How persistent is private equity performance? Evidence from deal-level data

被引：48

作者：

Braun, Reiner ^{[1
]}

Jenkinson, Tim ^{[2
]}

Stoff, Ingo ^{[1
]}

机构：

[1] Tech Univ Munich, Arcisstr 21, D-80333 Munich, Germany

[2] Univ Oxford, Said Business Sch, Pk End St, Oxford OX1 1HP, England

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2017年 / 123卷 / 02期

关键词：

Private equity; Returns; Performance persistence; Portfolio companies; LIMITED PARTNER PERFORMANCE; MANAGERS; FLOWS;

D O I：

10.1016/j.jfineco.2016.01.033

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The persistence of returns is a critical issue for investors in their choice of private equity managers. In this paper, we analyse buyout performance persistence in new ways, using a unique database containing cash flow data on 13,523 portfolio company investments by 865 buyout funds. We focus on unique realized deals and find that persistence of fund managers has substantially declined as the private equity sector has matured and become more competitive. Private equity has, therefore, largely conformed to the pattern found in most other asset classes in which past performance is a poor predictor of the future. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：273 / 291

页数：19

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