The Performance of Private Equity Funds

被引：239

作者：

Phalippou, Ludovic ^{[1
]}

Gottschalg, Oliver ^{[2
]}

机构：

[1] Univ Amsterdam, FEE, Finance Grp, NL-1018 Amsterdam, Netherlands

[2] HEC Paris, Paris, France

来源：

REVIEW OF FINANCIAL STUDIES | 2009年 / 22卷 / 04期

关键词：

G23; G24; VENTURE; INVESTMENT; RETURNS; PUZZLE; MONEY; SMART;

D O I：

10.1093/rfs/hhn014

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The performance of private equity funds as reported by industry associations and previous research is overstated. A large part of performance is driven by inflated accounting valuation of ongoing investments and we find a bias toward better performing funds in the data. We find an average net-of-fees fund performance of 3% per year below that of the S&P 500. Adjusting for risk brings the underperformance to 6% per year. We estimate fees to be 6% per year. We discuss several misleading aspects of performance reporting and some side benefits as a first step toward an explanation.

引用

页码：1747 / 1776

页数：30

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