creation strategies can vary widely by private equity fund. For example, some investors may target increasing sales in new or existing markets (driving revenue growth), while others may look to reduce costs through headcount reduction (expanding margins). Many strategies incorporate some amount of corporate governance restructuring, for example, setting up a Board of Directors or updating the target's managerial reporting structure.
 * The use of debt financing in acquiring companies increases an investment's return on equity by reducing the amount of initial equity required to purchase the target. Moreover, the interest payments are tax-deductible, so the debt financing reduces corporate taxes and thus increases total after-tax cash flows generated by the business.
 * Following a series of high-profile bankruptcies, aggressive leverage usage by private equity funds has declined in recent decades – in 2005, approximately 70% of the average private equity acquisition represented debt, while this percentage was closer to 50% in 2020.
 * Firms that assume large operational risks (e.g., "turnarounds") will usually apply far lower leverage levels to acquired companies in order to provide management with more financial flexibility; firms taking fewer operational risks will often try to maximize available leverage and focus on investments that generate strong, stable cash flows needed to service the higher debt balances.
 * Over time, "private equity" has come to refer to many different investment strategies, including leveraged buyout, distressed securities, venture capital, growth capital, and mezzanine capital. One of the most noteworthy differences between leveraged buyouts and the other strategies is that buyouts are generally "control equity positions", as buyout funds usually purchase majority ownership stakes in their target companies, while other investment strategies typically purchase minority ("non-control") ownership stakes, reducing their ability to effect transformational changes across target companies.
 * For large deals, private-equity investors often invest together in a syndicate, in order to jointly benefit from exposure diversification, complementary investor information and skills, and heightened connectivity for future investments.

Strategies
The strategies private-equity firms may use are as follows, leveraged buyout being the most common.

Leveraged buyout

Leveraged buyout (LBO) refers to a strategy of making equity investments as part of a transaction in which a company, business unit, or business asset is acquired from the current shareholders typically with the use of financial leverage. The companies involved in these transactions are typically mature and generate operating cash flows.

Private-equity firms view target companies as either Platform companies, which have sufficient scale and a successful business model to act as a stand-alone entity, or as add-on / tuck-in / bolt-on acquisitions, which would include companies with insufficient scale or other deficits.

Leveraged buyouts involve a financial sponsor agreeing to an acquisition without itself committing all the capital required for the acquisition. To do this, the financial sponsor will raise acquisition debt, which looks to the cash flows of the acquisition target to make interest and principal payments. Acquisition debt in an LBO is often non-recourse to the financial sponsor and has no claim on other investments managed by the financial sponsor. Therefore, an LBO transaction's financial structure is particularly attractive to a fund's limited partners, allowing them the benefits of leverage, but limiting the degree of recourse of that leverage. This kind of financing structure leverage benefits an LBO's financial sponsor in two ways: (1) the investor only needs to provide a fraction of the capital for the acquisition, and (2) the returns to the investor will be enhanced, as long as the return on assets exceeds the cost of the debt.

As a percentage of the purchase price for a leverage buyout target, the amount of debt used to finance a transaction varies according to the financial condition and history of the acquisition target, market conditions, the willingness of lenders to extend credit (both to the LBO's financial sponsors and the company to be acquired) as well as the interest costs and the ability of the company to cover those costs. Historically the debt portion of a LBO will range from 60 to 90% of the purchase price. Between 2000 and 2005, debt averaged between 59.4% and 67.9% of total purchase price for LBOs in the United States.

Simple example of leveraged buyout
A private-equity fund, ABC Capital II, borrows $9bn from a bank (or other lender). To this, it adds $2bn of equity – money from its own partners and from limited partners. With this $11bn, it buys all the shares of an underperforming company, XYZ Industrial (after due diligence, i.e. checking the books). It replaces the senior management in XYZ Industrial, with others who set out to streamline it. The workforce is reduced, some assets are sold off, etc. The objective is to increase the valuation of the company for an early sale.

The stock market is experiencing a bull market, and XYZ Industrial is sold two years after the buy-out for $13bn, yielding a profit of $2bn. The original loan can now be paid off with interest of, say, $0.5bn. The remaining profit of $1.5bn is shared among the partners. Taxation of such gains is at the capital gains tax rates, which in the United States are lower than ordinary income tax rates.

Note that part of that profit results from turning the company around, and part results from the general increase in share prices in a buoyant stock market, the latter often being the greater component.

Notes:
 * The lenders (the people who put up the $9bn in the example) can insure against default by syndicating the loan to spread the risk, or by buying credit default swaps (CDSs) or selling collateralised debt obligations (CDOs) from/to other institutions.
 * Often the loan/equity ($11bn in the example) is not paid off after the sale, but left on the books of the company (XYZ Industrial) for it to pay off over time. This can be advantageous since the interest is largely off-settable against the profits of the company, thus reducing, or even eliminating, tax.
 * Most buyout deals are much smaller; the global average purchase in 2013 was $89m, for example.
 * The target company (XYZ Industrials here) does not have to be floated on the stock market; most buyout exits after 2000 are not IPOs.
 * Buy-out operations can go wrong and in such cases, the loss is increased by leverage, just as the profit is if all goes well.

Growth capital
Growth capital refers to equity investments, most often minority investments, in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets or finance a major acquisition without a change of control of the business.

Companies that seek growth capital will often do so in order to finance a transformational event in their life cycle. These companies are likely to be more mature than venture capital-funded companies, able to generate revenue and operating profits, but unable to generate sufficient cash to fund major expansions, acquisitions or other investments. Because of this lack of scale, these companies generally can find few alternative conduits to secure capital for growth, so access to growth equity can be critical to pursue necessary facility expansion, sales and marketing initiatives, equipment purchases, and new product development.

The primary owner of the company may not be willing to take the financial risk alone. By selling part of the company to private equity, the owner can take out some value and share the risk of growth with partners. Capital can also be used to effect a restructuring of a company's balance sheet, particularly to reduce the amount of leverage (or debt) the company has on its balance sheet.

A private investment in public equity (PIPE), refer to a form of growth capital investment made into a publicly traded company. PIPE investments are typically made in the form of a convertible or preferred security that is unregistered for a certain period of time.

The Registered Direct (RD) is another common financing vehicle used for growth capital. A registered direct is similar to a PIPE, but is instead sold as a registered security.

Mezzanine capital
Mezzanine capital refers to subordinated debt or preferred equity securities that often represent the most junior portion of a company's capital structure that is senior to the company's common equity. This form of financing is often used by private-equity investors to reduce the amount of equity capital required to finance a leveraged buyout or major expansion. Mezzanine capital, which is often used by smaller companies that are unable to access the high yield market, allows such companies to borrow additional capital beyond the levels that traditional lenders are willing to provide through bank loans. In compensation for the increased risk, mezzanine debt holders require a higher return for their investment than secured or other more senior lenders. Mezzanine securities are often structured with a current income coupon.

Venture capital
Venture capital (VC) is a broad subcategory of private equity that refers to equity investments made, typically in less mature companies, for the launch of a seed or startup company, early-stage development, or expansion of a business. Venture investment is most often found in the application of new technology, new marketing concepts and new products that do not have a proven track record or stable revenue streams.

Venture capital is often sub-divided by the stage of development of the company ranging from early-stage capital used for the launch of startup companies to late stage and growth capital that is often used to fund expansion of existing business that are generating revenue but may not yet be profitable or generating cash flow to fund future growth.

Entrepreneurs often develop products and ideas that require substantial capital during the formative stages of their companies' life cycles. Many entrepreneurs do not have sufficient funds to finance projects themselves, and they must, therefore, seek outside financing. The venture capitalist's need to deliver high returns to compensate for the risk of these investments makes venture funding an expensive capital source for companies. Being able to secure financing is critical to any business, whether it is a startup seeking venture capital or a mid-sized firm that needs more cash to grow. Venture capital is most suitable for businesses with large up-front capital requirements which cannot be financed by cheaper alternatives such as debt. Although venture capital is often most closely associated with fast-growing technology, healthcare and biotechnology fields, venture funding has been used for other more traditional businesses.

Investors generally commit to venture capital funds as part of a wider diversified private-equity portfolio, but also to pursue the larger returns the strategy has the potential to offer. However, venture capital funds have produced lower returns for investors over recent years compared to other private-equity fund types, particularly buyout.

Distressed securities
The category of distressed securities comprises financial strategies for the profitable investment of working capital into the corporate equity and the securities of financially weak companies. The investment of private-equity capital into distressed securities is realised with two financial strategies:
 * 1) "Distressed-to-Control" ("Loan-to-Own") investment whereby the investor buys debt securities in hope of acquiring ownership and control of the company's equity after financing the corporate restructuring of the target company;
 * 2) "Special Situations" ("Turnaround") investment wherein the investor buys debt securities and equity investments, to be used as rescue financing that will restore the profitability of the financially-weak target company.

Moreover, the private-equity investment strategies of hedge funds also include actively trading the loans held and the bonds issued by the financially-weak target companies.

Secondaries
Secondary investments refer to investments made in existing private-equity assets. These transactions can involve the sale of private equity fund interests or portfolios of direct investments in privately held companies through the purchase of these investments from existing institutional investors. By its nature, the private-equity asset class is illiquid, intended to be a long-term investment for buy and hold investors. Secondary investments allow institutional investors, particularly those new to the asset class, to invest in private equity from older vintages than would otherwise be available to them. Secondaries also typically experience a different cash flow profile, diminishing the j-curve effect of investing in new private-equity funds. Often investments in secondaries are made through third-party fund vehicle, structured similar to a fund of funds although many large institutional investors have purchased private-equity fund interests through secondary transactions. Sellers of private-equity fund investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds.

Other strategies
Other strategies that can be considered private equity or a close adjacent market include:
 * Real estate: in the context of private equity this will typically refer to the riskier end of the investment spectrum including "value-added" and opportunity funds where the investments often more closely resemble leveraged buyouts than traditional real estate investments. Certain investors in private equity consider real estate to be a separate asset class.
 * Infrastructure: investments in various public works (e.g., bridges, tunnels, toll roads, airports, public transportation, and other public works) that are made as part of a privatization initiative on the part of a government entity.
 * Energy and Power: investments in a wide variety of companies (rather than assets) engaged in the production and sale of energy, including fuel extraction, manufacturing, refining and distribution (Energy) or companies engaged in the production or transmission of electrical power (Power).
 * Merchant banking: negotiated private-equity investment by financial institutions in the unregistered securities of either privately or publicly held companies.
 * Fund of funds: investments made in a fund whose primary activity is investing in other private-equity funds. The fund of funds model is used by investors looking for:
 * Diversification but have insufficient capital to diversify their portfolio by themselves
 * Access to top-performing funds that are otherwise oversubscribed
 * Experience in a particular fund type or strategy before investing directly in funds in that niche
 * Exposure to difficult-to-reach and/or emerging markets
 * Superior fund selection by high-talent fund of fund managers/teams

 * Search fund: A search fund is an investment vehicle through which an entrepreneur (called a "searcher") raises funds from investors in order to acquire an existing small business. After an acquisition is made, the entrepreneur takes an operating role in the acquired company, such as CEO and President.
 * Royalty fund: an investment that purchases a consistent revenue stream deriving from the payment of royalties. One growing subset of this category is the healthcare royalty fund, in which a private-equity fund manager purchases a royalty stream paid by a pharmaceutical company to a drug patent holder. The drug patent holder can be another company, an individual inventor, or some sort of institution, such as a research university.

As well as this to compensate for private equities not being traded on the public market, a private-equity secondary market has formed, where private-equity investors purchase securities and assets from other private equity investors.

Early history and the development of venture capital
The seeds of the US private-equity industry were planted in 1946 with the founding of two venture capital firms: American Research and Development Corporation (ARDC) and J.H. Whitney & Company. Before World War II, venture capital investments (originally known as "development capital") were primarily the domain of wealthy individuals and families. In 1901 J.P. Morgan arguably managed the first leveraged buyout of the Carnegie Steel Company using private equity. Modern era private equity, however, is credited to Georges Doriot, the "father of venture capitalism" with the founding of ARDC and founder of INSEAD, with capital raised from institutional investors, to encourage private sector investments in businesses run by soldiers who were returning from World War II. ARDC is credited with the first major venture capital success story when its 1957 investment of $70,000 in Digital Equipment Corporation (DEC) would be valued at over $355 million after the company's initial public offering in 1968 (a return of over 5,000 times its investment and an annualized rate of return of 101%). It is commonly noted that the first venture-backed startup is Fairchild Semiconductor, which produced the first commercially practicable integrated circuit, funded in 1959 by what would later become Venrock Associates.

Origins of the leveraged buyout
The first leveraged buyout may have been the purchase by McLean Industries, Inc. of Pan-Atlantic Steamship Company in January 1955 and Waterman Steamship Corporation in May 1955 Under the terms of that transaction, McLean borrowed $42 million and raised an additional $7 million through an issue of preferred stock. When the deal closed, $20 million of Waterman cash and assets were used to retire $20 million of the loan debt. Lewis Cullman's acquisition of Orkin Exterminating Company in 1964 is often cited as the first leveraged buyout. Similar to the approach employed in the McLean transaction, the use of publicly traded holding companies as investment vehicles to acquire portfolios of investments in corporate assets was a relatively new trend in the 1960s popularized by the likes of Warren Buffett (Berkshire Hathaway) and Victor Posner (DWG Corporation) and later adopted by Nelson Peltz (Triarc), Saul Steinberg (Reliance Insurance) and Gerry Schwartz (Onex Corporation). These investment vehicles would utilize a number of the same tactics and target the same type of companies as more traditional leveraged buyouts and in many ways could be considered a forerunner of the later private-equity firms. Posner is often credited with coining the term "leveraged buyout" or "LBO".

The leveraged buyout boom of the 1980s was conceived by a number of corporate financiers, most notably Jerome Kohlberg Jr. and later his protégé Henry Kravis. Working for Bear Stearns at the time, Kohlberg and Kravis along with Kravis' cousin George Roberts began a series of what they described as "bootstrap" investments. Many of these companies lacked a viable or attractive exit for their founders as they were too small to be taken public and the founders were reluctant to sell out to competitors and so a sale to a financial buyer could prove attractive. In the following years the three Bear Stearns bankers would complete a series of buyouts including Stern Metals (1965), Incom (a division of Rockwood International, 1971), Cobblers Industries (1971), and Boren Clay (1973) as well as Thompson Wire, Eagle Motors and Barrows through their investment in Stern Metals. By 1976, tensions had built up between Bear Stearns and Kohlberg, Kravis and Roberts leading to their departure and the formation of Kohlberg Kravis Roberts in that year.

Private equity in the 1980s
In January 1982, former United States Secretary of the Treasury William E. Simon and a group of investors acquired Gibson Greetings, a producer of greeting cards, for $80 million, of which only $1 million was rumored to have been contributed by the investors. By mid-1983, just sixteen months after the original deal, Gibson completed a $290 million IPO and Simon made approximately $66 million.

The success of the Gibson Greetings investment attracted the attention of the wider media to the nascent boom in leveraged buyouts. Between 1979 and 1989, it was estimated that there were over 2,000 leveraged buyouts valued in excess of $250 million.

During the 1980s, constituencies within acquired companies and the media ascribed the "corporate raid" label to many private-equity investments, particularly those that featured a hostile takeover of the company, perceived asset stripping, major layoffs or other significant corporate restructuring activities. Among the most notable investors to be labeled corporate raiders in the 1980s included Carl Icahn, Victor Posner, Nelson Peltz, Robert M. Bass, T. Boone Pickens, Harold Clark Simmons, Kirk Kerkorian, Sir James Goldsmith, Saul Steinberg and Asher Edelman. Carl Icahn developed a reputation as a ruthless corporate raider after his hostile takeover of TWA in 1985. Many of the corporate raiders were onetime clients of Michael Milken, whose investment banking firm, Drexel Burnham Lambert helped raise blind pools of capital with which corporate raiders could make a legitimate attempt to take over a company and provided high-yield debt ("junk bonds") financing of the buyouts.

One of the final major buyouts of the 1980s proved to be its most ambitious and marked both a high-water mark and a sign of the beginning of the end of the boom. In 1989, KKR (Kohlberg Kravis Roberts) closed in on a $31.1 billion takeover of RJR Nabisco. It was, at that time and for over 17 years, the largest leveraged buyout in history. The event was chronicled in the book (and later the movie), Barbarians at the Gate: The Fall of RJR Nabisco. KKR would eventually prevail in acquiring RJR Nabisco at $109 per share, marking a dramatic increase from the original announcement that Shearson Lehman Hutton would take RJR Nabisco private at $75 per share. A fierce series of negotiations and horse-trading ensued which pitted KKR against Shearson and later Forstmann Little & Co. Many of the major banking players of the day, including Morgan Stanley, Goldman Sachs, Salomon Brothers, and Merrill Lynch were actively involved in advising and financing the parties. After Shearson's original bid, KKR quickly introduced a tender offer to obtain RJR Nabisco for $90 per share—a price that enabled it to proceed without the approval of RJR Nabisco's management. RJR's management team, working with Shearson and Salomon Brothers, submitted a bid of $112, a figure they felt certain would enable them to outflank any response by Kravis's team. KKR's final bid of $109, while a lower dollar figure, was ultimately accepted by the board of directors of RJR Nabisco. At $31.1 billion of transaction value, RJR Nabisco was by far the largest leveraged buyouts in history. In 2006 and 2007, a number of leveraged buyout transactions were completed that for the first time surpassed the RJR Nabisco leveraged buyout in terms of nominal purchase price. However, adjusted for inflation, none of the leveraged buyouts of the 2006–2007 period would surpass RJR Nabisco. By the end of the 1980s the excesses of the buyout market were beginning to show, with the bankruptcy of several large buyouts including Robert Campeau's 1988 buyout of Federated Department Stores, the 1986 buyout of the Revco drug stores, Walter Industries, FEB Trucking and Eaton Leonard. Additionally, the RJR Nabisco deal was showing signs of strain, leading to a recapitalization in 1990 that involved the contribution of $1.7 billion of new equity from KKR. In the end, KKR lost $700 million on RJR.

Drexel reached an agreement with the government in which it pleaded nolo contendere (no contest) to six felonies – three counts of stock parking and three counts of stock manipulation. It also agreed to pay a fine of $650 million – at the time, the largest fine ever levied under securities laws. Milken left the firm after his own indictment in March 1989. On 13 February 1990 after being advised by United States Secretary of the Treasury Nicholas F. Brady, the U.S. Securities and Exchange Commission (SEC), the New York Stock Exchange and the Federal Reserve, Drexel Burnham Lambert officially filed for Chapter 11 bankruptcy protection.

Age of the mega-buyout: 2005–2007
The combination of decreasing interest rates, loosening lending standards and regulatory changes for publicly traded companies (specifically the Sarbanes–Oxley Act) would set the stage for the largest boom private equity had seen. Marked by the buyout of Dex Media in 2002, large multibillion-dollar U.S. buyouts could once again obtain significant high yield debt financing and larger transactions could be completed. By 2004 and 2005, major buyouts were once again becoming common, including the acquisitions of Toys "R" Us, The Hertz Corporation, Metro-Goldwyn-Mayer and SunGard in 2005.

As 2006 began, new "largest buyout" records were set and surpassed several times with nine of the top ten buyouts at the end of 2007 having been announced in an 18-month window from the beginning of 2006 through the middle of 2007. In 2006, private-equity firms bought 654 U.S. companies for $375 billion, representing 18 times the level of transactions closed in 2003. Additionally, U.S.-based private-equity firms raised $215.4 billion in investor commitments to 322 funds, surpassing the previous record set in 2000 by 22% and 33% higher than the 2005 fundraising total The following year, despite the onset of turmoil in the credit markets in the summer, saw yet another record year of fundraising with $302 billion of investor commitments to 415 funds Among the mega-buyouts completed during the 2006 to 2007 boom were: EQ Office, HCA, Alliance Boots and TXU.

In July 2007, the turmoil that had been affecting the mortgage markets, spilled over into the leveraged finance and high-yield debt markets. The markets had been highly robust during the first six months of 2007, with highly issuer friendly developments including PIK and PIK Toggle (interest is "Payable In Kind") and covenant light debt widely available to finance large leveraged buyouts. July and August saw a notable slowdown in issuance levels in the high yield and leveraged loan markets with few issuers accessing the market. Uncertain market conditions led to a significant widening of yield spreads, which coupled with the typical summer slowdown led many companies and investment banks to put their plans to issue debt on hold until the autumn. However, the expected rebound in the market after 1 May 2007 did not materialize, and the lack of market confidence prevented deals from pricing. By the end of September, the full extent of the credit situation became obvious as major lenders including Citigroup and UBS AG announced major writedowns due to credit losses. The leveraged finance markets came to a near standstill during a week in 2007. As 2008 began, lending standards tightened and the era of "mega-buyouts" came to an end. Nevertheless, private equity continues to be a large and active asset class and the private-equity firms, with hundreds of billions of dollars of committed capital from investors are looking to deploy capital in new and different transactions.

As a result of the global financial crisis, private equity has become subject to increased regulation in Europe and is now subject, among other things, to rules preventing asset stripping of portfolio companies and requiring the notification and disclosure of information in connection with buy-out activity.

 * Staying private for longer

From 2010 to 2014 KKR, Carlyle, Apollo and Ares went public. Starting from 2018 these companies converted from partnerships into corporations with more shareholder rights and the inclusion in stock indices and mutual fund portfolios. But with the increased availability and scope of funding provided by private markets, many companies are staying private simply because they can. McKinsey & Company reports in its Global Private Markets Review 2018 that global private market fundraising increased by $28.2 billion from 2017, for a total of $748 billion in 2018. Thus, given the abundance of private capital available, companies no longer require public markets for sufficient funding. Benefits may include avoiding the cost of an IPO, maintaining more control of the company, and having the 'legroom' to think long-term rather than focus on short-term or quarterly figures.

A new phenomenon in the Twenties are regulated platforms which fractionalise the assets making investment sizes of $10,000 or less possible.

Investments in private equity

Although the capital for private equity originally came from individual investors or corporations, in the 1970s, private equity became an asset class in which various institutional investors allocated capital in the hopes of achieving risk-adjusted returns that exceed those possible in the public equity markets. In the 1980s, insurers were major private-equity investors. Later, public pension funds and university and other endowments became more significant sources of capital. For most institutional investors, private-equity investments are made as part of a broad asset allocation that includes traditional assets (e.g., public equity and bonds) and other alternative assets (e.g., hedge funds, real estate, commodities).

Investor categories
US, Canadian and European public and private pension schemes have invested in the asset class since the early 1980s to diversify away from their core holdings (public equity and fixed income). Today pension investment in private equity accounts for more than a third of all monies allocated to the asset class, ahead of other institutional investors such as insurance companies, endowments, and sovereign wealth funds.

Direct versus indirect investment
Most institutional investors do not invest directly in privately held companies, lacking the expertise and resources necessary to structure and monitor the investment. Instead, institutional investors will invest indirectly through a private equity fund. Certain institutional investors have the scale necessary to develop a diversified portfolio of private-equity funds themselves, while others will invest through a fund of funds to allow a portfolio more diversified than one a single investor could construct.

Investment timescales
Returns on private-equity investments are created through one or a combination of three factors that include: debt repayment or cash accumulation through cash flows from operations, operational improvements that increase earnings over the life of the investment and multiple expansion, selling the business for a higher price than was originally paid. A key component of private equity as an asset class for institutional investors is that investments are typically realized after some period of time, which will vary depending on the investment strategy. Private-equity investment returns are typically realized through one of the following avenues:
 * an initial public offering (IPO) – shares of the company are offered to the public, typically providing a partial immediate realization to the financial sponsor as well as a public market into which it can later sell additional shares;
 * a merger or acquisition – the company is sold for either cash or shares in another company;
 * a recapitalization – cash is distributed to the shareholders (in this case the financial sponsor) and its private-equity funds either from cash flow generated by the company or through raising debt or other securities to fund the distribution.

Large institutional asset owners such as pension funds (with typically long-dated liabilities), insurance companies, sovereign wealth and national reserve funds have a generally low likelihood of facing liquidity shocks in the medium term, and thus can afford the required long holding periods characteristic of private-equity investment.

The median horizon for a LBO transaction is eight years.

Liquidity in the private-equity market

The private-equity secondary market (also often called private-equity secondaries) refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds. Sellers of private-equity investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds. By its nature, the private-equity asset class is illiquid, intended to be a long-term investment for buy-and-hold investors. For the vast majority of private-equity investments, there is no listed public market; however, there is a robust and maturing secondary market available for sellers of private-equity assets.

Increasingly, secondaries are considered a distinct asset class with a cash flow profile that is not correlated with other private-equity investments. As a result, investors are allocating capital to secondary investments to diversify their private-equity programs. Driven by strong demand for private-equity exposure, a significant amount of capital has been committed to secondary investments from investors looking to increase and diversify their private-equity exposure.

Investors seeking access to private equity have been restricted to investments with structural impediments such as long lock-up periods, lack of transparency, unlimited leverage, concentrated holdings of illiquid securities and high investment minimums.

Secondary transactions can be generally split into two basic categories:

 * Sale of limited-partnership interests
 * The most common secondary transaction, this category includes the sale of an investor's interest in a private-equity fund or portfolio of interests in various funds through the transfer of the investor's limited-partnership interest in the fund(s). Nearly all types of private-equity funds (e.g., including buyout, growth equity, venture capital, mezzanine, distressed and real estate) can be sold in the secondary market. The transfer of the limited partnership interest typically will allow the investor to receive some liquidity for the funded investments as well as a release from any remaining unfunded obligations to the fund.

 * Sale of direct interests, secondary directs or synthetic secondaries
 * This category refers to the sale of portfolios of direct investments in operating companies, rather than limited partnership interests in investment funds. These portfolios historically have originated from either corporate development programs or large financial institutions.

Private-equity firms
According to Private Equity International's latest PEI 300 ranking, the largest private-equity firm in the world today is The Blackstone Group based on the amount of private-equity direct-investment capital raised over a five-year window.

As ranked by the PEI 300, the 15 largest private-equity firms in the world in 2024 were:

 * 1) The Blackstone Group
 * 2) Kohlberg Kravis Roberts
 * 3) EQT AB
 * 4) CVC Capital Partners
 * 5) TPG Capital
 * 6) The Carlyle Group
 * 7) Thoma Bravo
 * 8) Advent International
 * 9) Warburg Pincus
 * 10) Hg
 * 11) Clayton, Dubilier & Rice
 * 12) Silver Lake
 * 13) Hellman & Friedman
 * 14) Vista Equity Partners
 * 15) General Atlantic

Because private-equity firms are continuously in the process of raising, investing and distributing their private equity funds, capital raised can often be the easiest to measure. Other metrics can include the total value of companies purchased by a firm or an estimate of the size of a firm's active portfolio plus capital available for new investments. As with any list that focuses on size, the list does not provide any indication as to relative investment performance of these funds or managers.

Preqin, an independent data provider, ranks the 25 largest private-equity investment managers. Among the larger firms in the 2017 ranking were AlpInvest Partners, Ardian (formerly AXA Private Equity), AIG Investments, and Goldman Sachs Capital Partners. Invest Europe publishes a yearbook which analyses industry trends derived from data disclosed by over 1,300 European private-equity funds. Finally, websites such as AskIvy.net provide lists of London-based private-equity firms.

Versus hedge funds
The investment strategies of private-equity firms differ from those of hedge funds. Typically, private-equity investment groups are geared towards long-hold, multiple-year investment strategies in illiquid assets (whole companies, large-scale real estate projects, or other tangibles not easily converted to cash) where they have more control and influence over operations or asset management to influence their long-term returns. Hedge funds usually focus on short or medium term liquid securities which are more quickly convertible to cash, and they do not have direct control over the business or asset in which they are investing. Both private-equity firms and hedge funds often specialize in specific types of investments and transactions. Private-equity specialization is usually in specific industry sector asset management while hedge fund specialization is in industry sector risk capital management. Private-equity strategies can include wholesale purchase of a privately held company or set of assets, mezzanine financing for startup projects, growth capital investments in existing businesses or leveraged buyout of a publicly held asset converting it to private control. Finally, private-equity firms only take long positions, for short selling is not possible in this asset class.

Private-equity funds
Private-equity fundraising refers to the action of private-equity firms seeking capital from investors for their funds. Typically an investor will invest in a specific fund managed by a firm, becoming a limited partner in the fund, rather than an investor in the firm itself. As a result, an investor will only benefit from investments made by a firm where the investment is made from the specific fund in which it has invested.
 * Fund of funds. These are private-equity funds that invest in other private-equity funds in order to provide investors with a lower risk product through exposure to a large number of vehicles often of different type and regional focus. Fund of funds accounted for 14% of global commitments made to private-equity funds in 2006.
 * Individuals with substantial net worth. Substantial net worth is often required of investors by the law, since private-equity funds are generally less regulated than ordinary mutual funds. For example, in the US, most funds require potential investors to qualify as accredited investors, which requires $1 million of net worth, $200,000 of individual income, or $300,000 of joint income (with spouse) for two documented years and an expectation that such income level will continue.

As fundraising has grown over the past few years, so too has the number of investors in the average fund. In 2004, there were 26 investors in the average private-equity fund, this figure has now grown to 42 according to Preqin ltd. (formerly known as Private Equity Intelligence).

The managers of private-equity funds will also invest in their own vehicles, typically providing between 1–5% of the overall capital.

Often private-equity fund managers will employ the services of external fundraising teams known as placement agents in order to raise capital for their vehicles. The use of placement agents has grown over the past few years, with 40% of funds closed in 2006 employing their services, according to Preqin ltd. Placement agents will approach potential investors on behalf of the fund manager, and will typically take a fee of around 1% of the commitments that they are able to garner.

The amount of time that a private-equity firm spends raising capital varies depending on the level of interest among investors, which is defined by current market conditions and also the track record of previous funds raised by the firm in question. Firms can spend as little as one or two months raising capital when they are able to reach the target that they set for their funds relatively easily, often through gaining commitments from existing investors in their previous funds, or where strong past performance leads to strong levels of investor interest. Other managers may find fundraising taking considerably longer, with managers of less popular fund types finding the fundraising process more tough. It can take up to two years to raise capital, although the majority of fund managers will complete fundraising within nine months to fifteen months.

Once a fund has reached its fundraising target, it will have a final close. After this point it is not normally possible for new investors to invest in the fund, unless they were to purchase an interest in the fund on the secondary market.

Size of the industry
The state of the industry around the end of 2011 was as follows.

Private-equity assets under management probably exceeded $2 trillion at the end of March 2012, and funds available for investment totaled $949bn (about 47% of overall assets under management).

Approximately $246bn of private equity was invested globally in 2011, down 6% on the previous year and around two-thirds below the peak activity in 2006 and 2007. Following on from a strong start, deal activity slowed in the second half of 2011 due to concerns over the global economy and sovereign debt crisis in Europe. There was $93bn in investments during the first half of this year as the slowdown persisted into 2012. This was down a quarter on the same period in the previous year. Private-equity backed buyouts generated some 6.9% of global M&A volume in 2011 and 5.9% in the first half of 2012. This was down on 7.4% in 2010 and well below the all-time high of 21% in 2006.

Global exit activity totalled $252bn in 2011, practically unchanged from the previous year, but well up on 2008 and 2009 as private-equity firms sought to take advantage of improved market conditions at the start of the year to realise investments. Exit activity however, has lost momentum following a peak of $113bn in the second quarter of 2011. TheCityUK estimates total exit activity of some $100bn in the first half of 2012, well down on the same period in the previous year.

The fund raising environment remained stable for the third year running in 2011 with $270bn in new funds raised, slightly down on the previous year's total. Around $130bn in funds was raised in the first half of 2012, down around a fifth on the first half of 2011. The average time for funds to achieve a final close fell to 16.7 months in the first half of 2012, from 18.5 months in 2011. Private-equity funds available for investment ("dry powder") totalled $949bn at the end of q1-2012, down around 6% on the previous year. Including unrealised funds in existing investments, private-equity funds under management probably totalled over $2.0 trillion.

Public pensions are a major source of capital for private-equity funds. Increasingly, sovereign wealth funds are growing as an investor class for private equity.

Private Equity was invested in 13% of the Pharma 1000 in 2021 according to Torreya with Eight Roads Ventures having the highest number of investments in this industry.

Private-equity fund performance
Due to limited disclosure, studying the returns to private equity is relatively difficult. Unlike mutual funds, private-equity funds need not disclose performance data. And, as they invest in private companies, it is difficult to examine the underlying investments. It is challenging to compare private-equity performance to public-equity performance, in particular because private-equity fund investments are drawn and returned over time as investments are made and subsequently realized.

An oft-cited academic paper (Kaplan and Schoar, 2005) suggests that the net-of-fees returns to PE funds are roughly comparable to the S&P 500 (or even slightly under). This analysis may actually overstate the returns because it relies on voluntarily reported data and hence suffers from survivorship bias (i.e. funds that fail will not report data). One should also note that these returns are not risk-adjusted. A 2012 paper by Harris, Jenkinson and Kaplan, 2012 found that average buyout fund returns in the U.S. have actually exceeded that of public markets. These findings were supported by earlier work, using a data set from Robinson and Sensoy in 2011.

Commentators have argued that a standard methodology is needed to present an accurate picture of performance, to make individual private-equity funds comparable and so the asset class as a whole can be matched against public markets and other types of investment. It is also claimed that PE fund managers manipulate data to present themselves as strong performers, which makes it even more essential to standardize the industry.

Two other findings in Kaplan and Schoar in 2005: First, there is considerable variation in performance across PE funds. Second, unlike the mutual fund industry, there appears to be performance persistence in PE funds. That is, PE funds that perform well over one period, tend to also perform well the next period. Persistence is stronger for VC firms than for LBO firms.

The application of the Freedom of Information Act (FOIA) in certain states in the United States has made certain performance data more readily available. Specifically, FOIA has required certain public agencies to disclose private-equity performance data directly on their websites.

In the United Kingdom, the second largest market for private equity, more data has become available since the 2007 publication of the David Walker Guidelines for Disclosure and Transparency in Private Equity.

List of private equity billionaires
Below is a partial list of billionaires who acquired their wealth through private equity.

Taxes
Income to private equity firms is primarily in the form of "carried interest", typically 20% of the profits generated by investments made by the firm, and a "management fee", often 2% of the principal invested in the firm by the outside investors whose money the firm holds. As a result of a tax loophole enshrined in the U.S. tax code, carried interest that accrues to private equity firms is treated as capital gains, which is taxed at a lower rate than is ordinary income. Currently, the long term capital gains tax rate is 20% compared with the 37% top ordinary income tax rate for individuals. This loophole has been estimated to cost the government $130 billion over the next decade in unrealized revenue. Armies of corporate lobbyists and huge private equity industry donations to political campaigns in the United States have ensured that this powerful industry receives this favorable tax treatment by the government. Private equity firms retain close to 200 lobbyists and over the last decade have made almost $600 million in political campaign contributions.

In addition, through an accounting maneuver called "fee waiver", private equity firms often also treat management fee income as capital gains. The U.S. Internal Revenue Service (IRS) lacks the manpower and the expertise that would be necessary to track compliance with even these already quite favorable legal requirements. In fact, the IRS conducts nearly no income tax audits of the industry. As a result of the complexity of the accounting that arises from the fact that most private equity firms are organized as large partnerships, such that the firm's profits are apportioned to each of the many partners, a number of private equity firms fail to comply with tax laws, according to industry whistleblowers.

Loss of innovation and quality
When a private equity entity invests in a company, industry or public service, there have been reports of reduced quality, both in terms of services and goods produced. While a private equity investment into a business might result in short-term improvements, such as new staff and equipment, the incentive is to maximize profits, not necessarily the quality of products or services. Over time, cost-cutting has also been common, as well as deferring further investments. Private equity investors may also be incentivized to make short-term gains by selling a company once a certain level of profitability is achieved or simply selling off its assets if that's not possible. Both of these situations, and others, can result in a loss of innovation and quality.

Recording private equity
There is a debate around the distinction between private equity and foreign direct investment (FDI), and whether to treat them separately. The difference is blurred on account of private equity not entering the country through the stock market. Private equity generally flows to unlisted firms and to firms where the percentage of shares is smaller than the promoter- or investor-held shares (also known as free-floating shares). The main point of contention is that FDI is used solely for production, whereas in the case of private equity the investor can reclaim their money after a revaluation period and make investments in other financial assets. At present, most countries report private equity as a part of FDI.

Healthcare investments
Private-equity investments in health care and related services, such as nursing homes and hospitals, have decreased the quality of care while driving up costs. Researchers at the Becker Friedman Institute of the University of Chicago found that private-equity ownership of nursing homes increased the short-term mortality of Medicare patients by 10%. Treatment by private-equity owned health care providers tends to be associated with a higher rate of "surprise bills". Private equity ownership of dermatology practices has led to pressure to increase profitability, concerns about up-charging and patient safety. In a large 2024 study of 51 private equity–acquired hospitals matched with 250 controls, the former had a 25% increase in hospital-acquired conditions, like falls and central line-associated bloodstream infections.

Wealth capture
According to conservative Oren Cass, private equity captures wealth rather than creating it, and this capture can be "zero-sum, or even value-destroying, in aggregate." He describes "assets get shuffled and reshuffled, profits get made, but relatively little flows toward actual productive uses."

Influence on inequality
Bloomberg Businessweek states that:"PE may contribute to inequality in several ways. First, it offers investors higher returns than those available in public stocks and bonds markets. Yet, to enjoy those returns, it helps to already be rich. Private-equity funds are open solely to 'qualified' (read: high-net-worth) individual investors and to institutions such as endowments. Only some workers get indirect exposure via pension funds. Second, PE puts pressure on the lower end of the wealth divide. Companies can be broken up, merged, or generally restructured to increase efficiency and productivity, which inevitably means job cuts."

Organizations

 * Institutional Limited Partners Association – advocacy organization for investors in private equity
 * American Investment Council – advocacy and research organization for the industry

title: Private equity


text:
Coandă effect

The Coandă effect ( or ) is the tendency of a fluid jet to stay attached to a convex surface. Merriam-Webster describes it as "the tendency of a jet of fluid emerging from an orifice to follow an adjacent flat or curved surface and to entrain fluid from the surroundings so that a region of lower pressure develops."

It is named after Romanian inventor Henri Coandă, who was the first to recognize the practical application of the phenomenon in aircraft design around 1910. It was first documented explicitly in two patents issued in 1936.

Discovery
An early description of this phenomenon was provided by Thomas Young in a lecture given to The Royal Society in 1800:

"The lateral pressure which urges the flame of a candle towards the stream of air from a blowpipe is probably exactly similar to that pressure which eases the inflection of a current of air near an obstacle. Mark the dimple which a slender stream of air makes on the surface of water. Bring a convex body into contact with the side of the stream and the place of the dimple will immediately show the current is deflected towards the body; and if the body be at liberty to move in every direction it will be urged towards the current..."

A hundred years later, Henri Coandă identified an application of the effect during experiments with his Coandă-1910 aircraft, which mounted an unusual engine he designed. The motor-driven turbine pushed hot air rearward, and Coandă noticed that the airflow was attracted to nearby surfaces. In 1934, Coandă obtained a patent in France for a "method and apparatus for deviation of a fluid into another fluid". The effect was described as the "deviation of a plain jet of a fluid that penetrates another fluid in the vicinity of a convex wall". The first official documents that explicitly mention the Coandă effect were two 1936 patents by Henri Coandă. This name was accepted by the leading aerodynamicist Theodore von Kármán, who had a long scientific relationship with Coandă on aerodynamics problems.

Mechanism

A free jet of air entrains molecules of air from its immediate surroundings causing an axisymmetrical "tube" or "sleeve" of low pressure around the jet (see Diagram 1). The resultant forces from this low pressure tube end up balancing any perpendicular flow instability, which stabilises the jet in a straight line. However, if a solid surface is placed close, and approximately parallel to the jet (Diagram 2), then the entrainment (and therefore removal) of air from between the solid surface and the jet causes a reduction in air pressure on that side of the jet that cannot be balanced as rapidly as the low pressure region on the "open" side of the jet. The pressure difference across the jet causes the jet to deviate towards the nearby surface, and then to adhere to it (Diagram 3). The jet adheres even better to curved surfaces (Diagram 4), because each (infinitesimally small) incremental change in direction of the surface brings about the effects described for the initial bending of the jet towards the surface. If the surface is not too sharply curved, the jet can, under the right circumstances, adhere to the surface even after flowing 180° around a cylindrically curved surface, and thus travel in a direction opposite to its initial direction. The forces that cause these changes in the direction of flow of the jet cause an equal and opposite force on the surface along which the jet flows. These Coandă effect induced forces can be harnessed to cause lift and other forms of motion, depending on the orientation of the jet and the surface to which the jet adheres. A small surface "lip" at the point where the jet starts to flow over that surface (Diagram 5) increases the initial deviation of the jet flow direction. This results from the fact that a low pressure vortex forms behind the lip, promoting the dip towards the surface.

The Coandă effect can be induced in any fluid, and is therefore equally effective in water and air. A heated airfoil significantly reduces drag.

Existence conditions
Early sources provide theoretical and experimental information needed to derive a detailed explanation of the effect. The Coandă effect may occur along a curved wall either in a free- or wall-jet.

On the left image of the preceding section: "The mechanism of Coandă effect", the effect as described, in the terms of T. Young as "the lateral pressure which eases the inflection of a current of air near an obstacle", represents a free jet emerging from an orifice and an obstacle in the surroundings. It includes the tendency of a free jet emerging from an orifice to entrain fluid from the surroundings confined with limited access, without developing any region of lower pressure when there is no obstacle in the surroundings, as is the case on the opposite side where turbulent mixing occurs at ambient pressure.

On the right image, the effect occurs along the curved wall as a wall jet. The image here on the right represents a two dimensional wall jet between two parallel plane walls, where the "obstacle" is a quarter cylindrical portion following the flat horizontal rectangular orifice, so that no fluid at all is entrained from the surroundings along the wall, but only on the opposite side in turbulent mixing with ambient air.

Wall jet
To compare experiment with a theoretical model, a two-dimensional plane wall jet of width ($h$) along a circular wall of radius ($r$) is referred to. A wall jet follows a flat horizontal wall, say of infinite radius, or rather whose radius is the radius of the Earth without separation because the surface pressure as well as the external pressure in the mixing zone is everywhere equal to the atmospheric pressure and the boundary layer does not separate from the wall. With a much smaller radius (12 centimeters in the image on the right) a transverse difference arises between external and wall surface pressures of the jet, creating a pressure gradient depending upon $h⁄r$, the relative curvature. This pressure gradient can appear in a zone before and after the origin of the jet where it gradually arises, and disappear at the point where the jet boundary layer separates from the wall, where the wall pressure reaches atmospheric pressure (and the transverse gradient becomes zero).

Experiments made in 1956 with turbulent air jets at a Reynolds number of 106 at various jet widths ($r$) show the pressures measured along a circularly curved wall radius ($h$) at a series of horizontal distance from the origin of the jet (see the diagram on the right).

Above a critical $h⁄r$ ratio of 0.5 only local effects at the origin of the jet are seen extending over a small angle of 18° along the curved wall. The jet then immediately separates from the curved wall. A Coandă effect is therefore not seen here but only a local attachment: a pressure smaller than atmospheric pressure appears on the wall along a distance corresponding to a small angle of 9°, followed by an equal angle of 9° where this pressure increases up to atmospheric pressure at the separation of the boundary layer, subject to this positive longitudinal gradient. However, if the $h⁄r$ ratio is smaller than the critical value of 0.5, the lower than ambient pressure measured on the wall seen at the origin of the jet continues along the wall (until the wall ends; see diagram on the right). This is "a true Coandă effect" as the jet clings to the wall "at a nearly constant pressure" as in a conventional wall jet.

A calculation made by Woods in 1954 of an inviscid flow along a circular wall shows that an inviscid solution exists with any curvature $h⁄r$ and any given deflection angle up to a separation point on the wall, where a singular point appears with an infinite slope of the surface pressure curve.

Introducing in the calculation the angle at separation found in the preceding experiments for each value of the relative curvature $h⁄r$, the image here was recently obtained,  and shows inertial effects represented by the inviscid solution: the calculated pressure field is similar to the experimental one described above, outside the nozzle. The flow curvature is caused exclusively by the transverse pressure gradient, as described by T. Young. Then, viscosity only produces a boundary layer along the wall and turbulent mixing with ambient air as in a conventional wall jet—except that this boundary layer separates under the action of the difference between the finally ambient pressure and a smaller surface pressure along the wall. According to Van Dyke, as quoted in Lift, the derivation of his equation (4c) also shows that the contribution of viscous stress to flow turning is negligible.

An alternative way would be to calculate the deflection angle at which the boundary layer subjected to the inviscid pressure field separates. A rough calculation has been tried that gives the separation angle as a function of $h⁄r$ and the Reynolds number: The results are reported on the image, e.g., 54° calculated instead of 60° measured for $h⁄r$ = 0.25. More experiments and a more accurate boundary layer calculation would be desirable.

Other experiments made in 2004 with a wall jet along a circular wall show that Coandă effect does not occur in a laminar flow, and the critical $h⁄r$ ratios for small Reynolds numbers are much smaller than those for turbulent flow. down to $h⁄r$ = 0.14 with a Reynolds number of 500, and $h⁄r$ = 0.05 for a Reynolds number of 100.

Free jet
L. C. Woods also made the calculation of the inviscid two-dimensional flow of a free jet of width h, deflected round a circularly cylindrical surface of radius r, between a first contact A and separation at B, including a deflection angle $h$. Again a solution exists for any value of the relative curvature $h⁄r$ and angle $r$. Moreover, in the case of a free jet the equation can be solved in closed form, giving the distribution of velocity along the circular wall. The surface pressure distribution is then calculated using Bernoulli equation. Let us note the pressure ($h⁄r$) and the velocity ($h⁄r$) along the free streamline at the ambient pressure, and $θ$ the angle along the wall which is zero in A and $θ$ in B. Then the velocity ($γ$) is found to be:
 * $$\frac{v}{v_\mathrm{a}} = \exp\left(\frac{2h}{\pi r} \arctan \sqrt{\sinh^2 \left(\frac{\pi\theta r}{4h}\right) - \cosh^2\left(\frac{\pi\theta r}{4h}\right) \tanh^2\left(\frac{\pi\gamma r}{4h}\right)}\,\right)$$

An image of the surface pressure distribution of the jet round the cylindrical surface using the same values of the relative curvature $p_{a}$, and the same angle $θ$ as those found for the wall jet reported in the image on the right side here has been established: it may be found in reference (15) p. 104 and both images are quite similar: the Coandă effect of a free jet is inertial, the same as Coandă effect of a wall jet. However, an experimental measurement of the corresponding surface pressure distribution is not known.

Experiments in 1959 by Bourque and Newmann concerning the reattachment of a two-dimensional turbulent jet to an offset parallel plate after enclosing a separation bubble where a low pressure vortex is confined (as in the image 5 in the preceding section) and also for a two-dimensional jet followed by a single flat plate inclined at an angle instead of the circularly curved wall in the diagram on the right here describing the experience of a wall jet: the jet separates from the plate, then curves towards the plate when the surrounding fluid is entrained and pressure lowered, and eventually reattaches to it, enclosing a separation bubble. The jet remains free if the angle is greater than 62°.

In this last case which is the geometry proposed by Coandă, the claim of the inventor is that the quantity of fluid entrained by the jet from the surroundings is increased when the jet is deflected, a feature exploited to improve the scavenging of internal combustion engines, and to increase the maximum lift coefficient of a wing, as indicated in the applications below.

The surface pressure distribution as well as the reattachment distance have been duly measured in both cases, and two approximate theories have been developed for the mean pressure within the separation bubble, the position of reattachment and the increase in volume flow from the orifice: the agreement with experiment was satisfactory.

Aircraft
The Coandă effect has applications in various high-lift devices on aircraft, where air moving over the wing can be "bent down" towards the ground using flaps and a jet sheet blowing over the curved surface of the top of the wing. The bending of the flow results in aerodynamic lift. The flow from a high-speed jet engine mounted in a pod over the wing produces increased lift by dramatically increasing the velocity gradient in the shear flow in the boundary layer. In this velocity gradient, particles are blown away from the surface, thus lowering the pressure there. Closely following the work of Coandă on applications of his research, and in particular the work on his "Aerodina Lenticulară," John Frost of Avro Canada also spent considerable time researching the effect, leading to a series of "inside out" hovercraft-like aircraft from which the air exited in a ring around the outside of the aircraft and was directed by being "attached" to a flap-like ring. This is, as opposed to a traditional hovercraft design, in which the air is blown into a central area, the plenum, and directed down with the use of a fabric "skirt". Only one of Frost's designs was ever built, the Avro Canada VZ-9 Avrocar.

The Avrocar (often listed as 'VZ-9') was a Canadian vertical takeoff and landing (VTOL) aircraft developed by Avro Aircraft Ltd. as part of a secret United States military project carried out in the early years of the Cold War. The Avrocar intended to exploit the Coandă effect to provide lift and thrust from a single "turborotor" blowing exhaust out the rim of the disk-shaped aircraft to provide anticipated VTOL-like performance. In the air, it would have resembled a flying saucer. Two prototypes were built as "proof-of-concept" test vehicles for a more advanced U.S. Air Force fighter and also for a U.S. Army tactical combat aircraft requirement.

Avro's 1956 Project 1794 for the U.S. military designed a larger-scale flying saucer based on the Coandă effect and intended to reach speeds between Mach 3 and Mach 4. Project documents remained classified until 2012.

The effect was also implemented during the U.S. Air Force's Advanced Medium STOL Transport (AMST) project. Several aircraft, notably the Boeing YC-14 (the first modern type to exploit the effect), NASA's Quiet Short-Haul Research Aircraft, and the National Aerospace Laboratory of Japan's Asuka research aircraft have been built to take advantage of this effect, by mounting turbofans on the top of the wings to provide high-speed air even at low flying speeds, but to date only one aircraft has gone into production using this system to a major degree, the Antonov An-72 "Coaler." The Shin Meiwa US-1A flying boat utilizes a similar system, only it directs the propwash from its four turboprop engines over the top of the wing to generate low-speed lift. More uniquely, it incorporates a fifth turboshaft engine inside of the wing center-section solely to provide air for powerful blown flaps. The addition of these two systems gives the aircraft an impressive STOL capability.

The experimental McDonnell Douglas YC-15 and its production derivative, the Boeing C-17 Globemaster III, also employ the effect. The NOTAR helicopter replaces the conventional propeller tail rotor with a Coandă effect tail (diagram on the left).

A better understanding of Coandă effect was provided by the scientific literature produced by ACHEON EU FP7 project. This project utilized a particular symmetric nozzle to produce an effective modeling of the Coandă effect, and determined innovative STOL aircraft configurations based on the effect. This activity has been expanded by Dragan in the turbomachinery sector, with the objective of better optimizing the shape of rotating blades by Romanian Comoti Research Centre's work on turbomachinery.

A practical use of the Coandă effect is for inclined hydropower screens, which separate debris, fish, etc., otherwise in the input flow to the turbines. Due to the slope, the debris falls from the screens without mechanical clearing, and due to the wires of the screen optimizing the Coandă effect, the water flows through the screen to the penstocks leading the water to the turbines.

The Coandă effect is used in dual-pattern fluid dispensers in automobile windshield washers.

The operation principle of oscillatory flowmeters also relies on the Coandă phenomenon. The incoming liquid enters a chamber that contains two "islands". Due to the Coandă effect, the main stream splits up and goes under one of the islands. This flow then feeds itself back into the main stream making it split up again, but in the direction of the second isle. This process repeats itself as long as the liquid circulates the chamber, resulting in a self-induced oscillation that is directly proportional to the velocity of the liquid and consequently the volume of substance flowing through the meter. A sensor picks up the frequency of this oscillation and transforms it into an analog signal yielding volume passing through.

Air conditioning
In air conditioning, the Coandă effect is exploited to increase the throw of a ceiling mounted diffuser. Because the Coandă effect causes air discharged from the diffuser to "stick" to the ceiling, it travels farther before dropping for the same discharge velocity than it would if the diffuser were mounted in free air, without the neighbouring ceiling. Lower discharge velocity means lower noise levels and, in the case of variable air volume (VAV) air conditioning systems, permits greater turndown ratios. Linear diffusers and slot diffusers that present a greater length of contact with the ceiling exhibit a greater Coandă effect.

Health care
In cardiovascular medicine, the Coandă effect accounts for the separate streams of blood in the fetal right atrium. It also explains why eccentric mitral regurgitation jets are attracted and dispersed along adjacent left atrial wall surfaces (so called "wall-hugging jets" as seen on echocardiographic color-doppler interrogation). This is clinically relevant because the visual area (and thus severity) of these eccentric wall-hugging jets is often underestimated compared to the more readily apparent central jets. In these cases, volumetric methods such as the proximal isovelocity surface area (PISA) method are preferred to quantify the severity of mitral regurgitation.

In medicine, the Coandă effect is used in ventilators.

Meteorology
In meteorology, the Coandă effect theory has also been applied to some air streams flowing out of mountain ranges such as the Carpathian Mountains and Transylvanian Alps, where effects on agriculture and vegetation have been noted. It also appears to be an effect in the Rhone Valley in France and near Big Delta in Alaska.

Auto-racing
In Formula One automobile racing, the Coandă effect has been exploited by the McLaren, Sauber, Ferrari and Lotus teams, after the first introduction by Adrian Newey (Red Bull Team) in 2011, to help redirect exhaust gases to run through the rear diffuser with the intention of increasing downforce at the rear of the car. Due to changes in regulations set in place by the FIA from the beginning of the 2014 Formula One season, the intention of redirecting exhaust gases to use the Coandă effect have been negated, due to the mandatory requirement that the car exhaust not have bodywork intended to contribute to aerodynamic effect situated directly behind it.

Fluidics
In fluidics, the Coandă effect was used to build bistable multivibrators, where the working stream (compressed air) stuck to one curved wall or another and control beams could switch the stream between the walls.

Mixer
The Coandă effect is also used to mix two different fluids in a mixer.

Demonstration
The Coandă effect can be demonstrated by directing a small jet of air upwards at an angle over a ping pong ball. The jet is drawn to and follows the upper surface of the ball curving around it, due to the (radial) acceleration (slowing and turning) of the air around the ball. With enough airflow, this change in momentum is balanced by the equal and opposite force on the ball supporting its weight. This demonstration can be performed using a hairdryer on the lowest setting or a vacuum cleaner if the outlet can be attached to the pipe and aimed upwards at an angle.

A common misconception is that the Coandă effect is demonstrated when a stream of tap water flows over the back of a spoon held lightly in the stream and the spoon is pulled into the stream (for example, uses the Coandă effect to explain the deflection of water around a cylinder). While the flow looks very similar to the air flow over the ping pong ball above (if one could see the air flow), the cause is not really the Coandă effect. Here, because it is a flow of water into air, there is little entrainment of the surrounding fluid (the air) into the jet (the stream of water). This particular demonstration is dominated by surface tension. ( states that the water deflection "actually demonstrates molecular attraction and surface tension.")

Another demonstration is to direct the air flow from, e.g., a vacuum cleaner operating in reverse, tangentially past a round cylinder. A waste basket works well. The air flow seems to "wrap around" the cylinder and can be detected at more than 180° from the incoming flow. Under the right conditions, flow rate, weight of the cylinder, smoothness of the surface it sits on, the cylinder actually moves. Note that the cylinder does not move directly into the flow as a misapplication of the Bernoulli effect would predict, but at a diagonal.

The Coandă effect can also be demonstrated by placing a can in front of a lit candle, such that when one's line of sight is along the top of the can, the candle flame is completely hidden from view behind it. If one then blows directly at the can, the candle will be extinguished despite the can being "in the way". This is because the airflow directed at the can bends around it and still reaches the candle to extinguish it, in accordance with the Coandă effect.

Problems caused
The engineering use of Coandă effect has disadvantages as well as advantages.

In marine propulsion, the efficiency of a propeller or thruster can be severely curtailed by the Coandă effect. The force on the vessel generated by a propeller is a function of the speed, volume and direction of the water jet leaving the propeller. Under certain conditions (e.g., when a ship moves through water) the Coandă effect changes the direction of a propeller jet, causing it to follow the shape of the ship's hull. The side force from a tunnel thruster at the bow of a ship decreases rapidly with forward speed. The side thrust may completely disappear at speeds above about 3 knots. If the Coandă effect is applied to symmetrically shaped nozzles, it presents resonance problems.

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/

title: Coandă effect


text:
Talk:Pkzip

This article needs to be renamed. It should be PKZIP, not Pkzip. --Zundark 11:51 Mar 3, 2003 (UTC)

title: Talk:Pkzip


text:
Natalie Imbruglia

Natalie Jane Imbruglia (, ; born 4 February 1975) is an Australian-British singer-songwriter and actress.

Born and raised in Australia, Imbruglia became widely known in the early 1990s playing Beth Brennan in the soap opera Neighbours. After leaving the series, she moved to the UK and began a singing career. Her debut single, a cover of Ednaswap's song "Torn" (1997), quickly became a worldwide hit, topped the US Billboard Radio Songs Chart for eleven weeks in 1998, and was listed on the 50 Best Songs of the 1990s by Rolling Stone. Her debut album, Left of the Middle (1997), was a commercial success, certified multi-platinum in the US, the UK and Australia and eventually sold seven million copies worldwide. Subsequent albums, including White Lilies Island (2001) and Counting Down the Days (2005), did not match the commercial success of her debut, but both albums still gained Gold certification in the UK. As of 2021, Imbruglia has released six studio albums and has sold more than ten million copies worldwide. Imbruglia has received various accolades, including eight ARIA Awards, two Brit Awards, one Billboard Music Award, one Silver Clef Award and three Grammy nominations.

Imbruglia has appeared in several films, including Johnny English (2003) and Australian indie film Closed for Winter (2009). She has modelled for several brands, such as L'Oreal, Gap, and Kailis. Amongst other philanthropic work, Imbruglia served as a longtime spokesperson for Virgin Unite and campaigns to raise awareness of obstetric fistula.

1975–1994: Early life and career beginnings
Imbruglia was born on 4 February 1975, in Sydney, Australia, second of four daughters of Maxene (née Anderson) and Elliot Imbruglia. Her father is of Italian descent, a Sicilian from Lipari who immigrated to Australia with his family aged five, and her mother is of Irish, Scottish and English descent, with an ancestor who arrived in Australia as a convict in the First Fleet. Imbruglia grew up in Berkeley Vale, New South Wales and attended Mater Dei College. At fifteen, she moved to Sydney with her family and studied ballet, tap and Highland dancing.

Imbruglia appeared in Australian television commercials for Coca-Cola and the Australian snack Twisties. She left school at the age of sixteen, to pursue acting. She secured a role as Beth Brennan on the Australian soap opera Neighbours where she shared a house with Ben Mitchell who played the part of Cameron Hudson. By the end of her second year, she left the show to move to London in 1994. She met Anne Barret, who became her manager and convinced her to record a demo of four songs. She signed a record deal with BMG, after a demo of "Torn" impressed RCA Records.

1997–2000: Left of the Middle and international breakthrough
Imbruglia's first international single, "Torn", was a cover of a song whose first English version was made by Ednaswap, an American 1990s rock band, but it was earlier a Danish song released by Lis Sørensen The song was released on 27 October 1997 in the United Kingdom, and peaked at number two for three weeks on the UK Singles Chart. "Torn" eventually sold over one million copies in the UK alone and became one of the bestselling singles of 1990s in the UK ever. Following the success in the UK, the song was getting heavy airplay around the world since late 1997 but not in North America. "Torn" finally made its debut in the United States in January 1998 when a radio station, Los Angeles KROQ, who sensed the buzz and popularity of the song in international markets, started playing an import version of the song, which was quickly followed by other stations. MTV followed by playing its music video, and Saturday Night Live (SNL) booked Imbruglia for a live performance even before her album was available.

"Torn" debuted at the Top 40 on Billboard Radio Songs Chart on 14 February 1998 and finally reached number one spot on 16 May 1998 and stayed at the summit for eleven consecutive weeks. To promote the album sales in the US, the record label decided not to release the physical single of the song, thus the song did not appear on the Billboard Hot 100 Chart during its popularity peak in mid-1998. The rule was changed due to the public and industry outcry in late-1998, and the song made its appearance on the chart for two weeks, and peaked at number 42. In other markets, "Torn" was a number one song in Canada, Denmark, and number two in her home country, Australia.

Imbruglia performed "Torn" to promote the album and made several appearances on TV shows, including The Rosie O'Donnell Show, Saturday Night Live (SNL), The Tonight Show with Jay Leno, and MTV Movie Awards in the United States, The Prince's Trust Party in the Park and Later... with Jools Holland in the United Kingdom, as well as Hey Hey It's Saturday in Australia.

Imbruglia's debut album, Left of the Middle, was released on 24 November 1997. It sold 350,000 in the UK three weeks after release and was certified platinum. It has sold 7 million copies. The second single in the UK after "Torn" was "Big Mistake", which debuted at No. 2. "Wishing I Was There" was less successful, peaking at No. 19. "Wishing I Was There" only peaked at No. 2 on UK radio in summer 1998, and in the US peaked at No. 14 on the Top 40 Show. The final single from Left of the Middle was "Smoke", which had a more divided reception. It was a hit in the UK and made the top five, while in Australia it missed the top 40. Eventually, the album became a million-seller after charting well in many countries and entering the Top 10 in the US and UK. In 1999, she recorded a cover of "Never Tear Us Apart" by INXS with Tom Jones, which appeared on his album Reload.

The "Torn" single and Left of the Middle album earned Imbruglia an MTV Video Music Award for Best New Artist, MTV Europe Music Award for Best Song, six trophies at 12th ARIA Music Award in 1998, including Best New Talent, Best Australian Debut Album, Best Female Artist, and Single of the Year, and two more trophies at 13th ARIA Music Award in 1999, including the Outstanding Achievement Award, as well as two Brit Awards for Best International Newcomer and Best International Female.

2001–2004: White Lilies Island
Imbruglia's next album, White Lilies Island, in 2001, was named after where she lived beside the River Thames at Windsor. Imbruglia co-wrote every track over three years. The album's first single, "That Day", was stylistically different from her singles but did not reach the UK Top 10. In the US, "Wrong Impression" was the first single and charted in the Hot 100 Singles and adult contemporary charts. In the UK it did slightly better than That Day. "Beauty on the Fire", the final single, barely entered charts worldwide, and did not make the top 50 in Australia. The album, briefly notorious in the Sony BMG copy protection rootkit scandal, sold 1 million but did not repeat the success of Left of the Middle.

Imbruglia's third album was ready by November 2003; however her record label refused to release it. She was given songs to record with Swedish pop producers, Bloodshy & Avant. She and the record label separated at the beginning of 2004. Four months later she signed with Brightside Recordings, formed by a former Innocent Records executive, Hugh Goldsmith. In 2003, she appeared in the spy parody film Johnny English, playing Rowan Atkinson's love interest, Lorna Campbell, in a Bond girl–style role.

2005–2008: Counting Down the Days
In April 2005, Imbruglia's third album Counting Down the Days had "Shiver" as its first single. "Shiver" became her longest-charting single in the UK since "Torn." It topped UK airplay charts for several weeks, reaching eighth in the UK. It became the most-played song of 2005. Counting Down The Days became her first album to reach the top spot on the album charts.

"Sanctuary" was the second single from the album and singles sent to radio stations. The decision was later changed to the title track "Counting Down the Days", with stations asked to play the album version, because the radio mix was not finished. The single on 25 July did not have as much success in the singles chart as "Shiver," although it reignited interest in its album and received airplay in the UK. Due to the single, the album re-entered the top 40 in the UK charts.

Imbruglia made a small European tour, her first since Left of the Middle, in late October and November. Though the album never entered UK Top 40 again, several concerts sold out, notably London.

The album was the 100th-best-selling album in 2005, selling 204,877 copies in the UK alone.

Imbruglia started on her fourth album in late 2005. In mid-2007, plans changed and her record company released a compilation of Imbruglia's 10 years in music. The only single from the album—"Glorious"—premiered in BBC Radio 1 on The Chris Moyles Show. The Singles Collection debuted at No. 5 in the UK, including the single "Glorious" as well as a DVD of Imbruglia's videos. The album sold 600,000 copies.

2009–2014: Come to Life, musical hiatus and stage debut
In late-2008, in the second year of work on her eventual 2009 album Come to Life, Imbruglia parted with her label, Brightside/Sony BMG. She obtained the rights to songs recorded for the album and planned to record on her own label, Malabar Records. Songs were co-written with Ben Hillier, Dave McCracken, her then-husband Daniel Johns, Gary Clark, Jamie Hartman, Paul Harris, Shep Solomon and Chris Martin of Coldplay. Some tracks were produced by Hillier and mixed by Danton Supple.

Accompanied by an extensive television advertising campaign and press campaign, Come to Life was released, through Island Records, on 2 October 2009 in Australia. It entered the Australian albums chart at No. 67 on 19 October 2009, making it Imbruglia's worst performing album to date, selling just 750 copies in its first week of release and spending only two weeks in the Top 100. It had been announced that the album would be released in the United Kingdom (UK) on 3 May 2010, preceded by the track "Scars" to be released as a single on 22 March 2010. Following the disappointing reaction on the Australian charts, the official UK launch of the album, and the single, was delayed, then cancelled. All plans to launch the album in the United States were also cancelled, with the album eventually made available online through Amazon Music.

After the failure of Come to Life, Imbruglia took a six-year hiatus from music, shifting her focus back to acting. Imbruglia moved to Los Angeles and hired acting coach Ivana Chubbuck. She appeared in three movies over the next five years, Closed for Winter (2009), Underdogs (2013) and Among Ravens (2014).

In April 2014, Imbruglia made her stage debut in a UK production of Things We Do For Love, at the Theatre Royal, Bath.

2014–2018: Male
On 3 December 2014, Imbruglia signed with Sony Masterworks and planned to make her first album in five years, covering famous songs by a range of male artists. The first single is a cover of "Instant Crush", originally by Daft Punk featuring Julian Casablancas. Male was released on 31 July 2015, her fifth studio album. During the spring of 2017, Imbruglia took her Acoustic Tour to Europe in support of the album. In 2018 she continued with a tour around the UK.

2018–present: Firebird and Neighbours finale
In an Instagram post in November 2018, Imbruglia stated that new music was due in 2019. In February 2019 it was announced that Albert Hammond Jr. of the Strokes was in the studio with Imbruglia working on new music, along with Strokes producer Gus Oberg.

Imbruglia signed to BMG in July 2019, her original record label from 1997 to 2007, with plans to release an album of new material sometime in 2020. This was subsequently pushed back to 2021.

On 18 June 2021, Imbruglia released "Build It Better", the first single from her sixth studio album Firebird, which was released on 24 September 2021. The official video for "Build It Better" was directed by Amy Becker-Burnett, with choreography by Gregory Haney and Alex Sarmiento. "Build It Better" did not enter the Official UK Top 100 Chart, but peaked at No. 67 on the Official Singles Sales Chart Top 100 and at number 66 on the Official Singles Download Chart Top 100.

In 2022, Imbruglia won the third series of the British version of The Masked Singer as "Panda". Imbruglia released her version of "Story of My Life" (a song she performed on the show) on 12 February 2022. It debuted on the UK Official Singles Sales Chart Top 100 at number 49. The Firebird album re-entered the UK Official Album Downloads chart at number 32.

On 28 July 2022, Imbruglia made a cameo appearance as Beth in the final-ever Neighbours episode. Her appearance was filmed alongside Holly Valance's character, Felicity Scully.

In February 2024, it was announced that Imbruglia would embark on a UK and Ireland tour with the Irish group the Corrs.

Other activities
In May 2010, Imbruglia became a judge on the second season of the Australian version of The X Factor. She mentored the Girls category, in which her final act Sally Chatfield was the runner up of the series. In 2011, she did not return for the third season and was replaced by Natalie Bassingthwaighte.

In June 2011, Imbruglia appeared on the original British version of the show, where she was a guest judge for the Birmingham auditions on its seventh series.

In 2016 Imbruglia was cast in the second season of SBS TV series First Contact.

In 2024, she released an Audible Original podcast, Sleep Sound with Natalie Imbruglia. In the podcast she recites poetry by the late Australian poet, Dorothea Mackellar.

Relationships and citizenship
Natalie Imbruglia is the elder sister of singer-songwriter Laura Imbruglia. During her time on Neighbours she briefly dated her co-star Stefan Dennis. Imbruglia dated American actor David Schwimmer in the late 1990s.

In 1999, Imbruglia met Silverchair frontman Daniel Johns backstage at his band's concert in London. They started dating after meeting again at the ARIA awards after-party at the Gazebo Hotel in Sydney in October of the same year. After years of an on-and-off relationship, they announced their engagement shortly before Christmas 2002 and they married on New Year's Eve 2003 in a beach ceremony in Port Douglas, Queensland. Imbruglia stated in a 2002 interview that meeting Johns saved her from depression. Johns wrote the song "Satisfied" for Imbruglia's 2005 album Counting Down the Days, which he also produced and co-wrote the song "Want" from Imbruglia's 2009 album Come to Life. Imbruglia wrote her 2005 single "Counting Down the Days" about their long-distance relationship, as Imbruglia was based in London and Johns lived in Newcastle, Australia. They announced their divorce on 4 January 2008, stating, "We have simply grown apart through not being able to spend enough time together."

Imbruglia became a naturalised British citizen in 2013.

On 9 October 2019, Imbruglia announced on Instagram that she had given birth to a baby boy. The child was conceived using IVF and sperm from an unnamed donor.

Philanthropy

 * Imbruglia is an ambassador for Virgin Unite and supports campaigns to end poverty and to bring attention to obstetric fistula.
 * She appeared in a sketch at the Secret Policeman's Ball for Amnesty International on 31 October 2006.
 * She has spoken of clinical depression to raise awareness about the disorder.
 * 2008 saw her support the Fashion Targets Breast Cancer campaign in support of Breakthrough Breast Cancer, alongside comedian Alan Carr, DJ & presenter Edith Bowman, actress Anna Friel, and model Twiggy.

Awards and nominations
{| class="wikitable sortable plainrowheaders" ! scope="col"| Award ! scope="col"| Year ! scope="col"| Nominee(s) ! scope="col"| Category ! scope="col"| Result ! scope="col" class="unsortable"| Ref. ! scope="row" rowspan="2"| APRA Music Awards !scope="row" rowspan="14"| ARIA Music Awards ! scope="row" rowspan="3"| Billboard Music Awards ! scope="row" rowspan="3"| Grammy Awards ! scope="row" rowspan="3"| MTV Europe Music Awards ! scope="row" rowspan="2"| Mo Awards ! scope="row" rowspan="3"| MTV Video Music Award ! scope="row" rowspan="4"| NME Awards ! scope="row" rowspan="3"| Žebřík Music Awards
 * 1999
 * "Big Mistake"
 * rowspan="2"| Most Performed Foreign Work
 * Nominated
 * 2006
 * "Shiver"
 * Nominated
 * "Shiver"
 * Nominated
 * rowspan="9"| 1998
 * rowspan="5"| Left of the Middle
 * Album of the Year
 * Nominated
 * rowspan="9"|
 * Best Female Artist
 * Won
 * Best New Talent
 * Won
 * Breakthrough Artist – Album
 * Won
 * Best Pop Release
 * Won
 * rowspan="3"| "Torn"
 * Single of the Year
 * Won
 * Breakthrough Artist – Single
 * Won
 * rowspan="2"| Highest Selling Single
 * Nominated
 * "Big Mistake"
 * Nominated
 * rowspan="3"| 1999
 * Left of the Middle
 * Highest Selling Album
 * Nominated
 * rowspan="3"|
 * Herself
 * Outstanding Achievement
 * Won
 * "Wishing I Was There"
 * rowspan="3"| Best Female Artist
 * Won
 * 2002
 * White Lilies Island
 * Nominated
 * 2005
 * Counting Down the Days
 * Nominated
 * Won
 * "Wishing I Was There"
 * rowspan="3"| Best Female Artist
 * Won
 * 2002
 * White Lilies Island
 * Nominated
 * 2005
 * Counting Down the Days
 * Nominated
 * 2005
 * Counting Down the Days
 * Nominated
 * Nominated
 * rowspan="3"| 1998
 * rowspan="2"| "Torn"
 * Top Hot 100 Airplay Track
 * Nominated
 * rowspan="3"|
 * Top Adult Top 40 Track
 * Won
 * Herself
 * Top Adult Top 40 Artist
 * Nominated
 * Top Adult Top 40 Artist
 * Nominated
 * rowspan="3"| 1999
 * Herself
 * Best New Artist
 * Nominated
 * rowspan="3"|
 * Left of the Middle
 * Best Pop Vocal Album
 * Nominated
 * "Torn"
 * Best Female Pop Vocal Performance
 * Nominated
 * Best Female Pop Vocal Performance
 * Nominated
 * rowspan="3"| 1998
 * rowspan="2"| Herself
 * Best New Act
 * Nominated
 * rowspan="3"|
 * Best Female
 * Nominated
 * "Torn"
 * Best Song
 * Won
 * Best Song
 * Won
 * rowspan="2"| 1998
 * rowspan="2"| Natalie Imbruglia
 * Rock Performer of the Year
 * Won
 * rowspan="2"|
 * Australian Showbusiness Ambassador
 * Won
 * Won
 * rowspan="3"| 1998
 * rowspan="3"| "Torn"
 * Best New Artist
 * Won
 * rowspan="3"|
 * Best Female Video
 * Nominated
 * Viewer's Choice
 * Nominated
 * Viewer's Choice
 * Nominated
 * rowspan="2"| 1998
 * rowspan="4"| Herself
 * Best New Band
 * Nominated
 * rowspan="2"|
 * Best Solo Artist
 * Nominated
 * rowspan="2"| 1999
 * Most Desirable Person
 * Won
 * rowspan="2"|
 * Top Pop Personality You'd Most Like as Your Doctor
 * Won
 * Top Pop Personality You'd Most Like as Your Doctor
 * Won
 * Won
 * 1997
 * rowspan="3"| Herself
 * rowspan="3"| Best International Female
 * Nominated
 * rowspan="2"|
 * 1998
 * Nominated
 * 2005
 * Nominated
 * 2005
 * Nominated

Headlining

 * Left Of The Middle Tour (1998)
 * Counting Down The Days Tour (2005)
 * Come To Life Tour (2009)
 * Acoustic Tour (2017-2018)
 * Left Of The Middle 25th Anniversary Tour (2022)

Supporting

 * Simply Red - The Big Love Tour (UK) (2015)
 * Simply Red - The Big Love Tour (Australia) (2016)
 * The Corrs - Down Under Tour (2023)

Discography

 * Left of the Middle (1997)
 * White Lilies Island (2001)
 * Counting Down the Days (2005)
 * Come to Life (2009)
 * Male (2015)
 * Firebird (2021)

title: Natalie Imbruglia


text:
Talk:(89959) 2002 NT7

???
What object is this about? -- 62.171.194.42 (12:30, 3 March 2003)

 * About a near-Earth object. If you have a question about the article, could you be more specific? - Patrick 13:07 Mar 3, 2003 (UTC)

Mind your language
This is a meteorite which was supposedly roughly in the way of the Earth's orbit... that's what it is on about... please keep language to a minimum (unsigned comment on 2006-07-16 by 82.47.215.11)

External links modified (January 2018)
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two independent questions of date
"it has now been known for years" that it would pass harmlessly, hmmm. Better to replace that obsolete wording with, say, the date of the first accurate prediction.

Meanwhile, how did the projected nearest approach move from February 1 to January 13? —Tamfang (talk) 05:32, 18 November 2022 (UTC)

 * The impact scenario on 1 Feb 2019 was NEVER the nominal solution, and reality became 13 Jan 2019. It took less than a month to rule out any impact scenario. -- Kheider (talk) 05:52, 18 November 2022 (UTC)

title: Talk:(89959) 2002 NT7


text:
User talk:Fieldtest

Go to www.onlinewhiz.com, my web site.

Hello there, welcome to the 'pedia! I hope you like the place and decide to stay. If you need pointers on how we title pages visit Naming conventions or how to format them visit our manual of style. If you have any other questions about the project then check out Help or add a question to the Village pump. Cheers! --maveric149

title: User talk:Fieldtest