A buyout fund is a category of private equity fund focused on acquiring controlling stakes in established companies, often through leveraged buyouts (LBOs). These funds typically target firms with stable cash flows and the potential for value enhancement through operational improvements, strategic repositioning, or financial restructuring.

Buyout funds deploy capital across a range of sectors and company sizes, from mid-market businesses to large enterprises. The fund's objective is to drive value creation over a defined holding period, with eventual exits via trade sales, secondary buyouts, or public listings.