exists, what private equity managers do with their portfolio companies, what returns they earn, who earns more and why, what … determines the design of contracts signed between (i) private equity managers and their portfolio companies and (ii) private … equity managers and their investors (limited partners), and how/whether these contractual designs affect outcomes. Findings …

-market prices and returns. We find that -- a category including all managers with greater than $100 million under discretionary …