A recent proposed £5.5 billion acquisition bid for easyJet by Castlelake, a private equity firm based in Minnesota, has drawn attention for its unusual presentation and the broader communications style of private equity companies. The official statement from Castlelake, available online, is intriguingly titled “Project Citrus Draft Release,” presumably referencing easyJet’s orange branding. Notably, Castlelake describes itself not simply as a private equity firm but as “a relationship-oriented, experienced liquidity provider in asset-based opportunities,” highlighting the industry's tendency to use obfuscating language to describe its activities.

This semantic approach is common across the sector. For example, New York-based I Squared describes its investments as empowering “global progress” through its entrepreneurial and analytical mindset, despite controlling practical assets such as trucking, tyre companies, and Arriva’s bus fleets, which have recently faced criticism. London bus drivers under Arriva are currently balloting for strike action, with union leaders accusing the company of prioritizing profits over employee welfare, citing poorly maintained air-conditioning systems as a key concern.

Other private equity firms follow similar patterns. EQT, involved in pharmaceuticals and healthcare, emphasizes “continuous improvement,” while Bain Capital refers to investing in “what could be” and claims to embrace values like integrity and empathy. Bain’s portfolio includes brands like Bugaboo and Gail’s bakery, the latter having reportedly thrived under their ownership.

Beyond rhetoric, the private equity industry has long been scrutinized for adverse social impacts, as documented in a recent history of the sector. The book traces its roots to the groundbreaking 1982 leveraged buyout of Gibson Greeting Cards by Wesray, which yielded enormous returns after a highly leveraged financing structure. However, such transactions have been criticized for placing heavy debt burdens on target companies, benefiting investors while often harming workers, customers, and communities.

Examples of controversial private equity behavior include the exploitation of British water companies, which have been accused of discharging sewage into rivers while distributing high dividends to owners. Additionally, allegations have surfaced about a Kenyan hospital that reportedly detained patients unable to pay for treatment and British care homes where elderly residents suffered neglect under private equity ownership.

Some firms like Modella adopt more direct language, committing to deliver agreed results “with no nasty surprises.” Yet even these claims are sometimes contradicted by outcomes. Modella’s recent management of UK high street retailers has involved significant store closures and administrations, including over a quarter of TG Jones stores, formerly part of WH Smith. Such developments have directly affected employees and local communities.

Private equity plays a significant role in the UK economy, with an estimated 2.5 million jobs linked to companies under private equity control. The sector also holds considerable stakes in national infrastructure. Despite this influence, private equity firms generally operate with less transparency than publicly traded companies. As these firms increasingly control essential services and well-known brands, calls are growing for clearer, more straightforward communication about their operations and impacts.