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Institutional investors of all types exhibit substantial home-state bias when investing in private equity (PE) funds. This effect is particularly pronounced for public pension funds, where the local overweighting amounts to 9.7% of the private equity portfolio on average, based on 5-year rolling...
Persistent link: https://www.econbiz.de/10013008598
Institutional investors exhibit substantial home-state bias in private equity. This effect is particularly pronounced for public pension fund investments in venture capital and real estate. Public pension funds achieve performance on in-state investments that is 2-4 percentage points lower than...
Persistent link: https://www.econbiz.de/10013008659
This paper evaluates the pros and cons of including private equity fund investments in defined contribution plans. Potential benefits include higher returns and improved diversification as well as a relatively safe method for accessing investments previously only available to institutions and...
Persistent link: https://www.econbiz.de/10013245978
Representation on pension fund boards by state officials — often determined by statute decades past — is negatively related to the performance of private equity investments made by the pension fund, despite state officials' relatively strong financial education and experience. Their...
Persistent link: https://www.econbiz.de/10011721511
Institutional investors of all types exhibit substantial home-state bias when investing in private equity (PE) funds. This effect is particularly pronounced for public pension funds, where the local overweighting amounts to 9.7% of the private equity portfolio on average, based on 5-year rolling...
Persistent link: https://www.econbiz.de/10012461536
Persistent link: https://www.econbiz.de/10013417612