全球智库信息集成服务系统(G2TT): Has Persistence Persisted in Private Equity? Evidence from Buyout and Venture Capital Funds

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w28109
来源ID	Working Paper 28109
	Has Persistence Persisted in Private Equity? Evidence from Buyout and Venture Capital Funds
	Robert S. Harris; Tim Jenkinson; Steven N. Kaplan; Ruediger Stucke
发表日期	2020-11-23
出版年	2020
语种	英语
摘要	We present new evidence on the persistence of U.S. private equity (buyout and venture capital) funds using cash-flow data sourced from Burgiss’s large sample of institutional investors. Previous research, studying largely pre-2000 data, finds strong persistence for both buyout and venture capital (VC) firms. Using ex post or most recent fund performance (as of June2019), we confirm the previous findings on persistence overall as well as for pre-2001 and post-2000 funds. However, when we look at the information an investor would actually have – previous fund performance at the time of fundraising rather than final performance – we find little or no evidence of persistence for buyouts, both overall and post-2000. For post-2000 buyouts, the conventional wisdom to invest in previously top quartile funds does not hold. Using previous fund PME at fundraising, we find modest persistence, but it is driven by bottom, not top quartile performance. On the other hand, persistence for VC funds persists even when using information available at the time of fundraising. Therefore, the conventional wisdom of investors holds for VC.
主题	Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions
URL	https://www.nber.org/papers/w28109
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/585783
推荐引用方式 GB/T 7714	Robert S. Harris,Tim Jenkinson,Steven N. Kaplan,et al. Has Persistence Persisted in Private Equity? Evidence from Buyout and Venture Capital Funds. 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
w28109.pdf（190KB）	智库出版物		限制开放	CC BY-NC-SA	浏览