This paper focuses on funds of funds (FOFs) as a form of financial intermediation in private equity (both buyout and venture capital). After accounting for fees, FOFs provide returns equal to or above public market indices for both buyout and venture capital. While FOFs focusing on buyouts...

We examine the link between endowment investment performance and human capital. Harnessing detailed information on endowments in higher education, their in-house investment staff, and their trustees, we find that expertise in alternative assets and larger professional networks are associated...

The merits of investing in private versus public equity have generated considerable debate, often fueled by concerns about data quality. In this paper, we use cash flow data derived from the holdings of almost 300 institutional investors to study over 1,800 North American buyout and venture...