Private Equity Performance: What Do We Know?

被引：245

作者：

Harris, Robert S. ^{[1
]}

Jenkinson, Tim ^{[2
,3
]}

Kaplan, Steven N. ^{[4
,5
]}

机构：

[1] Univ Virginia, Darden Sch Business, Charlottesville, VA 22903 USA

[2] Univ Oxford, Said Business Sch, Oxford OX1 2JD, England

[3] CEPR, Washington, DC USA

[4] Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA

[5] NBER, Cambridge, MA 02138 USA

来源：

JOURNAL OF FINANCE | 2014年 / 69卷 / 05期

关键词：

FLOWS; FUNDS;

D O I：

10.1111/jofi.12154

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：1851 / 1882

页数：32

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