The Disintermediation of Financial Markets: Direct Investing in Private Equity
|
|
|
- Drusilla Douglas
- 6 years ago
- Views:
Transcription
1
2 The Disintermediation of Financial Markets: Direct Investing in Private Equity Josh Lerner Harvard Business School and Private Capital Research Institute (with Lily Fang and Victoria Ivashina)
3 Increasing trend of direct investing in PE: Enormous interest on part of LPs: Sovereign funds, funds-of-funds, endowments, pension funds, and even family offices Preqin, 2013: 43% of LPs are actively seeking co-investment rights, 11% of LPs are strongly considering. 65% of investors expect to increase their allocations to co-investments (9% expect to reduce). More broadly, there many assertions but little evidence. Direct Investing in Private Equity by Lily Fang, Victoria Ivashina and Josh Lerner
4 Some basics: 1. Traditional PE investment: Investor (LP) GP Fund Portfolio company A Portfolio company B 2. Direct investment: Co-investment Reduced fee and carry Quasi-independent investment decision (decision over the pre-selected set and no control over exit) Parallel investment Investor (LP) Portfolio company B 3. Direct investment: Solo investment No fee and carry (but higher in-house costs) Fully independent investment decision Investor (LP) Portfolio company C
5 Data: The data is proprietary: Collaboration of 7 large LPs. Complete cash flows for 391 direct investments made by a set of large institutions between 1991 and 2011: $23 B capital invested ($14B (61%) co-investments, $9B solo investments). Cash flows are net of fees (relevant for co-investments). In some analyses, back out also estimated costs of running programs. Seven investors are younger and larger than typical LP; probably more sophisticated. Distribution of outcomes of deals (e.g., IPO, bankruptcy) look similar to direct deals in CapitalIQ. Direct Investing in Private Equity by Lily Fang, Victoria Ivashina and Josh Lerner
6 Comparing Public Market Equivalents (PMEs): Best measure: performance relative to public markets. Good news: direct investments beat public market. But so do PE funds. Better to compare direct investment PMEs to funds : Direct buyouts outperform funds in 1990s, but not after. Direct venture capital underperforms in 1990s; and even more in 2000s.
7 Comparing IRRs and Multiples: Similar to PMEs: Little evidence of outperformance relative to funds. Sharp deterioration of relative performance in 200s. Venture capital directs do particularly poorly. Also, better performance by solo investments than co-investments.
8 Why poor co-investment performance? Bad timing: Concentrated in hot markets about to turn down. Big deals: Median deal is 3x the size of the deals done by same GPs around the same time. Bad deals. Direct Investing in Private Equity by Lily Fang, Victoria Ivashina and Josh Lerner
9 Comparing co-investments to the same fund performance:
10 Local deals. When do solo deals do well? Buyout deals. Deals when economy is relatively robust (less need for intervention?). Plain vanilla transactions when better information, less need for special skills? Direct Investing in Private Equity by Lily Fang, Victoria Ivashina and Josh Lerner
11 In summary: This is the first large sample insight on performance of direct investments: We collect a proprietary data set with detailed CF information from seven large LPs. Co-investments do (relatively) poorly, solo investments do OK: Substantial difference 1990s vs. 2000s. Weak performance of co-investments appears to be connected to poor selection ( lemons problem ). Solo investments perform better in settings with less information, implementation problems. Direct Investing in Private Equity by Lily Fang, Victoria Ivashina and Josh Lerner
12 Final thoughts: Warning: This is a backwards-looking sample! But numerous cautions to LPs considering such initiatives: Deterioration of performance in 2000s. Success focused in place where information advantage: Suggests limits to scaling. Relatively limited evidence of success, even among most sophisticated.
13
Performance and Capital Flows in Private Equity
Performance and Capital Flows in Private Equity Q Group Fall Seminar 2008 November, 2008 Antoinette Schoar, MIT and NBER Overview Is private equity an asset class? True story lies beyond the aggregates
Plus ça Change, plus c est la Meme Chose
Plus ça Change, plus c est la Meme Chose Private Equity s Evolving Role in the Economy and in Investor Portfolios July 2010 Cash Flows for Investors Valuations Net Returns for Investors Short Term, Long
THE DISINTERMEDIATION OF FINANCIAL MARKETS: DIRECT INVESTING IN PRIVATE EQUITY
THE DISINTERMEDIATION OF FINANCIAL MARKETS: DIRECT INVESTING IN PRIVATE EQUITY Lily Fang INSEAD Victoria Ivashina Harvard University and NBER Josh Lerner Harvard University and NBER This draft: January
THE HISTORIC PERFORMANCE OF PE: AVERAGE VS. TOP QUARTILE RETURNS Taking Stock after the Crisis
NOVEMBER 2010 THE HISTORIC PERFORMANCE OF PE: AVERAGE VS. TOP QUARTILE RETURNS Taking Stock after the Crisis Oliver Gottschalg, info@peracs.com Disclaimer This report presents the results of a statistical
The Disintermediation of Financial Markets: Direct Investing in Private Equity
The Disintermediation of Financial Markets: Direct Investing in Private Equity Lily FANG Victoria IVASHINA Josh LERNER 2012/109/FIN The Disintermediation of Financial Markets: Direct Investing in Private
The State of Co-Investments
Jessica Duong explores the attraction of co-investment opportunities and presents the results of Preqin s recent survey of LPs and GPs relating to their attitudes and activities within the co-investment
Combining Banking with Private Equity Investing. Lily Fang (INSEAD) Victoria Ivashina (Harvard and NBER) Josh Lerner (Harvard and NBER)
Combining Banking with Private Equity Investing Lily Fang (INSEAD) Victoria Ivashina (Harvard and NBER) Josh Lerner (Harvard and NBER) Bank-affiliated PE groups account for 30% of PE deals in the US since
DIVERSIFYING INVESTMENTS
DIVERSIFYING INVESTMENTS A STUDY OF OWNERSHIP DIVERSITY IN THE ASSET MANAGEMENT INDUSTRY Executive Report May 2017 Professor Josh Lerner, Harvard Business School Bella Research Group I. INTRODUCTION AND
Investment Cycles and Startup Innovation
Investment Cycles and Startup Innovation Matthew Rhodes-Kropf Harvard University CEPR Workshop 2015 Moving to the Innovation Frontier Failure and Success Only those who dare to fail greatly can ever achieve
Secondary Market: Evolution and Recent Trends
Secondary Market: Evolution and Recent Trends Emmanuel Roubinowitz, Ponte Partners Internet Securities Event March 16, 2016 1 Secondary Overview Acquisition of shares in PE/VC funds or PE/VC backed companies
PE: Where has it been? Where is it now? Where is it going?
PE: Where has it been? Where is it now? Where is it going? Steve Kaplan 1 Steven N. Kaplan Overview What does PE do at the portfolio company level? Why? What does PE do at the fund level? Talk about some
Investing Outside the Box: Evidence from Alternative Vehicles in Private Capital
Investing Outside the Box: Evidence from Alternative Vehicles in Private Capital Josh Lerner Antoinette Schoar Jason Mao Nan R. Zhang Working Paper 19-012 Investing Outside the Box: Evidence from Alternative
Adverse Selection and the Performance of Private Equity Co-Investments
Adverse Selection and the Performance of Private Equity Co-Investments Reiner Braun Technical University of Munich (TUM), Germany * Tim Jenkinson Saïd Business School, Oxford University, UK Christoph Schemmerl
Emerging Markets Private Equity Survey
Emerging Markets Private Equity Survey 2010 investors views of Private equity in emerging markets EMPEA/Coller Capital Emerging Markets Private Equity Survey The Survey is a snapshot of private equity
DIVERSIFYING INVESTMENTS
DIVERSIFYING INVESTMENTS A study of ownership diversity in the asset management industry MAY 2017 CONTENTS SUMMARY 3 METHODOLOGY 6 FINDINGS 8 CONCLUSION 13 DIVERSIFYING INVESTMENTS Contents knightfoundation.org
Venture Capital 4% Strategy. Mega/Large Buyout 29% Highlights from the 2016 GP Dashboard include:
GP Dashboard We are pleased to present Hamilton Lane s GP Dashboard, which captures the opinions and expectations of general partners from around the world and offers insight into where the GP community
Has Persistence Persisted in Private Equity? Evidence From Buyout and Venture Capital Funds
Has Persistence Persisted in Private Equity? Evidence From Buyout and Venture Capital s Robert S. Harris*, Tim Jenkinson**, Steven N. Kaplan*** and Ruediger Stucke**** Abstract The conventional wisdom
Presentation Global private equity trends
Presentation Global private equity trends Alex Scott Partner Pantheon Ventures Global Private Equity Trends Alex Scott July 2018 Hitting the headlines IPOS ARE DWINDLING, SO IS THE NUMBER OF PUBLIC COMPANIES
An Overview of Private Equity Investing
An Overview of Private Equity Investing White Paper October 2017 Not For financial FDIC Insured professional May Lose and Value accredited No Bank investor Guarantee use only. For Not financial FDIC Insured
Private Equity Performance: What Do We Know?
Preliminary Private Equity Performance: What Do We Know? by Robert Harris*, Tim Jenkinson** and Steven N. Kaplan*** This Draft: September 9, 2011 Abstract We present time series evidence on the performance
Understanding Risk and Return in Private Equity
Understanding Risk and Return in Private Equity David T. Robinson J. Rex Fuqua Distinguished Professor Fuqua School of Business Duke University Private Equity for Large Institutional Investors David T.
Asia Private Equity Institute (APEI) Private Equity Insights Q3 2012
Asia Private Equity Institute (APEI) Private Equity Insights Q3 212 Contents An Introduction to the APEI The Geography of Private Equity by Melvyn Teo Update on the Institute s Activities An Introduction
Center for Analytical Finance University of California, Santa Cruz. Working Paper No. 30
Center for Analytical Finance University of California, Santa Cruz Working Paper No. 30 Private Equity Performance, Fund Size and Historical Investment Wentao Su Bank of America, wentao.su@bankofamerica.com
Connections matter. Neil Sneddon
CM18008 UK Connections matter For professional investors only Neil Sneddon BMO Global Asset Management (EMEA) Private Equity Establishing and utilising strong connections for our clients benefit Investment
MOBILIZING PRIVATE EQUITY AND DEBT FUNDS FOR SME AND INFRASTRUCTURE FINANCE IN EMERGING MARKETS AND DEVELOPING COUNTRIES
Public Disclosure Authorized Public Disclosure Authorized 101684 MOBILIZING PRIVATE EQUITY AND DEBT FUNDS FOR SME AND INFRASTRUCTURE FINANCE IN EMERGING MARKETS AND DEVELOPING COUNTRIES Public Disclosure
Global Buyout & Growth Equity Index and Selected Benchmark Statistics. September 30, 2015
Global Buyout & Growth Equity Index and Selected Benchmark Statistics Note on Methodology Changes: Beginning this quarter, we have updated our approach for the calculation and display of select data points
Semi-Annual Private Equity Program Review Summary Review As of March 31, 2016 Presented: September 14, 2016
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM As of March 31, 2016 Presented: September 14, 2016 John Haggerty, CFA Managing Principal Steven Hartt Principal M E K E T A I N V E S T M E N T G R O U P B OSTON
Private Equity: Past, Present and Future
Private Equity: Past, Present and Future Steve Kaplan University of Chicago Booth School of Business 1 Steven N. Kaplan Overview What is PE? What does PE really do? What are the cycles of fundraising and
The Rise of Impact Investing: Its Implications and Unanswered Questions
The Rise of Impact Investing: Its Implications and Unanswered Questions A workshop hosted by the Private Capital Project and the Impact Collaboratory at the Harvard Business School and the Private Capital
Charles A. Dice Center for Research in Financial Economics
Fisher College of Business Working Paper Series Charles A. Dice Center for Research in Financial Economics Private Equity Performance: A Survey Steven N. Kaplan University of Chicago and NBER Berk A. Sensoy
AMERICAN INVESTMENT COUNCIL. Performance Update 2017 Q4
AMERICAN INVESTMENT COUNCIL Performance Update 07 Q4 Private Equity Performance Benchmarks (as of December 3, 07) Private Equity Benchmark Returns (Horizon IRR) -Year 3-Year 5-Year 0-Year BISON Private
AMERICAN INVESTMENT COUNCIL. Performance Update 2017 Q1
AMERICAN INVESTMENT COUNCIL Performance Update 2017 Q1 Private Equity Performance Benchmarks (as of March 31, 2017) Private Equity Benchmark Returns (Horizon IRR) 1 1-Year 3-Year 5-Year 10-Year BISON Private
Global Private Equity Barometer
Global Private Equity Barometer WINTER 2009-10 A UNIQUE PERSPECTIVE ON THE ISSUES AND OPPORTUNITIES FACING INVESTORS IN PRIVATE EQUITY WORLDWIDE Coller Capital s Global Private Equity Barometer Coller
Global Private Equity Barometer
Global Private Equity Barometer WINTER 2011-12 A UNIQUE PERSPECTIVE ON THE ISSUES AND OPPORTUNITIES FACING INVESTORS IN PRIVATE EQUITY WORLDWIDE Coller Capital s Global Private Equity Barometer Coller
PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK
PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK H1 2018 PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK, H1 2018 FOREWORD The private equity industry continues to grow and evolve,
Private Equity (PE) Annual Program Review
Item 6a - Attachment 1, Page 1 of 27 Private Equity (PE) Annual Program Review Sarah Corr Interim Managing Investment Director Mahboob Hossain Investment Director November 13, 2017 1 Program Performance
Statistics on Performance 1
Statistics on Performance 1 Introduction Since 1996, KPMG Corporate Finance, in co-operation with AIFI, is carrying out, on a yearly basis, the analysis on the performance of the Italian private equity
WHAT IS A SECONDARY TRANSACTION? DECEMBER 2018 PRIVATE MARKETS INSIGHTS PRIMER SECONDARIES: RISK REDUCTION WITH ATTRACTIVE RETURNS
PRIVATE MARKETS INSIGHTS PRIMER SECONDARIES: RISK REDUCTION WITH ATTRACTIVE RETURNS The private equity secondaries market has thrived in recent years as investors search for sources of potential outperformance,
MIT Sloan School of Management
MIT Sloan School of Management Working Paper 4446-03 November 2003 Private Equity Performance: Returns, Persistence and Capital Flows Steve Kaplan and Antoinette Schoar 2003 by Steve Kaplan and Antoinette
DIVERSIFYING INVESTMENTS
DIVERSIFYING INVESTMENTS A STUDY OF OWNERSHIP DIVERSITY AND PERFORMANCE IN THE ASSET MANAGEMENT INDUSTRY January 2019 Professor Josh Lerner, Harvard Business School Bella Research Group 1 / 21 I. INTRODUCTION
Data & analysis of persistence in returns at the fund level. Key takeaways
Data & analysis of persistence in returns at the fund level PitchBook is now a Morningstar company. Comprehensive, accurate and hard-to-find data for professionals doing business in the private markets.
AMERICAN INVESTMENT COUNCIL. Performance Update 2017 Q3
AMERICAN INVESTMENT COUNCIL Performance Update 2017 Q3 Private Equity Performance Benchmarks (as of September 30, 2017) Private Equity Benchmark Returns (Horizon IRR) 1 1-Year 3-Year 5-Year 10-Year BISON
2013: Zombie Apocalypse or Groundhog Day? Jon Freeman, Coller Capital
2013: Zombie Apocalypse or Groundhog Day? Jon Freeman, Coller Capital Taking Stock Predictions: PE will continue to grow in size and robustness Large buyouts will be back Banks will find a way back to
Quarterly Asset Class Report Private Equity
Quarterly Asset Class Report canterburyconsulting.com Canterbury Consulting ( CCI ) is an SEC registered Investment Adviser. Information pertaining to CCI's advisory operations, services, and fees is set
A0076_Spring 2011_EMPEA Barometer-V6.indd 1
2011 A0076_Spring 2011_EMPEA Barometer-V6.indd 1 08/04/2011 14:34 EMPEA/Coller Capital Emerging Markets Private Equity Survey The Survey is a snapshot of private equity trends in emerging economies and
TEACHERS RETIREMENT BOARD. INVESTMENT COMMITTEE Item Number: 14 CONSENT: ATTACHMENT(S): 1. DATE OF MEETING: February 3, 2016 / 20 mins.
TEACHERS RETIREMENT BOARD INVESTMENT COMMITTEE Item Number: 14 SUBJECT: Review of Private Equity Portfolio Open Session CONSENT: ATTACHMENT(S): 1 ACTION: INFORMATION: X DATE OF MEETING: / 20 mins. PRESENTER(S):
Part 3: Private Equity Strategies
Private Equity Education Series Part 3: Private Equity Strategies Reports in this series Report Highlights Page Part 1: What is Private Equity (PE)? Part 2: Investing in Private Equity Part 3: Private
NBER WORKING PAPER SERIES LOCAL OVERWEIGHTING AND UNDERPERFORMANCE: EVIDENCE FROM LIMITED PARTNER PRIVATE EQUITY INVESTMENTS
NBER WORKING PAPER SERIES LOCAL OVERWEIGHTING AND UNDERPERFORMANCE: EVIDENCE FROM LIMITED PARTNER PRIVATE EQUITY INVESTMENTS Yael V. Hochberg Joshua D. Rauh Working Paper 17122 http://www.nber.org/papers/w17122
Introduction. PEs: the invesment process and the Value Creation
Introduction PEs: the invesment process and the Value Creation 1 Contents - Introduction - PE Stages and Investment Process - Initial Strategic Definition: Types of deal and PEs - Deal Sourcing - Initial
Private Equity Program Deconstructing Return Drivers June 8, 2016
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM June 8, 2016 John Haggerty, CFA Managing Principal Steven Hartt Principal B OSTON M ASSACHUSETTS M E K E T A I N V E S T M E N T G R O U P C HICAGO I LLINOIS
EXECUTIVE EDUCATION TRAINING VENTURE CAPITAL WORKSHOPS
EXECUTIVE EDUCATION TRAINING VENTURE CAPITAL WORKSHOPS Programme Overview The Private Equity and Venture Capital Executive Education training programmes are two workshops, each held over two-days. Both
Private Equity Performance: Returns, Persistence, and Capital Flows
THE JOURNAL OF FINANCE VOL. LX, NO. 4 AUGUST 2005 Private Equity Performance: Returns, Persistence, and Capital Flows STEVEN N. KAPLAN and ANTOINETTE SCHOAR ABSTRACT This paper investigates the performance
Financial Intermediation in Private Equity: How Well Do Funds of Funds Perform?
Financial Intermediation in Private Equity: How Well Do Funds of Funds Perform? Robert S. Harris* Tim Jenkinson** Steven N. Kaplan*** and Ruediger Stucke**** Abstract This paper focuses on funds of funds
Myth- Busting Emerging Markets PE With Professor Josh Lerner of Harvard Business School
Myth- Busting Emerging Markets PE With Professor Josh Lerner of Harvard Business School David Snow, Privcap: Today, we re joined by Josh Lerner of Harvard Business School. Josh, welcome to Privcap today.
Drawdown Distribution as an Explanatory Variable of Private Equity Fund Performance
University of Pennsylvania ScholarlyCommons Wharton Research Scholars Wharton School 5-17-2014 Drawdown Distribution as an Explanatory Variable of Private Equity Fund Performance Darren Ho University of
Performance Measurement for Private Equity by Lauge Sletting. 23 May 2013 DDF Forum for Performance measurement
Performance Measurement for Private Equity by Lauge Sletting 23 May 2013 DDF Forum for Performance measurement Measuring performance in Private Equity Benchmarking Cases: Pension Fund and private equity
Introduction to Private Equity
Introduction to Private Equity www.pantheonprivatewealth.com October 2014 1 Private equity defined Market overview Types of private equity Value creation Structure guide Accessing private equity Evaluating
Private Equity Indices based on Secondary Market Transactions. Brian Boyer, Taylor Nadauld, Keith Vorkink, and Michael Weisbach
Private Equity Indices based on Secondary Market Transactions Brian Boyer, Taylor Nadauld, Keith Vorkink, and Michael Weisbach Pierre Collin-Dufresne SFI@EPFL and CEPR EHL July 2018 Summary Comments Conclusion
The VC Industry at a Crossroads: Current Issues and Thoughts
The VC Industry at a Crossroads: Current Issues and Thoughts Ed Colloton Bessemer Venture Partners The views expressed in this presentation are those of the author and not Bessemer Venture Partners LPs
Are U.S. Companies Too Short-Term Oriented? Some Thoughts
Are U.S. Companies Too Short-Term Oriented? Some Thoughts Steve Kaplan University of Chicago Booth School of Business 1 Steven N. Kaplan Overview Much criticism of U.S. economy / companies as too short-term
Investment & Actuarial Consulting, Controlling and Research.
Investment & Actuarial Consulting, Controlling and Research. www.ppcmetrics.ch Investment Consulting The Illiquidity Premium Revisited Can Pension Funds Access this? EPFIF PPCmetrics AG Dr. Diego Liechti,
Private Equity Trends
Third Quarter 2018 INSTITUTE Private Equity Trends Analyzing private equity activity through all the stages of the investment cycle, from fundraising to exits. Fundraising: Mild Slowdown Driven by Fewer
Real Estate Index and Selected Benchmark Statistics. September 30, 2015
Real Estate Index and Selected Benchmark Statistics Note on Methodology Changes: Beginning this quarter, we have updated our approach for the calculation and display of select data points contained in
Findings. a bitter taste. a new model of innovation Josh Lerner on the conditions for successful incubation /6
Coller Institute of Private Equity Findings Insights from the world s best private equity research ISSUE 9 winter 2013/14 / 25 $40 30 a new model of innovation Josh Lerner on the conditions for successful
Private Equity Performance Update
Private Equity Performance Update Returns as reported through June 2015 www.pegcc.org 2 Contents Page Private Equity Performance Benchmarks 3 Private Equity Performance Public Pensions 6 Description of
Quarterly Asset Class Report Private Equity
Quarterly Asset Class Report canterburyconsulting.com Canterbury Consulting ( CCI ) is an SEC registered Investment Adviser. Information pertaining to CCI's advisory operations, services, and fees is set
Perspectives JAN Market Preview: Private Equity
Perspectives JAN 2019 2019 Market Preview: Private Equity POISED FOR ROBUST DEPLOYMENT Private equity investors in 2018 benefited from strong overall industry performance, with U.S. funds up 8.3% YTD.
The difference in operational performance between Secondary Buyouts and Reverse LBOs
Stockholm School of Economics December 2013 Department of Finance The difference in operational performance between Secondary Buyouts and Reverse LBOs Benjamin Chaubert * Marco Studer Abstract In the aftermath
Beyond the Quartiles. Understanding the How of Private Equity Value Creation to Spot Likely Future Outperformers. Oliver Gottschalg HEC Paris
Beyond the Quartiles Understanding the How of Private Equity Value Creation to Spot Likely Future Outperformers Oliver Gottschalg HEC Paris July 2016 This Paper was prepared for a Practitioner Audience
CO-INVESTING 101: BENEFITS AND RISKS
PRIVATE MARKETS INSIGHTS: CO-INVESTMENT SERIES CO-INVESTING 101: BENEFITS AND RISKS There is significant interest in co-investing, but not everyone has the skills and resources required to successfully
Private Equity Strategies. By Ascanio Rossini
Private Equity Strategies By Ascanio Rossini Outline 1. What is Private Equity (PE) and what distinguishes it from other asset classes? i. Definition ii. Key Features iii. Fund Structure 2. Private Equity
Private Equity. Panel Detail: Monday, May 2, :30 AM - 10:45 AM
Private Equity Panel Detail: Monday, May 2, 211 9:3 AM - 1:45 AM Speakers: Leon Black, Founding Partner, Apollo Management, LP David Bonderman, Founding Partner, TPG Capital Jonathan Nelson, CEO and Founder,
Ex US Private Equity & Venture Capital Index and Selected Benchmark Statistics. June 30, 2017
Ex US Private Equity & Venture Capital Index and Selected Benchmark Statistics Disclaimer Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge
Eileen Appelbaum Center for Economic & Policy Research and University of Leicester. Rosemary Batt ILR School Cornell University
Eileen Appelbaum Center for Economic & Policy Research and University of Leicester Rosemary Batt ILR School Cornell University 1 Overview of Presentation Private equity business model Investors as managers
Ex US Private Equity & Venture Capital Index and Selected Benchmark Statistics. September 30, 2017
Ex US Private Equity & Venture Capital Index and Selected Benchmark Statistics Disclaimer Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge
Private Capital Market Update
Private Capital Market Update 2 nd Annual Asia-Pacific Fund Finance Symposium Christopher Elvin, Head of Private Equity 13 th June 218, Hong Kong About Preqin Private Equity & Venture Capital Hedge Funds
Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity
Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity David T. Robinson Duke University and NBER Berk A. Sensoy Ohio State University September 2, 2011 Abstract Public and private
CO-INVESTMENTS. Overview. Introduction. Sample
CO-INVESTMENTS by Dr. William T. Charlton Managing Director and Head of Global Research & Analytic, Pavilion Alternatives Group Overview Using an extensive Pavilion Alternatives Group database of investment
Performance of Private Equity Funds: Another Puzzle?
Performance of Private Equity Funds: Another Puzzle? September 2005 Using a unique and comprehensive dataset, we report that investing in the overall private equity portfolio has been a highly negative
Australia Private Equity & Venture Capital Index and Benchmark Statistics. June 30, 2017
Australia Private Equity & Venture Capital Index and Benchmark Statistics Disclaimer Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge
PERFORMANCE MEASUREMENT AND BENCHMARKING IN PRIVATE EQUITY
13CT Alternative L Jjl Insiqht PRIVATE EQUITY INTERNATIONAL I ' ' PERFORMANCE MEASUREMENT AND BENCHMARKING IN PRIVATE EQUITY Making sense of absolute and relative returns on investment Edited by Montana
Private Equity Overview
Private Equity Overview June 10, 2010 State Universities Retirement System Rob Parkinson, Associate Agenda Asset Class Overview Market Update SURS Private Equity Portfolio Asset Class Overview Benefits
Albourne Update Private Equity SDCERA Board of Retirement. February 20 th 2014
Albourne Update Private Equity SDCERA Board of Retirement February 20 th 2014 Agenda 1) Program History 2) Current allocation vs. targets 3) Portfolio composition 4) Performance 5) Future Pacing 6) Market
Private Capital Reporting and Investing for Nonprofits
Private Capital Reporting and Investing for Nonprofits The webinar will begin in a few moments NOTE: Participants will receive an email within 48 hours with a link to the slide deck and recording. 1 Armanino
How Private Equities Create Value. LBOs, Expansion deals and the future of PEs - Trends
How Private Equities Create Value LBOs, Expansion deals and the future of PEs - Trends 1 Contents - Introduction to Value Creation in PEs - LBOs - Operating Leverage - Financial Leverage - Recent trends
Public Market Institutions in Venture Capital: Value Creation for Entrepreneurial Firms
Cornell University School of Hotel Administration The Scholarly Commons Working Papers School of Hotel Administration Collection 3-2017 Public Market Institutions in Venture Capital: Value Creation for
Complex capital structures, complex valuations: the AICPA s new valuation Practice Aid
Complex capital structures, complex valuations: the AICPA s new valuation Practice Aid By its nature, valuation is highly complex and subjective; particularly when it comes to the valuation of companies
Mega EUROPEAN MID-MARKET. in the middle
Mega EUROPEAN MID-MARKET in the middle The European mid-market has taken on many of the characteristics of the large-cap space of old, but say our panel retains its most important differentiator: the scope
Declaring a Major: Sector-Focused Private Investment Funds
Private Investment Series Declaring a Major: Sector-Focused Private Investment Funds The competitive advantages and resulting return profi le of sector specialists should not be ignored when constructing
Asset Allocation and Fund Performance of U.S. Defined Benefit Pension Plans ( )
Asset Allocation and Fund Performance of U.S. Defined Benefit Pension Plans (1998-2011) Alexander D. Beath, PhD Senior Research Analyst CEM Benchmarking About CEM Benchmarking Client base of over 500 large
The evolution of U.S. buyouts from a cottage investment business into a
U.S. Small Buyouts: Private Equity s Best Kept Little Secret FEBRUARY 2017 The evolution of U.S. buyouts from a cottage investment business into a multi-trillion-dollar industry has created what we believe
The Importance of Size in Private Equity: Evidence from a Survey of Limited Partners
The Importance of Size in Private Equity: Evidence from a Survey of Limited Partners Marco Da Rin* and Ludovic Phalippou** July 2016 Forthcoming, Journal of Financial Intermediation Abstract Using a comprehensive
Real Estate Index and Selected Benchmark Statistics. June 30, 2015
Real Estate Index and Selected Benchmark Statistics Disclaimer Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge Associates research
Private Equity An Introduction
Private Equity An Introduction Private Equity? What is Private Equity and why should we care about it? By definition, we are considering equity investments in private or closely held firms. Typically either
American Finance Association
American Finance Association Private Equity Performance: Returns, Persistence, and Capital Flows Author(s): Steven N. Kaplan and Antoinette Schoar Source: The Journal of Finance, Vol. 60, No. 4 (Aug.,
Value Creation in Private Equity
«Your bridge to the world of private assets.» Value Creation in Private Equity Joint research findings from Capital Dynamics and the Technische Universität München Second study June 2014 Summary In the
Global Private Equity Barometer
Global Private Equity Barometer SummER 2008 A UNIQUE PERSPECTIVE ON THE ISSUES AND OPPORTUNITIES FACING INVESTORS IN PRIVATE EQUITY WORLDWIDE Coller Capital s Global Private Equity Barometer Coller Capital
Global Private Equity Barometer
Global Private Equity Barometer SUMMER 2007 A UNIQUE PERSPECTIVE ON THE ISSUES AND OPPORTUNITIES FACING INVESTORS IN PRIVATE EQUITY WORLDWIDE Coller Capital s Global Private Equity Barometer Coller Capital
Investment Evolution. Convergence Across The Hedge Fund & Private Equity Industries. Copyright 2005, Crestmont Research (
Investment Evolution Convergence Across The Hedge Fund & Private Equity Industries Copyright 2005, Crestmont Research (www.crestmontresearch.com) 1 TOPICS Explore Similarities And Differences Between Private
Interpreting the Information Ratio
Interpreting the Information Ratio Cameron Clement, CFA 11/10/09 The Information Ratio is a widely used and powerful tool for evaluating manager skill. In this paper, we attempt to foster a better understanding