The good, the bad and the ugly of private equity in dermatology. Private equity-backed investment in the dermatology space is the most active among all the specialties. The value proposition will be very different for early, mid and late career dermatologists as well as for cosmetic, medical or surgical practices. What should one look for? Where are the land mines? Are these PE-backed practice models sustainable? What does a good PE-backed practice look like? What impact will this have on dermatology as a specialty? What, if any, role does private equity have for a private practice?