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Private Equity Performance: What Do We Know?

delete2014-09-12
delete285
PRE
AI
R
Robert S. Harris *
T
Tim Jenkinson
S
Steven N. Kaplan
DOI：10.1111/jofi.12154delete
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摘要

摘要

En 中文
We study the performance of nearly 1,400 U.S. buyout and venture capital funds using a new data set from Burgiss. We find better buyout fund performance than previously documentedperformance has consistently exceeded that of public markets. Outperformance versus the S&P 500 averages 20% to 27% over a fund's life and more than 3% annually. Venture capital funds outperformed public equities in the 1990s, but underperformed in the 2000s. Our conclusions are robust to various indices and risk controls. Performance in Cambridge Associates and Preqin is qualitatively similar to that in Burgiss, but is lower in Venture Economics.
Keyword:
FLOWS
FUNDS
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期刊

Journal of Finance 封面图
Journal of Finance
IF:
9.5
论文数:
4.0K
被引数:
5.0W

机构

U
university of chicago
学者数:
4.5W
论文数: 3.7W
被引数: 80
U
University of Virginia
学者数:
3.0W
论文数: 2.7W
被引数: 4.1W
U
university of oxford
学者数:
9.8W
论文数: 8.6W
被引数: 137
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