and new focus on the retail market. Since better managers can raise larger funds, the causal effect is difficult to … identify. We develop an instrument based on gifts to universities, which lead to more capital for managers with preexisting …

Investment fund managers make asset allocation decisions on behalf of a significant segment of US households. To … dataset, which encompasses detailed information on the compensation and career trajectories of managers within US active … disclosures, managers' pay is primarily driven by Assets Under Management (AUM), with performance influencing compensation only …

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 …