This paper is the first systematic analysis of the impact of diversification on the performance of private equity funds …. A unique data set allows the exact evaluation of diversification across the dimensions financing stages, industries, and … countries. Very different levels of diversification can be observed across sample funds. While some funds are highly specialized …

This paper studies the relationship between portfolio diversification and fund performance, based on an unexplored …, which allows measuring the concentration of the fund portfolios towards individual companies, industrial, and geographical … focus. Our results suggest that diversification within, but not across industries, associates with higher buyout fund …