It’s worth mentioning management buy-ins and management buy-outs, as these often take place in connection with private equity deals. 

Management buy-in: a management “buy-in” (or "MBI") refers to an acquisition of a company where that acquisition is led by an external team of managers (i.e. a management team that isn’t already working for the target company). 

Management buy-out: in contrast, a management “buy-out” (or "MBO") refers to an acquisition of a company where the acquisition is led by that company’s existing management team (i.e. where the company’s management team decides to acquire some level of ownership and control over the company they already work for). 

Why would a management team do this? Well, a management team might want to take over a company, but may not have enough cash (or might lack the ability to borrow enough cash) to do so alone. In such circumstances, the team might approach a private equity firm to co-invest. 

The private equity firm might then co-invest equity alongside the management team’s capital, whilst also borrowing additional capital to pay the purchase price. In other words, the private equity firm might pursue a leveraged buy-out, which takes place alongside a management buy-out or buy-in.