A Private AffairThe private equity club is now accepting members--and you don't have to make millions to join.

With four businesses under his belt, two of which he sold for megamillions, 33-year-old Michael Lazerow qualifies as a serial entrepreneur. Therefore, he says, he's well positioned to invest in one of today's most coveted asset classes: private equity. It involves companies that seize other companies, spruce them up and (fingers crossed) sell them for a profit years later. The investment category regained its popularity in 2006 when there were more than 1,000 announced private equity deals in the U.S.