| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24941 |
| 来源ID | Working Paper 24941 |
| Investing Outside the Box: Evidence from Alternative Vehicles in Private Capital | |
| Josh Lerner; Antoinette Schoar; Jason Mao; Nan R. Zhang | |
| 发表日期 | 2018-08-27 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper undertakes a comprehensive analysis of alternative investment vehicles in private equity, using unexplored custodial data about 112 limited partners over four decades. We differentiate between alternative vehicles that are GP-directed versus those where the LP has some discretion. Of the roughly 5500 distinct investments made by the LPs in our sample, 32% of investments (17% of capital commitments) were in such alternative vehicles; the allocation increased by more than 10 percentage points over the last decade. Alternative vehicles were far more likely to be offered by larger and North America-based buyout funds. The average performance of these alternative vehicles lagged that of the GPs’ corresponding main funds. The best LP performance was among endowments, private pensions, and insurers. Finally, LPs with better past performance invested in alternative vehicles with better performance, even after conditioning on the GPs’ past records. This result suggests that bargaining between GPs and LPs leads to gradation in investment performance based on the parties’ outside options. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w24941 |
| 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/582615 |
| 推荐引用方式 GB/T 7714 | Josh Lerner,Antoinette Schoar,Jason Mao,et al. Investing Outside the Box: Evidence from Alternative Vehicles in Private Capital. 2018. |
| 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 | ||
| w24941.pdf（768KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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