Academic research has widely neglected strategy for buyout associations. As have many practitioners. Articles and publications on the buyout industry suggest that buyout associations do not have and do not need a strategy and that instead it is sufficient to decide deal by deal which investment to undertake. This perspective on strategy is reminiscent of the early days of strategy research when in the 1960s Ansoff declared that only fully integrated operating firms have a real need for a comprehensive strategy, while holding and financial firms can be better off evaluating "each new opportunity on the merits of its individual profitability". Against this background, the present book will aim to prove that this view on strategy is outdated for buyout associations. It will show that only strategy enables buyout associations to overcome the tough system-inherent and external challenges they face. Strategy is understood and conceptualised in this book as the key for buyout associations to coping with competitive pressures and positioning themselves in a way that they can achieve and sustain superior performance. Besides the comprehensive conceptualisation of strategy for buyout associations, a method will be developed that is suited for describing strategy in this specific context.