There are more PE firms than there are McDonalds in the US. Most of them exist to buy solid companies where ownership wants to cash out or fixing failing cash-poor businesses with good bones.

PE has become shorthand for "thing I don't like", and admittedly there are a lot of horrible evil people in PE. As a concept though, it's pretty benign.

Private equity is just a type of investment. It can be run by scumbags or regular people.

The growing role of PE in everything and everywhere is IMO a symptom of wealth inequality. PE didn't invest in veterinary practices, retirement homes, or plumbing businesses 30 years ago. They're just running out of places to put all that cash.

Private equity is good for society because it provides a financial incentive for owners of the equity to increase the value of a company. The value of a company is tied to how much value it provides society. Financial incentives do work in practice in affecting behavior in humans. Especially with the scale that some companies can reach. In conclusion the concept of privately held equity existing accelerates the betterment of society.

Broadly speaking, private equity is used to describe anything leveraged we don’t like. When we like it, we tend to describe it as a start-up, family business or simply “firm.”