| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27889 |
| 来源ID | Working Paper 27889 |
| Private Equity and COVID-19 | |
| Paul A. Gompers; Steven N. Kaplan; Vladimir Mukharlyamov | |
| 发表日期 | 2020-10-05 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We survey more than 200 private equity (PE) managers from firms with $1.9 trillion of assets under management (AUM) about their portfolio performance, decisionmaking and activities during the Covid-19 pandemic. Given that PE managers have significant incentives to maximize value, their actions during the current pandemic should indicate what they perceive as being important for both the preservation and creation of value. PE managers believe that 40% of their portfolio companies are moderately negatively affected and 10% are very negatively affected by the pandemic. The private equity managers—both investment and operating partners— are actively engaged in the operations, governance, and financing in all of their current portfolio companies. These activities are more intensively pursued in those companies that have been more severely affected by the Covid-19 pandemic. As a result of the pandemic, they expect the performance of their existing funds to decline. They are more pessimistic about that decline than the VCs surveyed in Gompers et al. (2020b). Despite the pandemic, private equity managers are seeking new investments. Relative to the 2012 survey results reported in Gompers, Kaplan, and Mukharlyamov (2016): the PE investors place a greater weight on revenue growth for value creation; they give a larger equity stake to management teams; and, they also appear to target somewhat lower returns. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; COVID-19 |
| URL | https://www.nber.org/papers/w27889 |
| 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/585562 |
| 推荐引用方式 GB/T 7714 | Paul A. Gompers,Steven N. Kaplan,Vladimir Mukharlyamov. Private Equity and COVID-19. 2020. |
| 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 | ||
| w27889.pdf（580KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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