(FOFs). In this paper we examine a new database that separates out for the first time the effects of diversification (the … variance reducing effects of diversification peter out once FOFs hold more than 20 underlying hedge funds. Yet the majority of … FOFs are more diversified than this. We find a new and surprising result that this excess diversification actually …

diversification in some settings may be beneficial, in the case of assets with identical payouts, fee minimization is the only …

well in terms of diversification even for those investors worried about the alpha of funds. The benefits of diversification …

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 …

competitive advisory fees across their funds. Our findings suggest that the diversification of fund families' asset flows is an …