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Valuing Private Equity

delete2014-03-13
delete66
PRE
AI
M
Morten Sørensen *
王能 封面图
王能 (Neng Wang)
J
Jinqiang Yang
DOI：10.1093/rfs/hhu013delete
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摘要

摘要

En 中文
We investigate whether the performance of private equity (PE) investments is sufficient to compensate investors (LPs) for risk, long-term illiquidity, management, and incentive fees charged by the general partner (GP). We analyze the LPs' portfolio-choice problem and find that management fees, carried interest, and illiquidity are costly, and GPs must generate substantial alpha to compensate LPs for bearing these costs. Debt is cheap and reduces these costs, potentially explaining the high leverage of buyout transactions. Conventional interpretations of PE performance measures appear optimistic. On average, LPs may just break even, net of management fees, carry, risk, and costs of illiquidity.
Keyword:
HIGH-WATER MARKS
CORPORATE-DEBT
PERFORMANCE
RISK
CONSUMPTION
PERSISTENCE
INVESTMENT
RETURN
INCOME
AI总结

AI总结

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期刊

Review of Financial Studies 封面图
Review of Financial Studies
IF:
5.4
论文数:
2.8K
被引数:
3.0W

机构

C
Columbia University
学者数:
7.1W
论文数: 6.4W
被引数: 263
S
Shanghai University of Finance and Economics
学者数:
2.0K
论文数: 2.5K
被引数: 4.0K
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