Abstract

http://ssrn.com/abstract=1932316
 
 

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Private Equity Performance: What Do We Know?


Robert S. Harris


University of Virginia - Darden School of Business

Tim Jenkinson


University of Oxford - Said Business School; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI)

Steven N. Kaplan


University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)

July 2013

Journal of Finance, Forthcoming
Fama-Miller Working Paper
Chicago Booth Research Paper No. 11-44
Darden Business School Working Paper No. 1932316

Abstract:     
We study the performance of nearly 1400 U.S. buyout and venture capital funds using a new dataset from Burgiss. We find better buyout fund performance than has previously been documented – performance consistently has exceeded that of public markets. Outperformance versus the S&P 500 averages 20% to 27% over a fund’s life and more than 3% annually. Venture capital funds outperformed public equities in the 1990s, but underperformed in the 2000s. Our conclusions are robust to various indices and risk controls. Performance in Cambridge Associates and Preqin is qualitatively similar to that in Burgiss, but is lower in Thomson Venture Economics.

Number of Pages in PDF File: 43

Keywords: Private Equity, Venture Capital

JEL Classification: G2, G11

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Date posted: September 23, 2011 ; Last revised: July 30, 2013

Suggested Citation

Harris, Robert S. and Jenkinson, Tim and Kaplan, Steven N., Private Equity Performance: What Do We Know? (July 2013). Journal of Finance, Forthcoming; Fama-Miller Working Paper; Chicago Booth Research Paper No. 11-44; Darden Business School Working Paper No. 1932316. Available at SSRN: http://ssrn.com/abstract=1932316 or http://dx.doi.org/10.2139/ssrn.1932316

Contact Information

Robert S. Harris
University of Virginia (UVA) - Darden School of Business ( email )
P.O. Box 6550
Charlottesville, VA 22906-6550
United States
434-924-4823 (Phone)
434-924-4859 (Fax)
HOME PAGE: http://www.darden.virginia.edu/faculty/harris.htm
Tim Jenkinson
University of Oxford - Said Business School ( email )
Park End Street
Oxford, OX1 1HP
United Kingdom
+44 1865 288916 (Phone)
+44 1865 288831 (Fax)
HOME PAGE: http://www.sbs.oxford.edu/timjenkinson
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Steven Neil Kaplan (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-4513 (Phone)
773-702-0458 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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