Private Equity Performance : Returns, Persistence, And Capital Flows  

Oleh:

Kaplan, Steven N. ; Schoar, Antoinette

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 4 (Aug. 2005), page 1791-1824.
Topik: flow; studies; funds; venture capital companies; rates of return; statistical analysis
Fulltext: p 1791.pdf (155.98KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper investigates the performance and capital inflows of private equity partnerships. Average fund returns (net of fees) approximately equal the S & P 500 although substantial heterogeneity across funds exists. 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. At the industry level, market entry and fund performance are procyclical; however, established funds are less sensitive to cycles than new entrants. Several of these results differ markedly from those for mutual funds.

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