This year’s effort examines two very different topics: the impact of private equity on industry performance and cyclicality, and the record of governments as venture capital investors. The first paper will inform the debate on systemic risk while the latter provides guidance to governments seeking to promote entrepreneurship. Taken in conjunction with the work of the previous two years, a very different picture emerges than might be painted by those strongly supporting private equity or those strongly opposed to it. In fact, the results are mixed. The challenge for the legislative bodies is to adopt policies that promote its beneficial aspects and not its harmful ones. We believe the effort in its entirety will help them do that.