Which statement is false?

a) PE firms rarely make hostile bids since they have limited operational expertise and must rely on the cooperation and input of the target management.

b) Nowadays, operational improvements and leverage are more important drivers of returns in private equity than they were in the 1980s.

c) Carried interest is the share of the profit of the private equity fund that the general partners of the fund receive as compensation.

d) One of the key outputs from a properly done LBO model is the IRR of the PE's investment in the buyout.