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This article examines the impact of private equity (PE) fund-level dynamics on the PE fund's general partner's (GP) divestment decisions and whether these decisions are to the detriment of the PE fund's limited partners, indicating a moral hazard problem. We use a unique sample of 1,112 buyout...
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Private equity (PE) fund managers recurrently close limited partnerships, thereby running several funds simultaneously. Conceptually, the limited partnership model as a form of financial intermediation should not have any impact on decisions about single PE investments and returns. This study...
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Credit facilities in private equity, often referred to as “subscription lines” (SL), have become a topic of interest, sparking debates not only among researchers but also among practitioners. In this paper, we are the first to analyze their potential thoroughly by quantifying the impact on...
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