Estimating Private Equity Returns from Limited Partner Cash Flows
نویسندگان
چکیده
منابع مشابه
Private Equity Returns: Persistence and Capital Flows
This paper investigates individual fund returns in the private equity industry using a unique data set collected by Venture Economics. We find a large degree of heterogeneity among fund returns. Those returns persist strongly across funds by private equity firms. The returns also improve with firm experience. Better performing funds are more likely to raise follow-on funds and raise larger fund...
متن کاملAccess versus Selection: What Drives Limited Partners’ Private Equity Returns?
An institutional investor’s private equity fund investment returns are determined by his/her access to and skills in selecting the best funds, but little is known about the extent of these two effects. Using a large sample of European pension funds’ private equity fund investments, we observed that limited partners are unable to select better funds for reinvestment compared to funds in which th...
متن کاملPrivate Equity Performance: Returns, Persistence, and Capital Flows
This paper investigates the performance and capital inflows of private equity partnerships. Average fund returns (net of fees) approximately equal the S&P 500 although substantial heterogeneity across funds exists. Returns persist strongly across subsequent funds of a partnership. Better performing partnerships are more likely to raise follow-on funds and larger funds. This relationship is conc...
متن کاملAccruals , cash flows , and aggregate stock returns $
This paper examines whether the firm-level accrual and cash flow effects extend to the aggregate stock market. In sharp contrast to previous firm-level findings, aggregate accruals is a strong positive time series predictor of aggregate stock returns, and cash flows is a negative predictor. In addition, innovations in accruals are negatively contemporaneously correlated with aggregate returns, ...
متن کاملPredictability of Returns and Cash Flows ∗ Ralph
We review the literature on return and cash flow growth predictability form the perspective of the present-value identity. We focus predominantly on recent work. Our emphasis is on U.S. aggregate stock return predictability, but we also discuss evidence from other asset classes and countries. JEL classification: G10, G12, G14, G35.
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2013
ISSN: 1556-5068
DOI: 10.2139/ssrn.2356553