Is the formation of investor cliques associated with superior fund performance? Our analysis of more than 2,000 private equity real estate (PERE) funds over three decades reveals outstanding performance among PERE funds dominated by investor cliques. Specifically, cliques with a more extensive...

We investigate the role of alumni ties in university endowments' decision to invest into private equity funds. Based on a sample of 1,590 commitments made by 189 U.S. endowments into 613 funds during the period of 1995 to 2017, we show that endowments are more likely to invest into funds that...