RT Journal Article SR Electronic T1 PIPEs JF The Journal of Private Equity FD Institutional Investor Journals SP 66 OP 71 DO 10.3905/jpe.2002.320026 VO 5 IS 4 A1 Michael D. Smith YR 2002 UL https://pm-research.com/content/5/4/66.abstract AB 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.