Private Equity Performance: What Do We Know?

• 成果类型: Article
• 署名作者: Harris, Robert S.; Jenkinson, Tim; Kaplan, Steven N.
• 署名单位: University of Virginia; University of Oxford; Center for Economic & Policy Research (CEPR); University of Chicago; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12154
• 发表日期: 2014
• 页码: 1851-1882
• 关键词: flows; funds

摘要

We study the performance of nearly 1,400 U.S. buyout and venture capital funds using a new data set from Burgiss. We find better buyout fund performance than previously documentedperformance has consistently exceeded that of public markets. Outperformance versus the S&P 500 averages 20% to 27% over a fund's life and more than 3% annually. Venture capital funds outperformed public equities in the 1990s, but underperformed in the 2000s. Our conclusions are robust to various indices and risk controls. Performance in Cambridge Associates and Preqin is qualitatively similar to that in Burgiss, but is lower in Venture Economics.