Private equity has increasingly invested in technology-focused companies, which contrasts from the mature, cash-stable profile of traditional targets. Despite this seeming misalignment, private equity technology investments have remained financially successful. Such a trend calls into question whether technology-focused companies are sacrificing something beyond the financial upon private equity ownership. While research has been conducted on how private equity ownership might affect certain innovation output results such as patents, less research has examined the explicit practices undertaken by private equity professionals to preserve and grow innovation before and after acquisition. Four private equity firms were analyzed to represent two different dimensions of the private equity landscape, size or investment and specialty focus of investment. Through analysis of each case, this thesis developed a set of five testable hypotheses that can be further explored in future research. The hypotheses cover the entire investment process, from the priority level and risk tolerance for innovation pre-investment, to the growth, value creation, and innovation sourcing strategies for innovation post-investment.