| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29887 |
| 来源ID | Working Paper 29887 |
| How do Private Equity Fees vary across Public Pensions? | |
| Juliane Begenau; Emil Siriwardane | |
| 发表日期 | 2022-03-28 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds and those in high demand are less likely to use multiple fee schedules. Some investors consistently pay lower fees 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 that investors pay to access private markets. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w29887 |
| 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/587559 |
| 推荐引用方式 GB/T 7714 | Juliane Begenau,Emil Siriwardane. How do Private Equity Fees vary across Public Pensions?. 2022. |
| 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 | ||
| w29887.pdf（383KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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