As available credit has tightened and fundraising has plummeted since the financial crisis of 2008, the private-equity (PE) sector has grown and matured in developed countries and shown strong growth in emerging countries, especially in Asia. This article studies the effect of wealth creation and wealth transfer by PE-backed leveraged buyouts (LBOs) on their stakeholders. We review the drivers of value creation and present the means through which LBOs are likely to transfer value. We also examine the tactics and strategies that LBOs use to capture and transfer value, and study emerging markets outside the traditional territories of LBO activities. This article reveals concerns that may be of interest to investors and regulators, elucidates clues for PE firms managing differences when investing in emerging markets, and provides an integrated view of LBO activities for countries seeking the introduction of private equity.