| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18793 |
| 来源ID | Working Paper 18793 |
| Limited Partner Performance and the Maturing of the Private Equity Industry | |
| Berk A. Sensoy; Yingdi Wang; Michael S. Weisbach | |
| 发表日期 | 2013-02-08 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We evaluate the performance of limited partners' (LPs) private equity investments over time. Using a sample of 14,380 investments by 1,852 LPs in 1,250 buyout and venture funds started between 1991 and 2006, we find that the superior performance of endowment investors in the 1991-1998 period, documented in prior literature, is mostly due to their greater access to the top-performing venture capital partnerships. In the subsequent 1999-2006 period, endowments no longer outperform, and neither have greater access to funds that are likely to restrict access nor make better investment selections than other types of institutional investors. We discuss how these results are consistent with the general maturing of the industry, as private equity has transitioned from a niche, poorly understood area to a ubiquitous part of institutional investors' portfolios. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w18793 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576467 |
| 推荐引用方式 GB/T 7714 | Berk A. Sensoy,Yingdi Wang,Michael S. Weisbach. Limited Partner Performance and the Maturing of the Private Equity Industry. 2013. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18793.pdf（951KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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