Private equity (PE) has developed into a well-established asset class with strong growth in capital commitments over the last decades. Consequently, fund returns have decreased over time and investors have become more cost conscious. Based on a unique data set of 358 PE buyout funds with vintage...

In the maturing Private Equity industry, investments where the Private Equity fund owns a minority of the equity – as a different form of investment – are gaining influence. Those minority investments use different instruments for value creation than classic majority investments and involve...

We study the liquidity properties of private equity cash flows using data from 837 buyout and venture capital funds from 1984-2010. Most cash flow variation at a point in time is diversifiable – either idiosyncratic to a given fund or explained by the fund's age. Both capital calls and...

Private equity is a widely encompassing term for any equity-type investment in a company that generally is not listed on a stock exchange. Private equity investment strategies represent an increasingly significant component of institutional portfolios.According to the Russell Survey on...

This paper studies the international investment behavior of private equity (PE) firms. Perspectives from international service management are integrated with human capital and network theory to test the value of international human capital and international network relationships. Using a sample...

Uncertainty about manager skill and diversification constraints are hallmarks of investing in alternative assets. This paper quantifies the utility losses to private equity investors arising from these frictions. When calibrated to the data on institutional allocations to private equity and...

This study aims to analyse the provisions of the Alternative Investment Fund Managers Directive of the European Parliament and of the Council (2011/61/EU) which pertain to its scope. It is divided into two Sections:(a) Section A offers an overview of the legal framework governing alternative...

Using a novel dataset on global private equity investments in 19 industries across 52 countries, we find that labor productivity, employment, profitability, and capital expenditures increase for publicly-listed companies in the same country and industry as private equity investments. Our results...

Stylized facts suggest that strategic acquirers can pay for synergies, while private equity (PE) firms cannot because of the missing operating fit with the portfolio company. However, if PE firms initiate buy-and-build strategies, there is potential for an operating fit between the portfolio...

Secondary buyouts (SBOs) represent more than 50 percent of the total private equity (PE) buyout activities. However, in academia and practise, a potential underperformance of SBOs compared to primary buyouts (PBOs) is discussed. Therefore, it is all the more important to further understand how...