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You mean how it's always used post hoc (ie. "ah ha! the company was owned by private equity! you should've known!") or as a generic kneejerk reaction, neither of which has any rigorous criteria for what the "bad" sort of private equity is?
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> the "bad" sort of private equity

People mean "acquired by a Private Equity firm". You can learn what one of those is here: https://en.wikipedia.org/wiki/Private_equity_firm

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Yeah people generally mean PE investment firms that are in the business of moving around and sucking up companies for short terms and stripping them to squeeze all the money out and then moving on to the next one. Not simply that a company’s equity is privately held, not publicly traded.
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