This textbook will provide a comprehensive overview of the world of active investing. An introductory chapter will motivate the book and tell the story of the venture capital and private equity industries. The book follows the cycle of active investing. Raising funds, considering transactions, structuring and overseeing transactions, and exiting investments are considered in turn. The focus is not just on the U.S. market, but on the increasingly global nature of these activities. The book looks at active investors as businesses themselves and introduces the key features of these firms. How groups grapple with questions of scaling and internationalization and the disruptive impact of market cycles are among the topics considered. The book has two chapters looking at the impact of these funds: first, how the investments by these funds have performed, and then the broader consequences of these investments. The book also looks "into the crystal ball" and projects the future of active investing.