Private Equity and its Discontents: Industry Trends and Policy Recommendations

The Ira M. Millstein Memorial Conference was held on April 17, 2026, at Columbia Law School and brought together leading voices from academia, the judiciary, law, and finance to consider emerging issues in the governance of private and public companies.

This panel explored current trends, tensions, and policy debates surrounding the private equity industry, with discussion focusing on governance structures, market incentives, regulatory challenges, and the broader implications of private capital for companies, investors, and capital markets.

The session featured presentations by Jeffrey N. Gordon (Richard Paul Richman Professor of Law and Faculty Co-Director of the Ira M. Millstein Center for Global Markets and Corporate Ownership, Columbia Law School) and Dorothy S. Lund (Columbia 1982 Alumna Professor of Law and Faculty Co-Director of the Ira M. Millstein Center for Global Markets and Corporate Ownership, Columbia Law School).

The presentations were followed by a facilitated discussion with William A. Birdthistle (Professor from Practice, University of Chicago Law School), Norm Champ (Partner, Kirkland & Ellis LLP), William W. Clayton (Professor of Law and Associate Dean for Faculty & Curriculum, The J. Reuben Clark Law School at Brigham Young University), Josh Lerner (Jacob H. Schiff Professor of Investment Banking and Co-Director of the Private Capital Project, Harvard Business School), and Daniel Serota (Partner and Global Co-Leader of Financial Services M&A, Mayer Brown).