G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15883
DP15883 How do private equity fees vary across public pensions?
Juliane Begenau; Emil N Siriwardane
发表日期2021-03-03
出版年2021
语种英语
摘要We provide evidence that investment fees vary within private equity funds. Net-of-fee return clustering suggests that 70% of funds group investors into two fee-tiers that vary along both fixed and variable components. Managers of venture capital funds and those with high past performance are less likely to tier their investors. Some investors consistently earn higher net-of-fee returns relative to others within their funds. Investor size, experience, and past performance explain some but not all of this effect, suggesting that unobserved traits like negotiation skill or bargaining power materially impact the fees investors pay in private equity.
主题Financial Economics ; Industrial Organization ; Public Economics
关键词Private equity Public pensions Fee dispersion Search and negotiation frictions
URLhttps://cepr.org/publications/dp15883
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/544875
推荐引用方式
GB/T 7714
Juliane Begenau,Emil N Siriwardane. DP15883 How do private equity fees vary across public pensions?. 2021.
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