| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15883 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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