Picking partners: Manager selection in private markets☆

• 成果类型: Article
• 署名作者: Goyal, Amit; Wahal, Sunil; Yavuz, M. Deniz
• 署名单位: University of Lausanne; Swiss Finance Institute (SFI); Arizona State University; Arizona State University-Tempe; Purdue University System; Purdue University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2026.104250
• 发表日期: 2026-04
• 页码: 104250
• 关键词: private equity; institutional investors; Manager selection; Opportunity set; Performance persistence; returns; CHOICE; smart

摘要

We study the selection of private market managers (GPs) for over 61,000 capital commitments by institutional investors (LPs) from a feasible opportunity set. LPs chase past performance but also seem surprisingly willing to invest in GPs without a track record: the probability that LPs select first-time or young GPs is quantitatively similar to GPs in the highest quartile of past performance. The most plausible explanation is that there is demand for exposure to private markets that is not fulfilled by incumbent GPs. The proclivity to invest in first-time or young GPs is not associated with higher future performance.