TY - JOUR T1 - PIPEs JF - The Journal of Private Equity SP - 66 LP - 71 DO - 10.3905/jpe.2002.320026 VL - 5 IS - 4 AU - Michael D. Smith Y1 - 2002/08/31 UR - https://pm-research.com/content/5/4/66.abstract N2 - LBO funds made many risky gambles in PIPEs beginning in 1999, and several prominent firms were badly burned. The depressed prices of many venture-backed public companies have attracted the attention of venture capitalists, but VCs can learn several lessons from the failures in the LBO sector. This article explores those lessons. ER -