Latest Research
What Do We Know About Institutional-Quality Hedge Funds?
February 06, 2024Using publicly available sources such as trade press and Form ADV filings, we compile a list of 561 “institutional-quality” hedge fund managers that each have at least 1 billion USD in primary hedge fund assets under management. We examine the availability of historical return information for funds operated by these managers and find 152 managers (27.1%) are not represented in commercial databases.
MoreLoss Avoidance in Private Equity
February 01, 2024Private equity investors rely on reported fund performance to make informed investment decisions. This paper provides evidence that buyout funds manage multiples of invested capital (MOICs) for portfolio companies to avoid incurring and reporting capital losses. In the distribution of deal-level MOICs, we document an
MoreIs the U.S. IPO Market About to Thaw? IPC Research Notes
January 04, 2024The U.S. IPO market is in the midst of an unusually long cold spell. Investors are concerned about how the IPO market, and more broadly the market for private equity exits, has affected distributions to their portfolios. This has led us to wonder how the current episode compares to historical IPO activity and if recent signs (e.g., the recent filing by Shein) suggest the market is thawing. More
Recent News & Media
2023 PERC Symposium Best Paper Award
November 22, 2023The Private Equity Research Consortium (PERC) recently convened on November 2-3, in Chapel Hill for the 15th annual research symposium. Attendees voted "Do Investors Overvalue Startups? Evidence from the Junior Stakes of Mutual Funds" as this years best paper. More