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File name: SSRN-id1950258. ; Size: 271K
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Why is the Evidence on Private Equity Performance So Confusing?
Ludovic Phalippou
University of Oxford - Said Business School; University of Oxford - Oxford-Man Institute of Quantitative Finance
June 14, 2011
Abstract:
Private equity industry associations announce aggregate performance every quarter. Typically these returns are largely above those of public equity markets over long horizons. These numbers are widely disseminated and commented on by the press and have probably played a role in the strong increase in allocation to private equity over the last decade. In contrast, academic studies find returns that are closer to those of public equity (on aggregate). This paper argues that in theory these two results are not necessarily inconsistent. The methodology used in practice can, hypothetically, generate these large returns while the true underlying return may be close to that of the public equity.
Number of Pages in PDF File: 13
JEL Classification: G23, G24
working papers series
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Date posted: June 15, 2011
; Last revised: October 27, 2011
Suggested CitationPhalippou, Ludovic, Why is the Evidence on Private Equity Performance So Confusing? (June 14, 2011). Available at SSRN: http://ssrn.com/abstract=1864503 or http://dx.doi.org/10.2139/ssrn.1864503
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