Which tactic is notably not associated with the U.S. private equity industry?

Targeting publicly traded companies for split-off transactions is not a tactic typically associated with the U.S. private equity industry. Private equity firms primarily engage in acquiring private companies or take public companies private through leveraged buyouts, in which they use a significant amount of debt to finance the purchase. This allows them to exert control over the target company and implement strategies that can lead to operational improvements or financial engineering to drive value.

In contrast, split-off transactions refer to a process where a parent company creates a new independent company by distributing shares of the new entity to its shareholders, often utilizing assets from the parent organization. While public companies may engage in such actions, they represent a different strategy than what is characteristic of private equity firms, whose focus is more on leveraging debt and operational enhancements to generate returns after acquiring companies.

Thus, the tactic of targeting publicly traded companies specifically for split-off transactions does not align with the established practices and strategies observed within the private equity industry.