In this paper, we investigate whether fund-specific risk helps explain performance persistence in private equity funds, using detailed deal-level cash flow information at both the fund and deal levels. We further extend existing findings to international evidence on buyout and venture capital...

This paper explores whether private equity firms that are new to the industry take excessive risks relative to funds from established firms. We use differences between the implicit incentives of managers of experienced and of novice funds as identification strategy. We find that novice funds...

Using a firm-level perspective, this study examines the effect of specialization on the fundraising activities of private equity (PE) firms. In the empirical analysis, we consider three dimensions of specialization: stage, industry and geographic location. Using a large sample of U.S. PE firms,...