Private equity and family firms: A systematic review and categorization of the field

This study reviews academic literature on private equity and family firms. Based on a systematic search process, we identify 50 relevant studies published in the fields of management, finance, and economics between 1990 and 2017. Besides providing a nuanced overview of the current state of research, we develop a framework to categorize the interaction between private equity firms and family firms along three phases. We outline the challenges and needs associated with a family firm private equity partnership and discuss a variety of contingency factors. Lastly, we use the developed framework to propose an agenda for further research in the family firm private equity field.