title: Private equity

text: Companies that seek growth capital will often do so in order to finance a transformational event in their life cycle. These companies are likely to be more mature than venture capital-funded companies, able to generate revenue and operating profits, but unable to generate sufficient cash to fund major expansions, acquisitions or other investments. Because of this lack of scale, these companies generally can find few alternative conduits to secure capital for growth, so access to growth equity can be critical to pursue necessary facility expansion, sales and marketing initiatives, equipment purchases, and new product development.


title: Private equity

text: The primary owner of the company may not be willing to take the financial risk alone. By selling part of the company to private equity, the owner can take out some value and share the risk of growth with partners. Capital can also be used to effect a restructuring of a company's balance sheet, particularly to reduce the amount of leverage (or debt) the company has on its balance sheet.


title: Private equity

text: A private investment in public equity (PIPE), refer to a form of growth capital investment made into a publicly traded company. PIPE investments are typically made in the form of a convertible or preferred security that is unregistered for a certain period of time.


title: Private equity

text: The Registered Direct, or RD, is another common financing vehicle used for growth capital. A registered direct is similar to a PIPE, but is instead sold as a registered security.


title: Private equity

text: Mezzanine capital refers to subordinated debt or preferred equity securities that often represent the most junior portion of a company's capital structure that is senior to the company's common equity. This form of financing is often used by private-equity investors to reduce the amount of equity capital required to finance a leveraged buyout or major expansion. Mezzanine capital, which is often used by smaller companies that are unable to access the high yield market, allows such companies to borrow additional capital beyond the levels that traditional lenders are willing to provide through bank loans. In compensation for the increased risk, mezzanine debt holders require a higher return for their investment than secured or other more senior lenders. Mezzanine securities are often structured with a current income coupon.


title: Private equity

text: Venture capital or VC is a broad subcategory of private equity that refers to equity investments made, typically in less mature companies, for the launch of a seed or startup company, early-stage development, or expansion of a business. Venture investment is most often found in the application of new technology, new marketing concepts and new products that do not have a proven track record or stable revenue streams.


title: Private equity

text: Venture capital is often sub-divided by the stage of development of the company ranging from early-stage capital used for the launch of startup companies to late stage and growth capital that is often used to fund expansion of existing business that are generating revenue but may not yet be profitable or generating cash flow to fund future growth.


title: Private equity

text: Entrepreneurs often develop products and ideas that require substantial capital during the formative stages of their companies' life cycles. Many entrepreneurs do not have sufficient funds to finance projects themselves, and they must, therefore, seek outside financing. The venture capitalist's need to deliver high returns to compensate for the risk of these investments makes venture funding an expensive capital source for companies. Being able to secure financing is critical to any business, whether it is a startup seeking venture capital or a mid-sized firm that needs more cash to grow. Venture capital is most suitable for businesses with large up-front capital requirements which cannot be financed by cheaper alternatives such as debt. Although venture capital is often most closely associated with fast-growing technology, healthcare and biotechnology fields, venture funding has been used for other more traditional businesses.


title: Private equity

text: Investors generally commit to venture capital funds as part of a wider diversified private-equity portfolio, but also to pursue the larger returns the strategy has the potential to offer. However, venture capital funds have produced lower returns for investors over recent years compared to other private-equity fund types, particularly buyout.


title: Private equity

text: The category of Distressed securities comprises financial strategies for the profitable investment of working capital into the corporate equity and the securities of financially weak companies. The investment of private-equity capital into distressed securities is realised with two financial strategies:


title: Private equity

text: Moreover, the private-equity investment strategies of hedge funds also include actively trading the loans held and the bonds issued by the financially-weak target companies.


title: Private equity

text: Secondary investments refer to investments made in existing private-equity assets. These transactions can involve the sale of private-equity fund interests or portfolios of direct investments in privately held companies through the purchase of these investments from existing institutional investors. By its nature, the private-equity asset class is illiquid, intended to be a long-term investment for buy and hold investors. Secondary investments allow institutional investors, particularly those new to the asset class, to invest in private equity from older vintages than would otherwise be available to them. Secondaries also typically experience a different cash flow profile, diminishing the j-curve effect of investing in new private-equity funds. Often investments in secondaries are made through third-party fund vehicle, structured similar to a fund of funds although many large institutional investors have purchased private-equity fund interests through secondary transactions. Sellers of private-equity fund investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds.


title: Private equity

text: As well as this to compensate for private equities not being traded on the public market, a private equity secondary market has formed, where private equity investors purchase securities and assets from other private equity investors.


title: Private equity

text: The seeds of the US private-equity industry were planted in 1946 with the founding of two venture capital firms: American Research and Development Corporation (ARDC) and J.H. Whitney & Company. Before World War II, venture capital investments (originally known as "development capital") were primarily the domain of wealthy individuals and families. In 1901 J.P. Morgan arguably managed the first leveraged buyout of the Carnegie Steel Company using private equity. Modern era private equity, however, is credited to Georges Doriot, the "father of venture capitalism" with the founding of ARDC and founder of INSEAD, with capital raised from institutional investors, to encourage private sector investments in businesses run by soldiers who were returning from World War II. ARDC is credited with the first major venture capital success story when its 1957 investment of $70,000 in Digital Equipment Corporation (DEC) would be valued at over $355 million after the company's initial public offering in 1968 (a return of over 5,000 times its investment and an annualized rate of return of 101%). It is commonly noted that the first venture-backed startup is Fairchild Semiconductor, which produced the first commercially practicable integrated circuit, funded in 1959 by what would later become Venrock Associates.


title: Private equity

text: The first leveraged buyout may have been the purchase by McLean Industries, Inc. of Pan-Atlantic Steamship Company in January 1955 and Waterman Steamship Corporation in May 1955 Under the terms of that transaction, McLean borrowed $42 million and raised an additional $7 million through an issue of preferred stock. When the deal closed, $20 million of Waterman cash and assets were used to retire $20 million of the loan debt. Lewis Cullman's acquisition of Orkin Exterminating Company in 1964 is often cited as the first leveraged buyout. Similar to the approach employed in the McLean transaction, the use of publicly traded holding companies as investment vehicles to acquire portfolios of investments in corporate assets was a relatively new trend in the 1960s popularized by the likes of Warren Buffett (Berkshire Hathaway) and Victor Posner (DWG Corporation) and later adopted by Nelson Peltz (Triarc), Saul Steinberg (Reliance Insurance) and Gerry Schwartz (Onex Corporation). These investment vehicles would utilize a number of the same tactics and target the same type of companies as more traditional leveraged buyouts and in many ways could be considered a forerunner of the later private-equity firms. Posner is often credited with coining the term "leveraged buyout" or "LBO".


title: Private equity

text: The leveraged buyout boom of the 1980s was conceived by a number of corporate financiers, most notably Jerome Kohlberg Jr. and later his protégé Henry Kravis. Working for Bear Stearns at the time, Kohlberg and Kravis along with Kravis' cousin George Roberts began a series of what they described as "bootstrap" investments. Many of these companies lacked a viable or attractive exit for their founders as they were too small to be taken public and the founders were reluctant to sell out to competitors and so a sale to a financial buyer could prove attractive. In the following years the three Bear Stearns bankers would complete a series of buyouts including Stern Metals (1965), Incom (a division of Rockwood International, 1971), Cobblers Industries (1971), and Boren Clay (1973) as well as Thompson Wire, Eagle Motors and Barrows through their investment in Stern Metals. By 1976, tensions had built up between Bear Stearns and Kohlberg, Kravis and Roberts leading to their departure and the formation of Kohlberg Kravis Roberts in that year.


title: Private equity

text: In January 1982, former United States Secretary of the Treasury William E. Simon and a group of investors acquired Gibson Greetings, a producer of greeting cards, for $80 million, of which only $1 million was rumored to have been contributed by the investors. By mid-1983, just sixteen months after the original deal, Gibson completed a $290 million IPO and Simon made approximately $66 million.


title: Private equity

text: The success of the Gibson Greetings investment attracted the attention of the wider media to the nascent boom in leveraged buyouts. Between 1979 and 1989, it was estimated that there were over 2,000 leveraged buyouts valued in excess of $250 million.


title: Private equity

text: During the 1980s, constituencies within acquired companies and the media ascribed the "corporate raid" label to many private-equity investments, particularly those that featured a hostile takeover of the company, perceived asset stripping, major layoffs or other significant corporate restructuring activities. Among the most notable investors to be labeled corporate raiders in the 1980s included Carl Icahn, Victor Posner, Nelson Peltz, Robert M. Bass, T. Boone Pickens, Harold Clark Simmons, Kirk Kerkorian, Sir James Goldsmith, Saul Steinberg and Asher Edelman. Carl Icahn developed a reputation as a ruthless corporate raider after his hostile takeover of TWA in 1985. Many of the corporate raiders were onetime clients of Michael Milken, whose investment banking firm, Drexel Burnham Lambert helped raise blind pools of capital with which corporate raiders could make a legitimate attempt to take over a company and provided high-yield debt ("junk bonds") financing of the buyouts.


title: Private equity

text: One of the final major buyouts of the 1980s proved to be its most ambitious and marked both a high-water mark and a sign of the beginning of the end of the boom. In 1989, KKR (Kohlberg Kravis Roberts) closed in on a $31.1 billion takeover of RJR Nabisco. It was, at that time and for over 17 years, the largest leveraged buyout in history. The event was chronicled in the book (and later the movie), "Barbarians at the Gate: The Fall of RJR Nabisco". KKR would eventually prevail in acquiring RJR Nabisco at $109 per share, marking a dramatic increase from the original announcement that Shearson Lehman Hutton would take RJR Nabisco private at $75 per share. A fierce series of negotiations and horse-trading ensued which pitted KKR against Shearson and later Forstmann Little & Co. Many of the major banking players of the day, including Morgan Stanley, Goldman Sachs, Salomon Brothers, and Merrill Lynch were actively involved in advising and financing the parties. After Shearson's original bid, KKR quickly introduced a tender offer to obtain RJR Nabisco for $90 per share—a price that enabled it to proceed without the approval of RJR Nabisco's management. RJR's management team, working with Shearson and Salomon Brothers, submitted a bid of $112, a figure they felt certain would enable them to outflank any response by Kravis's team. KKR's final bid of $109, while a lower dollar


title: Private equity

text: figure, was ultimately accepted by the board of directors of RJR Nabisco. At $31.1 billion of transaction value, RJR Nabisco was by far the largest leveraged buyouts in history. In 2006 and 2007, a number of leveraged buyout transactions were completed that for the first time surpassed the RJR Nabisco leveraged buyout in terms of nominal purchase price. However, adjusted for inflation, none of the leveraged buyouts of the 2006–2007 period would surpass RJR Nabisco. By the end of the 1980s the excesses of the buyout market were beginning to show, with the bankruptcy of several large buyouts including Robert Campeau's 1988 buyout of Federated Department Stores, the 1986 buyout of the Revco drug stores, Walter Industries, FEB Trucking and Eaton Leonard. Additionally, the RJR Nabisco deal was showing signs of strain, leading to a recapitalization in 1990 that involved the contribution of $1.7 billion of new equity from KKR. In the end, KKR lost $700 million on RJR.


title: Private equity

text: Drexel reached an agreement with the government in which it pleaded "nolo contendere" (no contest) to six felonies – three counts of stock parking and three counts of stock manipulation. It also agreed to pay a fine of $650 million – at the time, the largest fine ever levied under securities laws. Milken left the firm after his own indictment in March 1989. On 13 February 1990 after being advised by United States Secretary of the Treasury Nicholas F. Brady, the U.S. Securities and Exchange Commission (SEC), the New York Stock Exchange and the Federal Reserve, Drexel Burnham Lambert officially filed for Chapter 11 bankruptcy protection.


title: Private equity

text: The combination of decreasing interest rates, loosening lending standards and regulatory changes for publicly traded companies (specifically the Sarbanes–Oxley Act) would set the stage for the largest boom private equity had seen. Marked by the buyout of Dex Media in 2002, large multibillion-dollar U.S. buyouts could once again obtain significant high yield debt financing and larger transactions could be completed. By 2004 and 2005, major buyouts were once again becoming common, including the acquisitions of Toys "R" Us, The Hertz Corporation, Metro-Goldwyn-Mayer and SunGard in 2005.


title: Private equity

text: As 2006 began, new "largest buyout" records were set and surpassed several times with nine of the top ten buyouts at the end of 2007 having been announced in an 18-month window from the beginning of 2006 through the middle of 2007. In 2006, private-equity firms bought 654 U.S. companies for $375 billion, representing 18 times the level of transactions closed in 2003. Additionally, U.S.-based private-equity firms raised $215.4 billion in investor commitments to 322 funds, surpassing the previous record set in 2000 by 22% and 33% higher than the 2005 fundraising total The following year, despite the onset of turmoil in the credit markets in the summer, saw yet another record year of fundraising with $302 billion of investor commitments to 415 funds Among the mega-buyouts completed during the 2006 to 2007 boom were: EQ Office, HCA, Alliance Boots and TXU.


title: Private equity

text: In July 2007, the turmoil that had been affecting the mortgage markets, spilled over into the leveraged finance and high-yield debt markets. The markets had been highly robust during the first six months of 2007, with highly issuer friendly developments including PIK and PIK Toggle (interest is ""P"ayable "I"n "K"ind") and covenant light debt widely available to finance large leveraged buyouts. July and August saw a notable slowdown in issuance levels in the high yield and leveraged loan markets with few issuers accessing the market. Uncertain market conditions led to a significant widening of yield spreads, which coupled with the typical summer slowdown led many companies and investment banks to put their plans to issue debt on hold until the autumn. However, the expected rebound in the market after 1 May 2007 did not materialize, and the lack of market confidence prevented deals from pricing. By the end of September, the full extent of the credit situation became obvious as major lenders including Citigroup and UBS AG announced major writedowns due to credit losses. The leveraged finance markets came to a near standstill during a week in 2007. As 2008 began, lending standards tightened and the era of "mega-buyouts" came to an end. Nevertheless, private equity continues to be a large and active asset class and the private-equity firms, with hundreds of billions of dollars of committed capital from investors are looking to deploy capital in new and different transactions.


title: Private equity

text: As a result of the global financial crisis, private equity has become subject to increased regulation in Europe and is now subject, among other things, to rules preventing asset stripping of portfolio companies and requiring the notification and disclosure of information in connection with buy-out activity.


title: Private equity

text: From 2010 to 2014 KKR, Carlyle, Apollo and Ares went public. Starting from 2018 these companies converted from partnerships into corporations with more shareholder rights and the inclusion in stock indices and mutual fund portfolios. But with the increased availability and scope of funding provided by private markets, many companies are staying private simply because they can. McKinsey & Company reports in its Global Private Markets Review 2018 that global private market fundraising increased by $28.2 billion from 2017, for a total of $748 billion in 2018. Thus, given the abundance of private capital available, companies no longer require public markets for sufficient funding. Benefits may include avoiding the cost of an IPO, maintaining more control of the company, and having the 'legroom' to think long-term rather than focus on short-term or quarterly figures.


title: Private equity

text: A new phenomenon in the Twenties are regulated platforms which fractionalise the assets making investment sizes of $10,000 or less possible.


title: Private equity

text: Although the capital for private equity originally came from individual investors or corporations, in the 1970s, private equity became an asset class in which various institutional investors allocated capital in the hopes of achieving risk-adjusted returns that exceed those possible in the public equity markets. In the 1980s, insurers were major private-equity investors. Later, public pension funds and university and other endowments became more significant sources of capital. For most institutional investors, private-equity investments are made as part of a broad asset allocation that includes traditional assets (e.g., public equity and bonds) and other alternative assets (e.g., hedge funds, real estate, commodities).


title: Private equity

text: US, Canadian and European public and private pension schemes have invested in the asset class since the early 1980s to diversify away from their core holdings (public equity and fixed income). Today pension investment in private equity accounts for more than a third of all monies allocated to the asset class, ahead of other institutional investors such as insurance companies, endowments, and sovereign wealth funds.


title: Private equity

text: Most institutional investors do not invest directly in privately held companies, lacking the expertise and resources necessary to structure and monitor the investment. Instead, institutional investors will invest indirectly through a private-equity fund. Certain institutional investors have the scale necessary to develop a diversified portfolio of private-equity funds themselves, while others will invest through a fund of funds to allow a portfolio more diversified than one a single investor could construct.


title: Private equity

text: Returns on private-equity investments are created through one or a combination of three factors that include: debt repayment or cash accumulation through cash flows from operations, operational improvements that increase earnings over the life of the investment and multiple expansion, selling the business for a higher price than was originally paid. A key component of private equity as an asset class for institutional investors is that investments are typically realized after some period of time, which will vary depending on the investment strategy. Private-equity investment returns are typically realized through one of the following avenues:


title: Private equity

text: Large institutional asset owners such as pension funds (with typically long-dated liabilities), insurance companies, sovereign wealth and national reserve funds have a generally low likelihood of facing liquidity shocks in the medium term, and thus can afford the required long holding periods characteristic of private-equity investment.


title: Private equity

text: The private-equity secondary market (also often called private-equity secondaries) refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds. Sellers of private-equity investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds. By its nature, the private-equity asset class is illiquid, intended to be a long-term investment for buy-and-hold investors. For the vast majority of private-equity investments, there is no listed public market; however, there is a robust and maturing secondary market available for sellers of private-equity assets.


title: Private equity

text: Increasingly, secondaries are considered a distinct asset class with a cash flow profile that is not correlated with other private-equity investments. As a result, investors are allocating capital to secondary investments to diversify their private-equity programs. Driven by strong demand for private-equity exposure, a significant amount of capital has been committed to secondary investments from investors looking to increase and diversify their private-equity exposure.


title: Private equity

text: Investors seeking access to private equity have been restricted to investments with structural impediments such as long lock-up periods, lack of transparency, unlimited leverage, concentrated holdings of illiquid securities and high investment minimums.


title: Private equity

text: According to the 2017 ranking created by industry magazine Private Equity International (published by PEI Media called the PEI 300), the largest private-equity firm in the world today was The Blackstone Group based on the amount of private-equity direct-investment capital raised over a five-year window. As ranked by the PEI 300, the 10 largest private-equity firms in the world in 2017 were:


title: Private equity

text: Because private-equity firms are continuously in the process of raising, investing and distributing their private-equity funds, capital raised can often be the easiest to measure. Other metrics can include the total value of companies purchased by a firm or an estimate of the size of a firm's active portfolio plus capital available for new investments. As with any list that focuses on size, the list does not provide any indication as to relative investment performance of these funds or managers.


title: Private equity

text: Preqin, an independent data provider, ranks the 25 largest private-equity investment managers. Among the larger firms in the 2017 ranking were AlpInvest Partners, Ardian (formerly AXA Private Equity), AIG Investments, and Goldman Sachs Capital Partners. Invest Europe publishes a yearbook which analyses industry trends derived from data disclosed by over 1,300 European private-equity funds. Finally, websites such as AskIvy.net provide lists of London-based private-equity firms.


title: Private equity

text: The investment strategies of private-equity firms differ from those of hedge funds. Typically, private-equity investment groups are geared towards long-hold, multiple-year investment strategies in illiquid assets (whole companies, large-scale real estate projects, or other tangibles not easily converted to cash) where they have more control and influence over operations or asset management to influence their long-term returns. Hedge funds usually focus on short or medium term liquid securities which are more quickly convertible to cash, and they do not have direct control over the business or asset in which they are investing. Both private-equity firms and hedge funds often specialize in specific types of investments and transactions. Private-equity specialization is usually in specific industry sector asset management while hedge fund specialization is in industry sector risk capital management. Private-equity strategies can include wholesale purchase of a privately held company or set of assets, mezzanine financing for startup projects, growth capital investments in existing businesses or leveraged buyout of a publicly held asset converting it to private control. Finally, private-equity firms only take long positions, for short selling is not possible in this asset class.


title: Private equity

text: Private-equity fundraising refers to the action of private-equity firms seeking capital from investors for their funds. Typically an investor will invest in a specific fund managed by a firm, becoming a limited partner in the fund, rather than an investor in the firm itself. As a result, an investor will only benefit from investments made by a firm where the investment is made from the specific fund in which it has invested.


title: Private equity

text: As fundraising has grown over the past few years, so too has the number of investors in the average fund. In 2004, there were 26 investors in the average private-equity fund, this figure has now grown to 42 according to Preqin ltd. (formerly known as Private Equity Intelligence).


title: Private equity

text: The managers of private-equity funds will also invest in their own vehicles, typically providing between 1–5% of the overall capital.


title: Private equity

text: Often private-equity fund managers will employ the services of external fundraising teams known as placement agents in order to raise capital for their vehicles. The use of placement agents has grown over the past few years, with 40% of funds closed in 2006 employing their services, according to Preqin ltd. Placement agents will approach potential investors on behalf of the fund manager, and will typically take a fee of around 1% of the commitments that they are able to garner.


title: Private equity

text: The amount of time that a private-equity firm spends raising capital varies depending on the level of interest among investors, which is defined by current market conditions and also the track record of previous funds raised by the firm in question. Firms can spend as little as one or two months raising capital when they are able to reach the target that they set for their funds relatively easily, often through gaining commitments from existing investors in their previous funds, or where strong past performance leads to strong levels of investor interest. Other managers may find fundraising taking considerably longer, with managers of less popular fund types finding the fundraising process more tough. It can take up to two years to raise capital, although the majority of fund managers will complete fundraising within nine months to fifteen months.


title: Private equity

text: Once a fund has reached its fundraising target, it will have a final close. After this point it is not normally possible for new investors to invest in the fund, unless they were to purchase an interest in the fund on the secondary market.


title: Private equity

text: Private-equity assets under management probably exceeded $2 trillion at the end of March 2012, and funds available for investment totaled $949bn (about 47% of overall assets under management).


title: Private equity

text: Approximately $246bn of private equity was invested globally in 2011, down 6% on the previous year and around two-thirds below the peak activity in 2006 and 2007. Following on from a strong start, deal activity slowed in the second half of 2011 due to concerns over the global economy and sovereign debt crisis in Europe. There was $93bn in investments during the first half of this year as the slowdown persisted into 2012. This was down a quarter on the same period in the previous year. Private-equity backed buyouts generated some 6.9% of global M&A volume in 2011 and 5.9% in the first half of 2012. This was down on 7.4% in 2010 and well below the all-time high of 21% in 2006.


title: Private equity

text: Global exit activity totalled $252bn in 2011, practically unchanged from the previous year, but well up on 2008 and 2009 as private-equity firms sought to take advantage of improved market conditions at the start of the year to realise investments. Exit activity however, has lost momentum following a peak of $113bn in the second quarter of 2011. TheCityUK estimates total exit activity of some $100bn in the first half of 2012, well down on the same period in the previous year.


title: Private equity

text: The fund raising environment remained stable for the third year running in 2011 with $270bn in new funds raised, slightly down on the previous year's total. Around $130bn in funds was raised in the first half of 2012, down around a fifth on the first half of 2011. The average time for funds to achieve a final close fell to 16.7 months in the first half of 2012, from 18.5 months in 2011. Private-equity funds available for investment ("dry powder") totalled $949bn at the end of q1-2012, down around 6% on the previous year. Including unrealised funds in existing investments, private-equity funds under management probably totalled over $2.0 trillion.


title: Private equity

text: Public pensions are a major source of capital for private-equity funds. Increasingly, sovereign wealth funds are growing as an investor class for private equity.


title: Private equity

text: Due to limited disclosure, studying the returns to private equity is relatively difficult. Unlike mutual funds, private-equity funds need not disclose performance data. And, as they invest in private companies, it is difficult to examine the underlying investments. It is challenging to compare private-equity performance to public-equity performance, in particular because private-equity fund investments are drawn and returned over time as investments are made and subsequently realized.


title: Private equity

text: An oft-cited academic paper (Kaplan and Schoar, 2005) suggests that the net-of-fees returns to PE funds are roughly comparable to the S&P 500 (or even slightly under). This analysis may actually overstate the returns because it relies on voluntarily reported data and hence suffers from survivorship bias (i.e. funds that fail won't report data). One should also note that these returns are not risk-adjusted. A 2012 paper by Harris, Jenkinson and Kaplan, 2012 found that average buyout fund returns in the U.S. have actually exceeded that of public markets. These findings were supported by earlier work, using a data set from Robinson and Sensoy in 2011.


title: Private equity

text: Commentators have argued that a standard methodology is needed to present an accurate picture of performance, to make individual private-equity funds comparable and so the asset class as a whole can be matched against public markets and other types of investment. It is also claimed that PE fund managers manipulate data to present themselves as strong performers, which makes it even more essential to standardize the industry.


title: Private equity

text: Two other findings in Kaplan and Schoar in 2005: First, there is considerable variation in performance across PE funds. Second, unlike the mutual fund industry, there appears to be performance persistence in PE funds. That is, PE funds that perform well over one period, tend to also perform well the next period. Persistence is stronger for VC firms than for LBO firms.


title: Private equity

text: The application of the Freedom of Information Act (FOIA) in certain states in the United States has made certain performance data more readily available. Specifically, FOIA has required certain public agencies to disclose private-equity performance data directly on their websites.


title: Private equity

text: In the United Kingdom, the second largest market for private equity, more data has become available since the 2007 publication of the David Walker Guidelines for Disclosure and Transparency in Private Equity.


title: Private equity

text: Income to private equity firms is primarily in the form of "carried interest," typically 20% of the profits generated by investments made by the firm, and a "management fee," often 2% of the principal invested in the firm by the outside investors whose money the firm holds. As a result of a tax loophole enshrined in the U.S. tax code, carried interest that accrues to private equity firms is treated as capital gains, which is taxed at a lower rate than is ordinary income. Currently, the long term capital gains tax rate is 20% compared with the 37% top ordinary income tax rate for individuals. This loophole has been estimated to cost the government $130 billion over the next decade in unrealized revenue. Armies of corporate lobbyists and huge private equity industry donations to political campaigns in the United States have ensured that this powerful industry receives this favorable tax treatment by the government. Private equity firms retain close to 200 lobbyists and over the last decade have made almost $600 million in political campaign contributions.


title: Private equity

text: In addition, through an accounting maneuver called "fee waiver," private equity firms often also treat management fee income as capital gains. The U.S. Internal Revenue Service (IRS) lacks the manpower and the expertise that would be necessary to track compliance with even these already quite favorable legal requirements. In fact, the IRS conducts nearly no income tax audits of the industry. As a result of the complexity of the accounting that arises from the fact that most private equity firms are organized as large partnerships, such that the firm's profits are apportioned to each of the many partners, a number of private equity firms fail to comply with tax laws, according to industry whistleblowers.


title: Private equity

text: There is a debate around the distinction between private equity and foreign direct investment (FDI), and whether to treat them separately. The difference is blurred on account of private equity not entering the country through the stock market. Private equity generally flows to unlisted firms and to firms where the percentage of shares is smaller than the promoter- or investor-held shares (also known as free-floating shares). The main point of contention is that FDI is used solely for production, whereas in the case of private equity the investor can reclaim their money after a revaluation period and make investments in other financial assets. At present, most countries report private equity as a part of FDI.


title: Private equity

text: Private-equity investments in health care and related services, such as nursing homes and hospitals, are alleged to have decreased the quality of care while driving up costs. Researchers at the Becker Friedman Institute of the University of Chicago found that private-equity ownership of nursing homes increased the short-term mortality of Medicare patients by 10%. Treatment by private-equity owned health care providers tends to be associated with a higher rate of "surprise bills". Private equity ownership of dermatology practices has led to pressure to increase profitability, concerns about up-charging and patient safety.


title: Private equity

text: According to conservative Oren Cass, private equity captures wealth rather than creating wealth, and this capture can be "zero-sum, or even value-destroying, in aggregate." He describes "assets get shuffled and reshuffled, profits get made, but relatively little flows toward actual productive uses."


title: Private equity

text: "Bloomberg Businessweek" states that:PE may contribute to inequality in several ways. First, it offers investors higher returns than those available in public stocks and bonds markets. Yet, to enjoy those returns, it helps to already be rich. Private equity funds are open solely to “qualified” (read: high-net-worth) individual investors and to institutions such as endowments. Only some workers get indirect exposure via pension funds. Second, PE puts pressure on the lower end of the wealth divide. Companies can be broken up, merged, or generally restructured to increase efficiency and productivity, which inevitably means job cuts."


title: Kohlrabi

text: Kohlrabi (pronounced ; scientific name "Brassica oleracea" Gongylodes Group), also called German turnip or turnip cabbage, is a biennial vegetable, a low, stout cultivar of wild cabbage. It is a cultivar of the same species as cabbage, broccoli, cauliflower, kale, Brussels sprouts, collard greens, Savoy cabbage, and gai lan.


title: Kohlrabi

text: It can be eaten raw or cooked. Edible preparations are made with both the stem and the leaves. Despite its common names, it is not the same species as turnip, although both are in the genus "Brassica".


title: Kohlrabi

text: The name comes from the German "Kohl" ("cabbage") plus "Rübe" ~ "Rabi" (Swiss German variant) ("turnip"), because the swollen stem resembles the latter.


title: Kohlrabi

text: Its Group name Gongylodes (or lowercase and italicized "gongylodes" or "gongyloides" as a variety name) means "roundish" in Greek, from (, ‘round’).


title: Kohlrabi

text: In Iran, it is called 'Kalam Qomi' or 'Kalam Qomri' (کلم قمری) and is used for various dishes, including a type of soup. In the northern part of Vietnam, it is called (from French chou-rave); in eastern parts of India (West Bengal) and Bangladesh, it is called 'ol kopi'. It is also found in the Kashmir Valley in Northern India and is there known as 'monj-hakh', 'monj' being the round part, and 'hakh' being the leafy part. It is called 'nol khol' in Northern India, 'navalkol' in Maharashtra, 'nūlkōl' (நூல்கோல்) in Tamil, 'nool kol' in Telugu, 'navilu kosu'[ನವಿಲು ಕೋಸು] in Karnataka and in Sri Lanka as 'knol khol' (turnip cabbage). It is also native in Cyprus, where it is known as 'kouloumpra' (). It is eaten in the Czech Republic under name 'kedlubna', while in Slovakia it is known as 'kaleráb'. In Romania, it is the 'gulie' or 'cărălabă', which is similar to the Polish 'kalarepa' and to the Hungarian 'karalábé', all of these last three denominations being adaptations of the German word 'Kohlrabi'.


title: Kohlrabi

text: The first European written record is by the botanist Mattioli in 1554 who wrote that it had “come lately into Italy”. By the end of the 16th century, kohlrabi spread to North Europe and was being grown in Austria, Germany, England, Italy, Spain, Tripoli and parts of the eastern Mediterranean.


title: Kohlrabi

text: Kohlrabi has been created by artificial selection for lateral meristem growth (a swollen, nearly spherical shape); its origin in nature is the same as that of cabbage, broccoli, cauliflower, kale, collard greens, and Brussels sprouts: they are all bred from, and are the same species as, the wild cabbage plant ("Brassica oleracea").


title: Kohlrabi

text: The taste and texture of kohlrabi are similar to those of a broccoli stem or cabbage heart, but milder and sweeter, with a higher ratio of flesh to skin. The young stem in particular can be as crisp and juicy as an apple, although much less sweet.


title: Kohlrabi

text: Except for the "Gigante" cultivar, spring-grown kohlrabi much over 5 cm in size tend to be woody, as do full-grown kohlrabi much over perhaps 10 cm in size; the Gigante cultivar can achieve great size while remaining of good eating quality. The plant matures in 55–60 days after sowing and has good standing ability for up to 30 days after maturity. The approximate weight is 150 g. It grows well in hydroponic systems, producing a large edible bulk without clogging the nutrient troughs.


title: Kohlrabi

text: There are several varieties commonly available, including 'White Vienna', 'Purple Vienna', 'Grand Duke', 'Gigante' (also known as "Superschmelz"), 'Purple Danube', and 'White Danube'. Coloration of the purple types is superficial: the edible parts are all pale yellow. The leafy greens can also be eaten. One commonly used variety grows without a swollen stem, having just leaves and a very thin stem, and is called "Haakh". "Haakh" and "Monj" are popular Kashmiri dishes made using this vegetable. In the second year, the plant will bloom and develop seeds.


title: Kohlrabi

text: Kohlrabi stems (the enlarged vegetal part) are surrounded by two distinct fibrous layers that do not soften appreciably when cooked. These layers are generally peeled away prior to cooking or serving raw, with the result that the stems often provide a smaller amount of food than one might assume from their intact appearance.


title: Kohlrabi

text: The bulbous kohlrabi stem is frequently used raw in salad or slaws. It has a texture similar to that of a broccoli stem, but with a flavor that is sweeter and less vegetal.


title: Kohlrabi

text: Kohlrabi leaves are edible and can be used similarly to collard greens and kale, but take longer to cook.


title: Kohlrabi

text: Kohlrabi is an important part of Kashmiri cuisine, where it is called "Mŏnji." It is one of the most commonly cooked vegetables, along with collard greens ("haakh"). It is prepared with its leaves and served with a light soup and eaten with rice.


title: Kohlrabi

text: Kohlrabi is a common ingredient in Vietnamese cuisine. It can also be found in the dish nem rán, stir fry and canh. Raw kohlrabi is usually sliced thinly for nộm or nước chấm.


title: Anne Murray

text: Morna Anne Murray (born June 20, 1945) is a retired Canadian singer. Her albums, consisting primarily of pop, country, and adult contemporary music, have sold over 55 million copies worldwide during her over 40-year career.


title: Anne Murray

text: Murray was the first Canadian female solo singer to reach No. 1 on the U.S. charts and also the first to earn a Gold record for one of her signature songs, "Snowbird" (1970). Murray is also well known for her Grammy Award-winning 1978 number 1 US hit "You Needed Me". She is often cited as one of the female Canadian artists who paved the way for other international Canadian success stories such as k.d. lang, Céline Dion, and Shania Twain. She is also the first woman and the first Canadian to win "Album of the Year" at the 1984 Country Music Association Awards for her Gold-plus 1983 album "A Little Good News".


title: Anne Murray

text: Murray has received four Grammys, a record 24 Junos, three American Music Awards, three Country Music Association Awards, and three Canadian Country Music Association Awards. She has been inducted into the Canadian Country Music Hall of Fame, the Juno Hall of Fame, The Canadian Songwriters Hall of Fame, and Canadian Broadcast Hall of Fame. She is a member of the Country Music Hall of Fame Walkway of Stars in Nashville and has her own star on the Hollywood Walk of Fame in Los Angeles and on Canada's Walk of Fame in Toronto.


title: Anne Murray

text: In 2011, "Billboard" ranked her 10th on their list of the 50 Biggest Adult Contemporary Artists Ever.


title: Anne Murray

text: Morna Anne Murray was born in the coal-mining town of Springhill, Nova Scotia, to her parents, Dr. James Carson Murray, the town's physician, and Marion Margaret (née Burke) Murray, a nurse involved in community charity work. Anne has five brothers. Murray's father died of leukemia aged 72 in 1980; her mother died on April 10, 2006, aged 92 after a series of strokes during heart surgery. Murray's youngest brother Bruce died of pancreatic cancer aged 69 on September 15, 2020.


title: Anne Murray

text: After expressing an early interest in music, she studied piano for six years. By 15 she was taking voice lessons. Every Saturday morning, she took a bus ride from Springhill to Tatamagouche, Nova Scotia, for singing lessons. One of her earliest performances was of the song "Ave Maria" at her high school graduation in 1962. Following high school, Murray attended Mount Saint Vincent University in Halifax for one year. She later studied Physical Education at University of New Brunswick in Fredericton. After receiving her degree in 1966 she taught physical education at a high school in Summerside, Prince Edward Island, for one year.


title: Anne Murray

text: In 1965, Murray appeared on the University of New Brunswick student project record "The Groove" (500 pressed). She sang two songs on the record – "Unchained Melody" and "Little Bit of Soap". On the label her name was misspelled "Anne Murry". While there, she was encouraged to audition for the 1960s CBC musical variety television show "Singalong Jubilee", but was not offered a singing position.


title: Anne Murray

text: After a summer of singing in local venues across the Maritimes, Murray began teaching physical education at the high school in Summerside, Prince Edward Island. After one year of teaching, she was cast to "Singalong Jubilee". As a regular member of the "Singalong Jubilee" cast, Murray appeared on the "Singalong Jubilee Vol. III" soundtrack and "Our Family Album – The Singalong Jubilee Cast" records released by Arc Records. The show's musical director, Brian Ahern, advised Murray that she should move to Toronto and record a solo album. Her first album, "What About Me", was produced by Ahern in Toronto and released in 1968 on the Arc label.


title: Anne Murray

text: "What About Me," the lead single and title cut on her debut album, was written by Scott McKenzie and was a sizable Canadian radio hit. The project covered songs by Joni Mitchell, Ken Tobias, and John Denver. After a year-long stint on Arc, Murray switched to Capitol Records in 1969 to record her second album, "This Way Is My Way", which was released in the fall of 1969. It featured the single that launched her career, "Snowbird", which became a No. 1 hit in Canada. "Snowbird" became a surprise hit on the U.S. charts as well, reaching No. 8 on the "Billboard" Hot 100 in 1970. It was also the first of her eight No. 1 Adult Contemporary hits. "Snowbird" was the first Gold record ever given to a Canadian artist in the United States (RIAA certified Gold on November 16, 1970). As one of the most successful female artists at that time, she became in demand for several television appearances in Canada and the United States, eventually becoming a regular on the hit U.S. television series "The Glen Campbell Goodtime Hour".


title: Anne Murray

text: After the success of "Snowbird", she had a number of subsequent singles that charted both pop and country simultaneously. During the 1970s and 1980s, her hits included Kenny Loggins's "Danny's Song" (1972) (peaked at No. 7 on the Hot 100), "A Love Song" (1973), "He Thinks I Still Care", The Beatles' "You Won't See Me" (1974); her all-time biggest Hot 100 hit "You Needed Me" (1978), "I Just Fall in Love Again", "Shadows in the Moonlight", "Broken Hearted Me" (1979), "I'm Happy Just to Dance With You" (1980), which hit No. 64 on the Hot 100 and #23 on the Country chart, The Monkees' 1967 No. 1 hit "Daydream Believer", "Could I Have This Dance" from the "Urban Cowboy" motion picture soundtrack (1980), "Blessed Are the Believers" (1981), "Another Sleepless Night" (1982), "A Little Good News" (1983), "Just Another Woman in Love", "Nobody Loves Me Like You Do", and "Time, Don't Run Out on Me" (1985).


title: Anne Murray

text: She performed "O Canada" at the first American League baseball game played in Canada on April 7, 1977, when the Toronto Blue Jays played the Chicago White Sox at Exhibition Stadium. She reprised the Canadian national anthem prior to the first World Series game held in Canada, Game 3 of the 1992 World Series at the SkyDome. Following the last game at Maple Leaf Gardens, she concluded the arena's closing ceremony by singing "The Maple Leaf Forever" at centre ice wearing a Toronto Maple Leafs jersey.


title: Anne Murray

text: Murray was a celebrity corporate spokeswoman for The Bay, and she also did commercials and sang the company jingle ("You Can Count on the Commerce") for the Canadian Imperial Bank of Commerce (CIBC).


title: Anne Murray

text: Murray's last Hot 100 hit was "Now and Forever (You and Me)" from 1986; it was also her last No. 1 on both the American and Canadian country charts.


title: Anne Murray

text: Murray's last charting single in the U.S. was 1991's "Everyday", which appeared on "Billboard"s Country Singles chart. In 1996, Murray signed on with a new manager, Bruce Allen. She recorded her first live album in 1997, and in 1999 she released "What a Wonderful World", a platinum inspirational album, which went to No. 1 Contemporary Christian, No. 4 Country and No. 38 pop. Her last charting single in Canada was the title track "What a Wonderful World" in 2000. She released "Country Croonin'" in 2002, the follow-up to her successful 1993 album, "Croonin'". In 2004, she released "I'll Be Seeing You" in Canada only, which features a collection of songs from the early 20th century to the mid-1940s. The 2005 American version, titled "All of Me", features a bonus disc containing many of her hit singles. The album is dedicated to her friend Cynthia McReynolds who died of cancer.


title: Anne Murray

text: On December 26, 2004, Murray joined other Canadian music stars in the Canada for Asia Telethon, a three-hour, tsunami relief concert broadcast on CBC Television (January 13, 2005) to support CARE Canada's efforts. Bryan Adams and Murray closed the show with a duet, "What Would It Take".


title: Anne Murray

text: On October 10, 2007, Murray announced that she would embark on her final major tour. She toured in February and March 2008 in the U.S. on the "Coast-to-Coast – One Last Time" tour followed by a run in April and May in Canada. Murray's final public concert was held at the Sony Centre in Toronto on May 23, 2008.


title: Anne Murray

text: "" was released in November 2007 in Canada and January 2008 in the U.S. The album comprised seventeen tracks that included many of Murray's biggest hits over her four-decade career, re-recorded as duets with other established, rising, and – in one case – deceased female singers. These artists included Céline Dion, Shania Twain, k.d. lang, Nelly Furtado, Jann Arden, Québec's Isabelle Boulay, Murray's daughter Dawn Langstroth, Olivia Newton-John, Emmylou Harris, Martina McBride, Shelby Lynne, Amy Grant, Carole King, the Indigo Girls, Irish sextet Celtic Woman, Dusty Springfield, and Sarah Brightman. The duet with soprano Brightman was of her 1970 hit song, "Snowbird".


title: Anne Murray

text: "Anne Murray Duets: Friends and Legends" was recorded in four cities – Toronto, Nashville, New York, and Los Angeles. According to "Billboard" magazine, the album reached No. 2 on the Canadian pop album charts and was certified Double Platinum in Canada after merely two months, representing sales of over 200,000 units. The album was the second-highest debuting CD on the "Billboard" Top 200 albums chart for the week ending February 2, 2008. It entered the chart at No. 42, making it her highest-charting U.S. CD release since 1999's "What a Wonderful World", which peaked at No. 38 on the Top 200 and was certified Platinum by the Recording Industry Association of America (RIAA). Also for the week ending February 2, 2008, the CD debuted at No. 8 on "Billboard"s Top Country Albums chart and at No. 3 on its Top Internet Albums chart. Murray was nominated for the 2008 Juno Award for Album of the Year and Pop Album of the Year.


title: Anne Murray

text: Murray's album "What a Wonderful World" was re-released in July 2008 in North America as a 14-song package. A new Christmas album, titled "Anne Murray's Christmas Album" with bonus DVD was released in October 2008. Sony BMG Music also released an Elvis Presley Christmas album, titled "Christmas Duets" on October 14, 2008, featuring a virtual duet of "Silver Bells" with Murray.


title: Anne Murray

text: Murray retired from both recording and performing after the issue of her final Christmas album in 2008, later explaining, "I did it for 40 years and that's long enough to do anything...I wanted to go out still singing well, and not having to make excuses." Despite continuing offers to take part in live concert appearances, duets and other recording activities, Murray has remained firmly retired since then, and insists she hasn't second-guessed the decision for a moment: "I was one of those who couldn't. I have too much trouble settling for less."


title: Anne Murray

text: Murray has had five highly rated U.S. specials on CBS (over 40 million viewers each) and several Canadian specials on CBC including "Anne Murray in Nova Scotia", "Intimate Evening with Anne Murray", "Anne Murray RSVP", "A Special Anne Murray Christmas", "Legends & Friends", "Greatest Hits II", "What a Wonderful World", "Ladies Night Show", "Anne Murray in Walt Disney World" and "Anne Murray's Classic Christmas". Her 2008 television special, "Family Christmas", garnered a 43 per cent share on CBC with 4.2 million viewers.


title: Anne Murray

text: She has appeared on "The Johnny Cash Show", "The Bobby Vinton Show", "Solid Gold", "Sesame Street", "The Muppet Show", "Family Guy", "Saturday Night Live", "The Tonight Show Starring Johnny Carson", "Dean Martin Summer Show", "Singalong Jubilee", "Dinah!", "The Today Show", "Dolly!", "The Mike Douglas Show", "Christmas in Washington", "Boston Pops", "The Helen Reddy Show", "The Oprah Winfrey Show", "20/20", CNN, "Perry Como's Christmas in New Mexico", "The Glen Campbell Goodtime Hour", "Night of a 100 Stars", "Live with Regis and Kathie Lee", "The Pat Sajak Show", "Royal Canadian Air Farce" and "Good Morning America". Her 2005 CBC special "Anne Murray: The Music of My Life" broke ratings records for a Thursday night, with more than 7 million Canadian viewers tuned in. She also appeared on ABC-TV's "American Bandstand", and on regional US dance/variety programs. On August 25, 2008, Murray appeared on the popular TV program "Canadian Idol" as a mentor.


title: Anne Murray

text: "", a documentary film by Adrian Buitenhuis and Morgan Elliott, was broadcast by CBC Television in 2021.


title: Anne Murray

text: In 2009, Murray released her autobiography, "All of Me", and embarked on a 15-city book signing tour, starting in Nashville on October 27, 2009, and ending in Ottawa on November 24, 2009. The tour also included a special "In Conversation" interview with Michael Posner at the International Festival of Authors in Toronto on October 30, 2009.


title: Anne Murray

text: In 1975 Murray married Bill Langstroth, music producer and longtime host of "Singalong Jubilee". They had two children – William (born 1976) and Dawn (born 1979). Dawn is a singer-songwriter and artist who has recorded with her mother a number of times, including the duet "Let There Be Love" in 1999 for Murray's "What a Wonderful World" album. Murray and Dawn were featured in a mother–daughter duet of "Nobody Loves Me Like You Do" on Murray's hit 2008 U.S. CD (released in late 2007 in Canada), "Anne Murray Duets: Friends & Legends". Murray and Langstroth separated in 1997 and divorced the following year. Langstroth died in May 2013.


title: Anne Murray

text: In January 1998, Murray and Dawn performed at a benefit concert for Sheena's Place, an eating disorder treatment centre in Toronto. Both have spoken publicly about Dawn's struggle with anorexia nervosa, which developed when she was 10 years old. Dawn has since sought treatment and continues to pursue a career in music.


title: Anne Murray

text: Murray lived in Markham, Ontario, for over forty years, from the late 1970s through 2019. In 2019, she returned to live in her home province of Nova Scotia, settling in Halifax.


title: Anne Murray

text: Murray kept close ties with her hometown, Springhill, Nova Scotia, located about an hour east of Moncton, New Brunswick, and 1.5 hours north of Halifax, Nova Scotia. The Anne Murray Centre, located in Springhill, opened on July 28, 1989, and houses a collection of memorabilia from both her personal life and professional career in a series of displays. A registered Canadian charity, the centre aims to foster tourism in the area and promote awareness of the music of Nova Scotia and Canada. All the revenue generated from its operation is used to provide employment for local people and for its ongoing maintenance.


title: Anne Murray

text: Murray was involved in the construction of the Dr. Carson and Marion Murray Community Centre in Springhill, Nova Scotia. She served as the honorary chair of the fundraising campaign to replace the town arena that collapsed after a peewee hockey game in 2002. Named for her parents, the Dr. Carson and Marion Murray Community Centre sports an NHL-size ice sheet with seating for 800 people, a walking track, multi-purpose room, community room with seating for up to 300, and a gym. The Dr. Carson and Marion Murray Community Centre has become an integral part of the Springhill community since opening on September 15, 2004.


title: Anne Murray

text: Murray was involved in a variety of charitable organizations. In addition to being the Honorary National Chairperson of the Canadian Save The Children Fund, she served as a spokeswoman for many charities throughout her career – most recently Colon Cancer Canada. On May 20, 2009, Colon Cancer Canada launched the inaugural Anne Murray Charity Golf Classic. Over C$150,000 was raised through the event.


title: Anne Murray

text: On February 12, 2010, Murray was one of the eight Canadians who carried the Olympic flag during the opening ceremonies of the XXI Olympic Winter Games in Vancouver.


title: Anne Murray

text: Murray was a public supporter of Canadian environmentalist and geneticist David Suzuki's Nature Challenge.


title: Anne Murray

text: A longtime golf enthusiast, Murray made history in October 2003 at the Turning Stone Resort & Casino in Verona, New York, by becoming the first woman to score a hole-in-one on the 108-yard, par 3, 17th hole at the Kaluhyat Golf Club. On May 11, 2007, "Golf For Women" magazine named Murray the world's best female celebrity golfer, noting her 11 handicap.


title: Anne Murray

text: Anne Murray won four Grammys (including one in the pop category), three American Music Awards, three CMA Awards, and a record 24 Juno Awards.


title: Anne Murray

text: In 1995, Murray received a Governor General's Performing Arts Award for Lifetime Artistic Achievement, Canada's highest honour in the performing arts.


title: Anne Murray

text: Murray was invested as an Officer of the Order of Canada in 1975 and promoted to Companion of the Order of Canada in 1984, the second highest honour that can be awarded to a Canadian civilian. She was also one of the first recipients of the newly established Order of Nova Scotia in 2002.


title: Anne Murray

text: In 2006, the Canadian Songwriters Hall of Fame chose her and Leonard Cohen as recipients of the Legacy Award for their contributions to and support of the Canadian songwriting industry. Murray was recognized for her support of Canada's songwriters, through her performances and her recordings.


title: Anne Murray

text: On June 29, 2007, Canada Post issued the limited edition Anne Murray stamp. She was recognized along with three other Canadian recording artists: Paul Anka, Gordon Lightfoot, and Joni Mitchell.


title: Sonic the Hedgehog (1991 video game)

text: Development began in 1990 when Sega ordered its developers to create a game featuring a mascot for the company. The developers decided on a blue hedgehog and named themselves Sonic Team to match their character. "Sonic the Hedgehog", designed for fast gameplay, was influenced by games by "Super Mario" series creator Shigeru Miyamoto. It uses a novel technique that allows Sonic's sprite to roll along curved scenery, which originated in a tech demo created by programmer Yuji Naka. The music was composed by Masato Nakamura, bassist of the J-pop band Dreams Come True.


title: Sonic the Hedgehog (1991 video game)

text: "Sonic the Hedgehog" was well received by critics, who praised its visuals, audio, and gameplay. It is widely considered one of the greatest video games of all time. It was also commercially successful, becoming one of the best-selling video games of all time with approximately copies sold worldwide across all platforms; it established the Genesis as a key player in the 16-bit era and allowing it to compete with the Super Nintendo Entertainment System. It has been ported a number of times, and inspired several clones, a successful franchise, and adaptations into other media. It was followed by "Sonic the Hedgehog 2" in 1992.


title: Sonic the Hedgehog (1991 video game)

text: "Sonic the Hedgehog" is a 2D side-scrolling platform game. The gameplay centers on Sonic the Hedgehog's ability to run at high speed through levels that include springs, slopes, bottomless pits, and vertical loops. The levels are populated with robot enemies, inside which Dr. Robotnik has trapped animals; destroying a robot frees the animal, but is not necessary to complete the game. The player must also avoid touching spikes, falling into bottomless pits, being crushed by moving walls or platforms, and drowning, which may be prevented by breathing air bubbles from vents. Sonic's main means of attack is the spin attack, in which he curls into a ball and spins his body, damaging enemies and certain obstacles upon collision. This may be performed by jumping or rolling.


title: Sonic the Hedgehog (1991 video game)

text: At the start of the game, the player is given three lives, which may be lost if Sonic collides with hazardous enemies or objects while in possession of no rings, falls to the bottom of the level screen, or exceeds an act's ten-minute time limit. Signposts act as checkpoints to allow Sonic to return to the most recently activated post when he loses a life. The time resets when he returns to the checkpoint. The game ends when the player runs out of lives, although the player may return to the beginning of the act with three lives if they have any continues.


title: Sonic the Hedgehog (1991 video game)

text: Scattered around each level are gold rings. Collecting 100 rings rewards the player with an extra life. Rings act as a layer of protection against hazards: if Sonic holds at least one ring when he collides with an enemy or dangerous obstacle, all his rings will scatter. He can recollect some of them again before they disappear. If he is hit without holding any rings, he loses a life. Shields and temporary invincibility can be collected to provide additional layers of protection, but certain hazards, such as drowning, being crushed, falling into bottomless pits, or running out of time, kill Sonic regardless of rings or other protection.


title: Sonic the Hedgehog (1991 video game)

text: The game is split into six principal zones, followed by a short Final Zone. Each main zone has its own visual style, and while some enemies appear throughout, each zone has unique enemies and obstacles. Each main zone is split into three acts, all of which must be completed. At the end of each main zone's third act, the player confronts Dr. Robotnik for a boss fight. For most of the fights, Robotnik's vehicle is fitted with different weapons. After completing the sixth zone, the player continues to the single-level Final Zone for a last encounter with Robotnik inside a large machine environment. Destroying Robotnik's machine ends the game. A brief animation shows Sonic's return to the first zone, with animals liberated from Dr. Robotnik.


title: Sonic the Hedgehog (1991 video game)

text: If Sonic reaches the end of any zone's Act 1 or Act 2 while holding at least 50 rings, a large ring appears through which he can jump to enter a "special stage". In the Special Stages, Sonic is continually curled up in his Spin Attack animation, and bounces off the bumpers and walls of a fully rotating maze. In these levels, the player earns a number of continues for each multiple of 50 rings collected, but the main goal is to obtain the Chaos Emerald hidden within the maze. Colliding with any of the blocks marked "GOAL" ends the level.


title: Sonic the Hedgehog (1991 video game)

text: In an attempt to steal the six Chaos Emeralds and harness their power, the evil Dr. Ivo Robotnik has trapped the animal inhabitants of South Island inside aggressive robots and stationary metal capsules. The player controls Sonic, who aims to halt Robotnik's plans by freeing his animal friends and collecting the emeralds himself. If the player collects all the Chaos Emeralds and completes the game, an ending sequence is shown. If all the emeralds are not collected, Robotnik taunts the player while juggling any of the Chaos Emeralds not collected by the player.


title: Sonic the Hedgehog (1991 video game)

text: In the 1980s, Sega had limited success with Genesis ports of its arcade games, but wanted a stronger foothold against its main competitor, Nintendo. In 1988, Sega of Japan began an in-house competition to create a rival to Nintendo's mascot Mario. For the next three years, programmers and designers at Sega worked on a brand character to rival Mario. In 1990, Sega ordered its in-house development studio to develop a game featuring a mascot for the company. Sega's president Hayao Nakayama wanted a character as iconic as Mickey Mouse. Sega had previously used Alex Kidd as their mascot, but he was considered too similar to Mario and deemed unsatisfactory.


title: Sonic the Hedgehog (1991 video game)

text: The team developed ideas for characters, an engine, and gameplay mechanics. Development emphasized speed, so Sega considered fast creatures such as kangaroos and squirrels and eliminated designs not associated with fast animals. One idea, a rabbit able to grasp objects with prehensile ears, showed promise but was too complex for the Genesis hardware. The team narrowed its search to animals that could roll into a ball, their idea for an attacking move, and considered armadillos and hedgehogs. The hedgehog character, proposed by Naoto Ohshima, prevailed; the armadillo became the basis for Mighty the Armadillo, who appeared in 1993's "SegaSonic the Hedgehog". Ohshima went on vacation to New York, taking sketches with him. He went to Central Park and asked locals for their opinions on them, and Sonic was the favorite. A man with a moustache, who eventually became Dr. Robotnik, was in second place.


title: Sonic the Hedgehog (1991 video game)

text: Sonic was originally teal-colored, then a light shade of blue, but he was changed to dark blue so he would stand out against certain backgrounds and to match the Sega logo. According to Ohshima, Sonic's basic design was created by combining Felix the Cat's head with Mickey Mouse's body. His shoes had buckles through the inspiration of Michael Jackson's boots on the album cover for "Bad" and the red and white color scheme of Santa Claus, whom Ohshima saw as the most "famous character in the world". Sonic's spikes were emphasized to make him look sleeker, and he was given the ability to spin while jumping (so attacking and jumping could be controlled with one button). The new character was originally named "Mr. Hedgehog", but the eight-member team changed his name to "Sonic" and took the name Sonic Team. Ohshima stated that "Sonic" was chosen because it represented speed. Ideas proposed to flesh out the character included placing him in a rock band, giving him vampire fangs, and giving him a human girlfriend named Madonna, but Sega of America scrapped these ideas to keep his identity simple. Sega of America also expressed concerns that most Americans would not know what a hedgehog is and initially proposed a full-scale recreation of the character, but compromised with Sonic Team to simply make design changes. The antagonist was named "Dr. Eggman" in Japan and "Dr. Robotnik" in other regions as a result of a dispute between Sega's American and Japanese divisions.


title: Sonic the Hedgehog (1991 video game)

text: With a satisfying protagonist established, Sega turned to the programmer Yuji Naka, who had impressed them with his work on "Phantasy Star" and the Genesis port of "Ghouls 'n Ghosts". Naka was a fan of "Super Mario Bros." but wanted something faster, so the game was made to play quickly, which was where he focused most of his effort. Naka explained that the reason he wanted a fast game was that he had ported "Ghouls 'n Ghosts", and wanted to work on its movement but found it slow.


title: Sonic the Hedgehog (1991 video game)

text: "Sonic the Hedgehog" was developed by a team of seven: two programmers, two sound engineers, and three designers, although it began with just Naka and Ohshima. People came onto the team as the need for content increased. After being assigned a project with the code name "Defeat Mario", Naka and Ohshima began work, but encountered problems: Ohshima's Rabbit proved hard to program. Catching items and throwing them caused the action's rhythm to break. Naka stated that the rabbit was not suitable for his game engine, and he also wanted the game to be playable with only one button. Hirokazu Yasuhara came onto the team to supervise Naka and Ohshima and develop levels. He became the lead designer due to his greater experience, and found the way to make the game playable with only one button by having Sonic do damage by jumping. The trio came up with the idea of him rolling into a ball. After the hedgehog character was chosen, many characters were redrawn, and the team agreed on the environments' visual complexity, with particular focus on the colors. After this, four people came onto the team to speed development up.


title: Sonic the Hedgehog (1991 video game)

text: Due to the popularity of Mario, Naka wanted Sonic to take over the American market. Sonic's default speed was set to that of Mario while running. Tests were run using the Genesis' tool library, and problems such as flickering, slow frame rates, and shaky animation soon became apparent. Increasing Sonic's speed caused animation problems. Naka solved this by developing an algorithm retained fluidity. All that was left was to optimize of the game speed to adhere to the staff's expectations. The team noticed that different people had different perceptions of the game's speed: some believed it was too fast, which caused disagreements. As a result, it was slowed down.


title: Sonic the Hedgehog (1991 video game)

text: The gameplay originated with a tech demo by Naka, who developed an algorithm allowing a sprite to move smoothly on a curve by determining its position with a dot matrix. Naka's prototype was a platform game with a fast-moving character rolling in a ball through a long, winding tube, and this concept was fleshed out with Ohshima's character designs and levels by Yasuhara. Yasuhara originally intended to work on the game for three months due to the delay of his planned move to the United States by the outbreak of the Gulf War, but was engrossed in the project for nearly a year. His designs for levels were intended to attract both hardcore and casual gamers by integrating occasional challenging set pieces into the mostly accessible level design. The color scheme was influenced by the work of pop artist Eizin Suzuki, and the aesthetics of Green Hill were influenced by the geography of California.


title: Sonic the Hedgehog (1991 video game)

text: In designing the gameplay, Naka was inspired by "Mario" creator Shigeru Miyamoto, whose games he had enjoyed playing years earlier. Admiring the simplicity of Miyamoto's mechanics in complex environments, Naka decided that Sonic would be controlled with only a directional pad for movement and a single button for jumping. He also wanted his creation to be more action-oriented than the "Mario" series; while playing "Super Mario Bros.", he had wondered why the levels could not be cleared more quickly.


title: Sonic the Hedgehog (1991 video game)

text: Naka, Ohshima, and Yasuhara worked 19 hours a day on the project for several months. Due to the need to demonstrate the Genesis' technological prowess, the game underwent extensive testing and redesign, which took over six months. According to Naka, the game had the fastest-ever character speed in a video game and a rotation effect in the special stages that had been considered impossible on the console.


title: Sonic the Hedgehog (1991 video game)

text: The team intended to add a two-player mode displayed via split-screen, but Naka's programming knowledge was insufficient to implement it. A two-player mode appeared in "Sonic the Hedgehog 2" (1992), whereby the second player controls Sonic's sidekick Miles "Tails" Prower. Sonic Team also intended to include a sound test with animations of Sonic breakdancing to a band of animal characters; including a crocodile keyboardist who was later introduced into the series as Vector the Crocodile in "Knuckles' Chaotix" in 1995. The sound test was scrapped for time reasons and Naka used the freed up memory to add the ""Se-ga!"" chant used in TV commercials as a startup sound.


title: Sonic the Hedgehog (1991 video game)

text: Naka's relationship with Sega was tenuous during this time, and he received little credit for his work. He left the company shortly after the game's release, although Sega of America hired him later. Before leaving, however, he defied Sega's prohibition of developer credits by displaying a few names in black text on a black background, identifiable only by looking at the code. Naka stated that level design was a major challenge: he created maps much wider than normal and tried to ensure players would not get lost. It took him around eight months to develop Green Hill Zone as he kept restarting from scratch. He stated that he found the process "very interesting". Naka also stated that the team was trying to create smooth maps, and that implementing looping structures was a challenge because Sonic would break through them instead of running around them. The backgrounds were also a challenge, as the game's speed created the impression of going backwards. The zones were based on designs by Naka and Ohshima, with the goal of creating the world's fastest action game. According to Ohshima, Robotnik was based on Humpty Dumpty.


title: Sonic the Hedgehog (1991 video game)

text: Yasuhara wanted the game to appeal to both Japanese and American players, which was why Green Hill Zone was redesigned many times. Sonic Team wanted the level to portray the character correctly. Its checkered ground was inspired by 3D image rendering from computers, an idea Naka obtained from Sega developer Yu Suzuki, who used this technique with "Space Harrier". The team read "Famitsu" to stay informed of what their rivals were doing so they could avoid their mistakes.


title: Sonic the Hedgehog (1991 video game)

text: Sega director Fujio Minegishi had connections to the music industry, and suggested his friend Yūzō Kayama write the "Sonic" score. However, Sonic Team did not think Kayama's music would fit, and so commissioned Masato Nakamura, bassist and songwriter of the J-pop band Dreams Come True. Nakamura said he was surprised, as he had just started with Dreams Come True, but accepted as he was inspired by the team's desire to outperform Nintendo. He said the hardest part was working with the limited number of sounds that could play concurrently: he was limited to four, and said that his lack of knowledge of music on computers made it "impossible". He wrote the soundtrack concurrently with the Dreams Come True album "Million Kisses". After he finished the compositions, they were digitized using an Atari ST and the program Notator.


title: Sonic the Hedgehog (1991 video game)

text: On October 19, 2011, over 20 years after the release, a three-disc compilation of music from "Sonic the Hedgehog" and "Sonic the Hedgehog 2" was released in Japan. The first disc features original tracks from both games, the second contains Nakamura's demo recordings before they were programmed into the Genesis, and the third has songs by Dreams Come True and their associated Akon remixes.


title: Sonic the Hedgehog (1991 video game)

text: Game-package illustrator Akira Watanabe said that his goal was to make the characters "colorful", using clear lines and gradation to "finish them neatly". According to Watanabe, the developers asked him to create a package design "similar to pop art ... without being particular to conventional packages" – something "original" and "stylish". The game was not revealed until the January 1991 International Consumer Electronics Show because Sega wanted to wait until the right time and because they saw an opportunity to "steal the show". At the show, "Sonic the Hedgehog" was believed to be the most impressive game shown, and won the CES award for innovation.


title: Sonic the Hedgehog (1991 video game)

text: Sega of America CEO Tom Kalinske wanted reassurance that the character would not fail. The global head of marketing, Al Nilsen, became involved, and playtested the game across the United States with Mario fans: they were shown "Mario" and then played "Sonic the Hedgehog". 80 percent preferred "Sonic the Hedgehog", and the game was shown at the 1991 Summer Consumer Electronics Show. It was widely released in North America on June 23, 1991, and in the PAL regions and Japan the following month. In November 1991, Sega of America packaged it with American Genesis consoles, replacing "Altered Beast". This tactic enabled Sega of America to sell 15 million Genesis units. Genesis owners who bought their consoles before the switch could request free copies of "Sonic the Hedgehog" by mail. Sega of America created a marketing campaign, making Sonic its new mascot.


title: Sonic the Hedgehog (1991 video game)

text: A version of "Sonic the Hedgehog" was developed by Ancient and released in late 1991 for Sega's 8-bit consoles, the Master System and Game Gear. Its plot and gameplay mechanics are similar to the 16-bit version, though some level themes and digital assets are different and Chaos Emeralds are scattered throughout levels rather than special stages. Gameplay as a whole is simplified; the level design is flatter and has a larger focus on exploration, with no vertical loops, and Sonic cannot re-collect his rings after being hit. The game has a different soundtrack composed by Yuzo Koshiro, which includes adaptations of music from the original version. It was the final game released for the Master System in North America. The Master System version was re-released for Wii's Virtual Console service in North America and Europe in August 2008. The Game Gear version was re-released for the Nintendo 3DS Virtual Console on June 13, 2013, and included as an unlockable game in "" for GameCube and Windows and "Sonic Mega Collection Plus" for PlayStation 2, Xbox, and Windows.


title: Sonic the Hedgehog (1991 video game)

text: To mark the game's fifteenth anniversary, a port for the Game Boy Advance, "Sonic the Hedgehog Genesis", was released on November 14, 2006. While the port is mostly identical to the original, it includes several new features not seen in the original Genesis release, such as the ability to save game progress and the inclusion of the Spin Dash move. This version, unlike others, received poor reviews, with a Metacritic score of 33/100. The chief complaints concerned its poor conversion to the Game Boy Advance, resulting in a bad performance and poor implementation of the original music and gameplay.


title: Sonic the Hedgehog (1991 video game)

text: As a response to the poor reception and claims that the system could not handle the original game, Simon "Stealth" Thomley, who later assisted with the development of the 2013 mobile port, released an unofficial, proof-of-concept version of "Sonic the Hedgehog" for the system. The unofficial version contains a complete Green Hill Zone and two special stages, as well as Tails and Knuckles as playable characters.


title: Sonic the Hedgehog (1991 video game)

text: A remastered mobile port was released on iOS on May 15, 2013, with an Android version following the next day. This version was developed by Christian "Taxman" Whitehead and Simon Thomley of Headcannon from scratch using the Retro Engine, previously used in the 2011 remaster of "Sonic CD". This port features several enhancements, such as widescreen graphics, the optional ability to Spin Dash, an additional special stage, a time attack mode, and the unlockable option to play as Tails or Knuckles; it additionally features a heavily expanded debug mode which allows for use of unused elements and elements from more recent games (such as the characters' super forms). The iOS version was updated in 2016, adding compatibility with Apple TV.


title: Sonic the Hedgehog (1991 video game)

text: A Nintendo 3DS version, "3D Sonic the Hedgehog", was released as part of the 3D Classics line in 2013. This version, unlike most downloadable re-releases of the game, is not emulated; rather, the code was restructured to take advantage of the 3DS system's stereoscopic 3D graphics and comes with additional enhancements, such as the option to use the Spin Dash move, a CRT-style filter, and the option to start from any level.


title: Sonic the Hedgehog (1991 video game)

text: With its sequels for the Genesis, "Sonic the Hedgehog" has been ported for a wide range of home and handheld consoles and personal computers through compilations. The first collection it appeared in was "Sonic Compilation" (1995) for the Genesis. It has since appeared in "Sonic Jam" (1997) for the Sega Saturn, "Sonic Mega Collection" (2002) for the Nintendo GameCube, "Sonic Mega Collection Plus" (2004) for the PlayStation 2 and Xbox, "Sega Genesis Collection" for the PlayStation 2 and PSP, "Sonic's Ultimate Genesis Collection" (2009) for the Xbox 360 and PlayStation 3, "Sonic Classic Collection" (2010) for the Nintendo DS, "Oculus Arcade" for the Oculus Rift, and "Sega Genesis Classics" (2018) for Microsoft Windows, PlayStation 4, Xbox One and Nintendo Switch. The 2013 remaster was included in the 2022 compilation "Sonic Origins".


title: Sonic the Hedgehog (1991 video game)

text: "Sonic the Hedgehog" has been available for all three major seventh-generation video game consoles. It was part of the Wii Virtual Console at the service's 2006 introduction, and was released for the Xbox Live Arcade and PlayStation Network shortly afterwards. The game was released for the iPod Classic, iPod video, and video-capable iPod Nano models in 2007 and for Apple's iOS in April 2009. "Sonic the Hedgehog" became available on GameTap in September 2009. In October 2010, it was released on Windows via Steam. The game was ported to Android and released in December 2012. Additionally, it is an unlockable reward in the console versions of "Sonic Generations". The 2013 remaster was made available on the Sega Forever service on iOS and Android in June 2017. A port for Nintendo Switch was released on September 20, 2018 as part of the Sega Ages line of rereleases. It adds features including the ability to use moves from "Sonic 2" and "Sonic Mania", a challenge mode, a time attack for the first stage, and features from the 3DS rereleases of the game and its sequel.


title: Sonic the Hedgehog (1991 video game)

text: U.S. Gold acquired the rights to make a version of "Sonic the Hedgehog" for the Amiga, ZX Spectrum, Commodore 64, Amstrad CPC and Atari ST personal computers, but these went unreleased. Several screenshots exist, some of which resemble the 8-bit version. An enhanced port for the Sega CD was also planned, but was canceled in favor of "Sonic CD".


title: Sonic the Hedgehog (1991 video game)

text: "Sonic the Hedgehog" was a commercial success. It became America's best-selling video game for several months in 1991, outselling "Super Mario". By Christmas 1991, "Sonic the Hedgehog" had sold nearly game cartridges in the United States. It was also Blockbuster Video's highest-renting game of the year. In the United Kingdom, it was the top-selling Mega Drive game for two months following its release.


title: Sonic the Hedgehog (1991 video game)

text: "Sonic the Hedgehog" was the best-selling home video game of 1991, with copies sold worldwide by the end of the year, becoming Sega's best-selling home video game up until then. In 1991, "Sonic the Hedgehog" helped Sega generate a gross revenue of in console sales and capture a 65% share of the European console market. "Sonic the Hedgehog" set a Sega software sales record with cartridges sold by March 1992, including copies in the United States and another in Europe and Japan. The game went on to sell units by October 1992, and copies worldwide by November 1992. By 1997, the game had sold over copies worldwide, and earned over ( adjusted for inflation), higher than the typically grossed by a blockbuster movie at the time.


title: Sonic the Hedgehog (1991 video game)

text: The original version bundled with the Sega Genesis/Mega Drive hardware had sold over 15 million copies, . The mobile game version also had eight million paid downloads by 2008, 482,960 units were sold on Xbox Live Arcade , and over 500,000 paid Android downloads were sold between 2013 and 2016, bringing total sales to approximately copies sold worldwide across all platforms.


title: Sonic the Hedgehog (1991 video game)

text: "Sonic the Hedgehog" was praised by critics, with scores above 90% from most video game magazines at the time. It was considered Sega's answer to Nintendo's widely popular "Mario" series, as it was a platformer featuring the company's mascot. In a preview following its CES debut in January 1991, John Cook of "Computer and Video Games" called it the most impressive game at the show and said it was "another jumpy jumpy game in the Mario mould, but with an astonishing turn of speed and great music." Upon release, Paul Rand of "Computer and Video Games" compared the two in depth and characterized "Sonic the Hedgehog" as being faster, with brighter colors, and "Super Mario World" as having more "depth of play". Frank Ladoire of "" believed "Sonic the Hedgehog" was part of a new generation of games that demonstrate that the Mega Drive is capable of "beautiful things" in the technical department.


title: Sonic the Hedgehog (1991 video game)

text: Reviewers praised the colorful, detailed graphics. Rand called its color scheme "lively, but never garish", praising the interaction of color with detail in the sprites, backgrounds, and animations and describing its graphics as the best available for the Mega Drive. Reviewer Boogie Man of "GamePro" called the intricate backgrounds "eye-popping" and "gorgeous", which was echoed by "Mean Machines". The Lessers (Hartley, Patricia, and Kirk) of "Dragon" claimed the graphics made "Sonic" a possible contender for the best game of 1991 and "GameZone" called the animation "some of the smoothest and fastest ... ever seen". Julian Boardman of "Raze" praised the "colourful and highly detailed" backdrops and "fabulous" sprites. The music and sound effects were also well received; "Dragon" called them "great", and "GameZone" "amazing". Rand praised the "catchy" soundtrack, calling some of the sound effects "absolutely brilliant". Although "Mean Machines" called the songs "vaguely appealing", the sound effects were better appreciated. However, Boardman of "Raze" considered the music "a little boring".


title: Sonic the Hedgehog (1991 video game)

text: Critics cited the fast gameplay, unprecedented in platformers. The difficulty was disputed, described as "impossible" by Rand and "average" by "EGM". Rand said about the gameplay in general that it "plays like a dream"; according to "GameZone" it would enchant players for hours, and Boogie Man praised Sonic Team's ability to provide an engaging experience primarily from running and jumping. Although "EGM", "Dragon", Paul of "Mean Machines" and Boardman of "Raze" praised the level design (especially the hidden rooms), Paul found losing all of one's rings frustrating.


title: Sonic the Hedgehog (1991 video game)

text: Bob Strauss of "Entertainment Weekly" gave the game an A+ and wrote that it was a very fast game, yet never felt chaotic or impossible, and they later named it the best game available in 1991.


title: Sonic the Hedgehog (1991 video game)

text: At the 1991 Golden Joystick Awards, "Sonic the Hedgehog" won Overall Game of the Year. In the 1991 "Electronic Gaming Monthly" awards, "Sonic the Hedgehog" won Game of the Year. At the European Computer Trade Show (ECTS) awards, it won the awards for Best Video Game and Going Live Viewers Award. In 1992, "Mega" ranked "Sonic" as their third-favorite Genesis game. In 1995, Flux magazine rated the game 4th in its "Top 100 Video Games." In 1996, GamesMaster ranked the game 78th on their "Top 100 Games of All Time." In 2016, The Strong National Museum of Play inducted "Sonic the Hedgehog" to its World Video Game Hall of Fame.


title: Sonic the Hedgehog (1991 video game)

text: Retrospective reception has been positive, with an 86% rating at the review aggregator GameRankings based on nine reviews published online in the 2000s. "Sonic the Hedgehog" has maintained its popularity, and has since been considered one of the greatest video games of all time.


title: Sonic the Hedgehog (1991 video game)

text: Frank Provo of GameSpot described the game as "one of the best platformers of all time", finding that despite technical issues in the Game Boy Advance port "after all these years, the underlying graphics, audio, and gameplay still hold up". Lucas M. Thomas of IGN agreed that it stood the test of time. Writing in "The Guardian", Keith Stuart observed that "Sonic the Hedgehog"s emphasis on speed and pinball mechanics dramatically departs from generally accepted precepts of game design, requiring that players "learn through repetition rather than observation" as "the levels aren't designed to be seen or even understood in one playthrough." However, Stuart concluded that "sometimes in "Sonic", when you get better, or through sheer luck, things take off, every jump is right, every loop-the-loop is perfect, and you're in the flow, sailing above the game's strange structure ... "Sonic" is incorrect game design and yet ... it's a masterpiece."


title: Sonic the Hedgehog (1991 video game)

text: Primarily because of its Genesis bundling, "Sonic the Hedgehog" was a factor in popularising the console in North America, thus solidifying it as a competitor to Nintendo and their Super Nintendo Entertainment System. During October–December 1991 with the game's success, the Genesis outsold the SNES by two to one; at its January 1992 peak it gained a foothold in the industry and had 65 percent of the market for 16-bit consoles. Although Nintendo eventually overtook Sega, it was the first time since December 1985 that Nintendo did not lead the console market.


title: Sonic the Hedgehog (1991 video game)

text: "Sonic the Hedgehog" inspired similar platformers starring animal mascots, including "Bubsy", "Aero the Acro-Bat", "", "Earthworm Jim", "Zero the Kamikaze Squirrel", and "Radical Rex". "Animal with attitude" games carried over to the next generation of consoles, with the developers of "Crash Bandicoot" and "Gex" citing "Sonic" as a major inspiration.


title: Sonic the Hedgehog (1991 video game)

text: "Sonic"'s success led to an extensive media franchise, with the first of many sequels, "Sonic the Hedgehog 2," released the following year. It has generated dozens of additional games and a large cast of recurring characters, keeping Sonic and Robotnik (later renamed as Eggman) mainstays, and continued beyond Sega's exit from the console industry after the Dreamcast. The series has ventured from platformers to fighting, racing, role-playing, and sports games, and also expanded into anime, manga, cartoons comic books, novels, and toys. "Sonic the Hedgehog" is one of the best-selling video game franchises of all time, with over 140 million copies sold or downloaded worldwide across consoles, PC's, mobile phones and tablets by May 2014. The game's first level, Green Hill Zone, has been featured in later games such as "Sonic Adventure 2", "Sonic Generations", "Sonic Mania", "Sonic Forces", and the "Super Smash Bros." series.


title: Sonic the Hedgehog (1991 video game)

text: The game inspired a number of unofficial variants, including "Somari", a pirated Nintendo Entertainment System conversion featuring Nintendo's Mario character in levels from the original "Sonic" game, "Sonic the Hedgehog Megamix", a total conversion mod of the original game, and "Sonic 1 Boomed", a ROM hack which implements Sonic's redesign from the "Sonic Boom" animated series.


title: Cargo cult

text: A cargo cult is an indigenist millenarian belief system, in which adherents perform rituals which they believe will cause a more technologically advanced society to deliver goods.


title: Cargo cult

text: Cargo cults are marked by a number of common characteristics, including a "myth-dream" that is a synthesis of indigenous and foreign elements, the expectation of help from the ancestors, charismatic leaders, and lastly, belief in the appearance of an abundance of goods. The indigenous societies of Melanesia were typically characterized by a "big man" political system in which individuals gained prestige through gift exchanges. The more wealth a man could distribute, the more people who were in his debt, and the greater his renown.


title: Cargo cult

text: Those who were unable to reciprocate were identified as "rubbish men". Faced, through colonialism, with foreigners with a seemingly unending supply of goods for exchange, indigenous Melanesians experienced "value dominance". That is, they were dominated by others in terms of their own (not the foreign) value system, and exchange with foreigners left them feeling like rubbish men.


title: Cargo cult

text: Since the modern manufacturing process is unknown to them, members, leaders, and prophets of the cults maintain that the manufactured goods of the non-native culture have been created by spiritual means, such as through their deities and ancestors. These goods are intended for the local indigenous people, but the foreigners have unfairly gained control of these objects through malice or mistake. Thus, a characteristic feature of cargo cults is the belief that spiritual agents will, at some future time, give much valuable cargo and desirable manufactured products to the cult members.


title: Cargo cult

text: Symbols associated with Christianity and modern Western society tend to be incorporated into their rituals: for example, the use of cross-shaped grave markers. Notable examples of cargo cult activity include the setting up of mock airstrips, airports, airplanes, offices, and dining rooms, as well as the fetishization and attempted construction of Western goods, such as radios made of coconuts and straw. Believers may stage "drills" and "marches" with sticks for rifles and use military-style insignia and national insignia painted on their bodies to make them look like soldiers, thereby treating the activities of Western military personnel as rituals to be performed for the purpose of attracting the cargo.


title: Cargo cult

text: Discussions of cargo cults usually begin with a series of movements that occurred in the late nineteenth century and early twentieth century. The earliest recorded cargo cult was the Tikka Movement that began in Fiji in 1885 at the height of the colonial era's plantation-style economy. The movement began with a promised return to a golden age of ancestral potency. Minor alterations to priestly practices were undertaken to update them and attempt to recover some kind of ancestral efficacy. Colonial authorities saw the leader of the movement, Tuka, as a troublemaker, and he was exiled, although their attempts to stop him returning proved fruitless.


title: Cargo cult

text: Cargo cults occurred periodically in many parts of the island of New Guinea, including the Taro Cult in northern Papua New Guinea and the Vailala Madness that arose from 1919 to 1922. The last was documented by Francis Edgar Williams, one of the first anthropologists to conduct fieldwork in Papua New Guinea. Less dramatic cargo cults have appeared in western New Guinea as well, including the Asmat and Dani areas.


title: Cargo cult

text: The most widely known period of cargo cult activity occurred among the Melanesian islanders in the years during and after World War II. A small population of indigenous peoples observed, often directly in front of their dwellings, the largest war ever fought by technologically advanced nations. The Japanese distributed goods and used the beliefs of the Melanesians to attempt to gain their compliance. Later the Allied forces arrived in the islands.


title: Cargo cult

text: The vast amounts of military equipment and supplies that both sides airdropped (or airlifted to airstrips) to troops on these islands meant drastic changes to the lifestyle of the islanders, many of whom had never seen outsiders before. Manufactured clothing, medicine, canned food, tents, weapons and other goods arrived in vast quantities for the soldiers, who often shared some of it with the islanders who were their guides and hosts. This was true of the Japanese Army as well, at least initially before relations deteriorated in most regions.