The Performance of Private Equity Funds

被引：240
|
作者：
Phalippou, Ludovic [1 ]
Gottschalg, Oliver [2 ]
机构：
[1] Univ Amsterdam, FEE, Finance Grp, NL-1018 Amsterdam, Netherlands
[2] HEC Paris, Paris, France
来源：
REVIEW OF FINANCIAL STUDIES | 2009年 / 22卷 / 04期
关键词：
G23; G24; VENTURE; INVESTMENT; RETURNS; PUZZLE; MONEY; SMART;
D O I：
10.1093/rfs/hhn014
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The performance of private equity funds as reported by industry associations and previous research is overstated. A large part of performance is driven by inflated accounting valuation of ongoing investments and we find a bias toward better performing funds in the data. We find an average net-of-fees fund performance of 3% per year below that of the S&P 500. Adjusting for risk brings the underperformance to 6% per year. We estimate fees to be 6% per year. We discuss several misleading aspects of performance reporting and some side benefits as a first step toward an explanation.
引用
收藏
页码：1747 / 1776
页数：30
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