Empirical studies investigating buyouts on the target level mainly focus on three different research questions: First, how is the effect of private equity backed buyouts on firm performance and firm value? Second, how does the market assess the drivers of these potential performance and value changes which will shed light on the investment strategies of private equity funds? Third, what are the main rationales of private equity funds in their decision to acquire target companies? This chapter reviews the extant empirical evidence of buyout strategies pursued in different geographical regions and relates those findings to different institutional environments.