Value creation is at the core of how EY helps private equity clients make better investment decisions, build greater returns and make an impact on the success of a business. The most successful private equity ﬁrms drive returns by fundamentally transforming their portfolio companies, rather than rejiggering the bottom lines. In a world of richly valued assets, identifying the right investment opportunity early is key. Nowhere is this truer than for private equity. There is a perception that due diligence exists to ensure a potential acquisition is what it appears. But that is just the beginning.