Private Equity Public Disclosures

47 Pages Posted: 11 Mar 2024 Last revised: 6 May 2024

See all articles by Rachel W. Flam

Rachel W. Flam

London Business School

Lisa Tiplady

Texas A&M University

Elizabeth Tori

Oklahoma State University

Date Written: February 14, 2024


The private equity industry is characterized by limited regulatory oversight and private communication with investors. However, in this study, we provide evidence of a nontrivial number of public press releases issued by private equity firms, and we explore a potential motivation for this disclosure. Specifically, our results are consistent with private equity firms issuing press releases to attract potential investors, as they issue drastically more press releases in fundraising windows and following SEC amendments expanding the pool of investors eligible to invest in private markets. Press releases appear effective as they are associated with higher fund growth from accredited investors and a greater proportion of new investors in these funds following the SEC amendments.

Keywords: Private equity, press releases, SEC regulations, sophisticated investors

JEL Classification: E21, G24, G28, H30, M38

Suggested Citation

Flam, Rachel W. and Tiplady, Lisa and Tori, Elizabeth, Private Equity Public Disclosures (February 14, 2024). Available at SSRN: or

Rachel W. Flam (Contact Author)

London Business School ( email )

Sussex Place
Regent's Park
London, London NW1 4SA
United Kingdom

Lisa Tiplady

Texas A&M University ( email )

College Station
United States

Elizabeth Tori

Oklahoma State University ( email )

College of Business Administration
345 Business Building
Stillwater, OK 74078
United States

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