Investing outside the box: Evidence from alternative vehicles in private equity

• 成果类型: Article
• 署名作者: Lerner, Josh; Mao, Jason; Schoar, Antoinette; Zhang, Nan R.
• 署名单位: Harvard University; National Bureau of Economic Research; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Massachusetts Institute of Technology (MIT)
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.05.034
• 发表日期: 2022
• 页码: 359-380
• 关键词: private equity; venture capital; Fundraising; Alternative vehicles

摘要

Using previously unexplored custodial data, we examine alternative investment vehicles (AVs) in private equity (PE) funds over the last four decades. By 2017, AVs reached 40% of all PE commitments. Average AV performance matches the PE market, but underperforms the main funds of the partnerships sponsoring the AVs. Limited partners (LPs) with better past performance invest in AVs with better average performance, even after conditioning on the general partners' (GPs') past records. This result is largely driven by preferential access of top LPs to top AVs. Returns in PE increasingly depend on the match between GPs and LPs and both parties' outside options. (c) 2021 Elsevier B.V. All rights reserved.