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Private Equity Performance Returns Persistence And Capital Flows Pdf

private equity performance returns persistence and capital flows pdf

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This paper investigates the performance of private equity partnerships using a data set of individual fund returns collected by Venture Economics. Returns persist strongly across funds raised by individual private equity partnerships. Better performing funds are more likely to raise follow-on funds and raise larger funds than funds that perform poorly. This relationship is concave so that top performing funds do not grow proportionally as much as the average fund. Finally, market entry in private equity is cyclical.

Private Equity Performance : Returns , Persistence , and Capital Flows

Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. DOI: Kaplan , Antoinette Schoar Published This paper investigates the performance and capital inflows of private equity partnerships. Returns persist strongly across subsequent funds of a partnership.

Better performing partnerships are more likely to raise follow-on funds and larger funds. This relationship is concave, so top performing partnerships grow proportionally less than average performers. View via Publisher. Save to Library. Create Alert. Launch Research Feed. Share This Paper. Background Citations. Methods Citations. Results Citations. Tables from this paper. Paper Mentions. Blog Post. CFA Institute Blogs. Citation Type. Has PDF. Publication Type. More Filters. Private Equity Performance: A Survey.

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Private Equity Performance : Returns , Persistence , and Capital Flows

JavaScript is disabled for your browser. Some features of this site may not work without it. Toggle navigation. Download Metadata Show full item record. Abstract This paper investigates the performance of private equity partnerships using a data set of individual fund returns collected by Venture Economics.

Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. DOI: This paper investigates the performance of private equity partnerships using a data set of individual fund returns collected by Venture Economics. Returns persist strongly across funds raised by individual private equity partnerships. The returns also improve with partnership experience. View via Publisher.

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Private Equity Performance : Returns , Persistence , and Capital Flows

Private Equity Performance: Returns, Persistence, and Capital Flows

Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. DOI:

Private Equity Performance: Returns, Persistence, and Capital Flows

Returns persist strongly across subsequent funds of a partnership. This relationship is concave, so top performing partnerships grow proportionally less than average performers. At the industry level, market entry and fund performance are procyclical; however, established funds are less sensitive to cycles than new entrants.

The public market equivalent PME is a collection of performance measures developed to assess private equity funds and to overcome the limitations of the internal rate of return and multiple on invested capital measurements. While the calculations differ, they all attempt to measure the return from deploying a private equity fund's cash flows into a stock market index. Long and Craig J. Nickels in We prefer the term ICM, because it better describes the methodology, which is not limited to the use of a public market index to calculate its results. As the index price evolves, the value of the theoretical amount invested in the index changes. When receiving a valuation for the fund, we can then compare the value of the fund investment to the theoretical value of the index investment.


Average fund returns (net of fees) approximately equal the S&P although substantial heteroge Private Equity Performance: Returns, Persistence, and Capital Flows. STEVEN N. KAPLAN Download PDF. back.


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Returns persist strongly across different funds raised by a partnership. Better performing partnerships are more likely to raise follow-on funds and larger funds. This relationship is concave so that top performing partnerships grow proportionally less than average performing partnerships. At the industry level, market entry and fund performance is cyclical; however, established funds are less sensitive to cycles than new entrants. Several of these results differ markedly from those for mutual funds. Addresses: E.

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Private Equity Performance: Returns, Persistence and Capital Flows

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