Why do people in PE pretend they're business owners and entrepreneurs?

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A GP, by definition, holds an ownership in the partnership. Through this lens, they are certainly a (partial) business owner.

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After a buyout, the PE firm is also the ones holding the reins. So it's not like they are partial owners in the same way you and I are partial owners of General Motors because we have money invested in the S&P 500.

I wouldn't call them entrepreneurs since it's a lot less risky of a business than true entrepreneurship. But definitely business owners.

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