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.
Designed to bring together practitioners and academics, the symposium will allow for presentation of new work in real estate and allow for discussion and collaboration to help find, gain and organize data in commercial real estate.
AMRA’s primary area of focus is the intersection of public and private markets and the role of hedge funds and other active managers in the financial intermediation process.
Please join us November 14-15, 2019 for the upcoming 11th annual Private Equity Research Consortium hosted by the Institute for Private Capital at the Rizzo Center in Chapel Hill, NC.
 

Latest Research

Distorting Private Equity Performance: The Rise of Fund Debt

June 27, 2019

This paper studies the emergence of debt financing by private equity funds. Using confidential data on U.S. buyout funds, we document the increasing use of subscription lines of credit (SLCs) as an additional source of capital. More

Have Private Equity Returns Really Declined?

May 06, 2019

In a recent paper, “Demystifying Illiquid Assets – Expected Returns for Private Equity,” Ilmanen, Chandra and McQuinn (of AQR) give a perspective on the past, present, and expected future performance of private equity. They conclude that “private equity does not seem to offer as attractive a net-of-fee return edge over public market counterparts as it did 15-20 years ago from either a historical or forward-looking perspective.” This analysis provides our perspective based on more recent and, we think, more reliable data and performance measures – the historical perspective is more positive than Ilmanen et al. portray. More

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

Recent News & Media

Distorting Private Equity Performance: The Rise of Fund Debt

July 19, 2019

James Albertus and Matthew Denes, both professors from the Tepper School of Business at Carnegie Mellon University, examined the impact of subscription lines of credit on private equity fund performance in a new research paper, “Distorting Private Equity Performance: The Rise of Fund Debt.” The paper uses a new proprietary dataset created with the assistance of Burgiss, the world’s largest provider of capital data and analytics, and facilitated through the Institute for Private Capital and the Private Equity Research Consortium. The findings indicate that subscription lines have a substantial positive impact on fund-level leverage and reported IRRs but little impact on multiples. More