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.
We invite submissions of theoretical and empirical papers for the PERC Oxford Spring Symposium. Submission deadline January 31, 2024
This research symposium brings together academic researchers and industry practitioners to discuss applied research in the broad field of private capital and alternative investments.
Early registration is now open for the 2024 Alternative Investments Conference. AIC is one of the premier alternative investment forums in the Southeast, featuring a full day of alternative asset programming, with keynotes, roundtables, and panels, including the CIO Roundtable.
Hosted by The Institute for Private Capital (IPC), the University of St. Gallen’s, St. Gallen Institute of Management in Asia, and the Private Equity Research Symposium (PERC).

Latest Research

What Do We Know About Institutional-Quality Hedge Funds?

February 06, 2024

Using 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.


Loss Avoidance in Private Equity

February 01, 2024

Private 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


Is the U.S. IPO Market About to Thaw? IPC Research Notes

January 04, 2024

The 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, 2023

The 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