We improve public understanding of the role of private capital in the global economy. Academic and industry experts work together to generate new knowledge about private capital markets based on objective academic research.
To be held on March 29th, 2019 following the Alternative Investments Conference, the IPC will bring together academics and industry leaders to discuss new and forthcoming research covering all alternative asset classes including private equity, venture capital, credit, hedge funds, real estate, distressed securities, and special situations.
We hope you will join us on May 30-31, 2019 at the inaugural Spring PERC Symposium held at the University of Oxford. Similar in structure and style to the longstanding PERC Symposium held in the fall in Chapel Hill, NC, this event will supplement and bring new topics to light.
This conference serves as a forum for investment managers, institutional investors and academics to network, share ideas and stay abreast of the latest industry trends. 
We invite submissions of theoretical and empirical papers for The 2019 Real Estate Research Symposium and The 11th Annual Private Equity Research Symposium
 

Latest Research

Crowded Trades and Tail Risk

February 02, 2019

A growing body of research examines the implications of common holdings for asset price determination; however, far less is known about the impact of hedge fund ownership concentration on risk and return. Yet, hedge fund positions are an important component of the degree of crowdedness because these investment vehicles tend to be particularly active in their pursuit of out performance, they often take highly concentrated positions, and they utilize leverage and short sales. Using a large database of U.S. equity position-level holdings for hedge funds, we measure the degree of security level crowdedness. More

Commercial Real Estate as an Asset Class

November 29, 2018

We survey the properties of commercial real estate (CRE) as an asset class. We first illustrate its importance relative to the US economy and to other asset classes. We then discuss CRE ownership patterns over time. While the academic literature has emphasized Real Estate Investment Trusts (REITs), about two thirds of CRE is owner-occupied. We next study the return properties of CRE indices, indices on particular property types, and discuss what is known about the returns to individual properties. We briefly discuss CRE debt before turning to property derivatives. More

Venture Capital Contracts

November 01, 2018

We develop a dynamic search and matching model to estimate the impact of venture capital (VC) contract terms on start-up outcomes, and the split of value between entrepreneur and investor, in the presence of endogenous selection. Using a new, large data set of rst nancing rounds of start-up companies, we fi nd an internally optimal equity split between VC and entrepreneur that maximizes the probability of success, consistent with standard double moral hazard theories. However, in virtually all deals, VCs use their bargaining power to receive more equity than is value-maximizing for the start-up. In most cases, participation rights and investor board representation reduce company value, while shifting more value to the investors. More

Recent News & Media

10 Years of Excellence in Private Equity Research

December 06, 2018

On Nov. 1-2, leading practitioners and top researchers from around the world joined together at the tenth annual Private Equity Research Consortium (PERC) Symposium in Chapel Hill, NC. Hosted by the Institute for Private Capital, an affiliated center of the Frank Hawkins Kenan Institute of Private Enterprise, the conference has established a reputation as leading the discussion between leading academics and practitioners in the private capital arena. This year’s symposium not only unveiled the latest research insights, but also served as an occasion to look back at ten years of achievements and successes. More