This article discusses the proven turnaround strategies that leading Private Equity firms use to turn around businesses.  PE funds are sticking with their winning formula for generating big returns from dramatic improvements in operations. The results speak for themselves: The top 25% of North American funds raised from 1987 and 2006 have earned internal rates of return above 20%, through good and bad markets. Upper quartile overseas funds have performed even better. Private Equity masters follow six disciplines that any senior executive can employ for similar results.