Private Equity (Transfer of Undertakings and Protection of Employment) Bill

The hon. Gentleman's modesty is admirable, but he is bringing to this House a Bill that asks us to change legislation. Private equity is quite a complicated beast, and it means different things to different people. Can he say from the outset which definition of private equity he is using? I do not see one in his Bill; nor do I see a common understanding of what private equity is in the marketplace.