Private Equity Performance: What Do We Know?
type="main"> <title type="main">ABSTRACT</title> <p>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 documented—performance 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.
Year of publication: |
2014
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Authors: | HARRIS, ROBERT S. ; JENKINSON, TIM ; KAPLAN, STEVEN N. |
Published in: |
Journal of Finance. - American Finance Association - AFA, ISSN 1540-6261. - Vol. 69.2014, 5, p. 1851-1882
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Publisher: |
American Finance Association - AFA |
Saved in:
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