As the recession stutters onwards systemic and structural causes for the financial crash continue to dominate international news and debate. Never has there been such an appetite and desire to understand the financial institutions that govern us. But despite public interest, alternative investment vehicles such as private equity and hedge funds remain elusive. Both have always had a unique position in the market, designed as they are to function outside of the rules that govern other financial organizations. But what is it that they do and - significantly - how is it that they have prospered since the 2008 meltdown despite the introduction of new regulatory regimes?

In this accessible and timely study, award-winning writer Timothy Spangler explores how the structures of alternative investment funds enable them to adapt and react to global financial conditions. From small start-ups to the titans of the industry, One Step Ahead is the essential guide to understanding how private equity and hedge funds operate, drive economic growth, and have become essential vehicles for investment for both public and private sectors the world over.