Data

In conjunction with the Private Equity Research Consortium, the Institute for Private Capital supports access to data provided by MSCI for the purpose of academic research. Applications from full-time academic researchers and Ph.D. students are reviewed semi-annually (with deadlines of January 31 and July 31) and responses are provided within 30 days.  Two distinct datasets are available, and separate applications are required for each:

For questions about access to the MSCI data please contact Prof. Greg Brown at gregwbrown@unc.edu.

For information on the hedge fund data initiative please contact Prof. Christian Lundblad at Christian_Lundblad@kenan-flagler.unc.edu.

Periodically, PERC selects topics on which we are especially interested in seeing new research. We encourage proposals in these areas for access to data through PERC. For projects approved in these areas, a PERC Advisory Board liaison will, if the authors desire, be available to discuss the proposal and provide suggestions. We hope this process will be especially helpful to new scholars and those new to private capital research. Please see our Private Fund Data Application for details on how to apply for data access through PERC.

Currently PERC is interested in facilitating research on the following topics:

• What drives cyclicality in private fund performance? Specific research questions might include: Is there an endogenous feedback loop in private assets that generates cyclicality where, for example, strong performance leads to excessive fundraising, funds then overpaying for assets and then subsequent weak performance?  How are cycles different across asset/fund types? How important are macro (financial market and economic) conditions.  Is the dispersion of performance cyclical and, if so, what can we learn from this?

• What can we learn using information on the underlying holdings of PE funds? How does GP decision making and investment performance vary across the life of a fund?  How has GP deal/investment behavior evolved over the last 20 years, what has caused changes, and what are implications for the industry and investors.  How important are factors such as GP maturity, fund raising activity and economic/financial conditions?

• Liquidity and liquidity risks. How might the movement to offer private fund retail products with periodic liquidity affect the broader private investment space?  How important are differences in incentives and fund structure in affecting liquidity and performance? As one example, would retail fund buying pressure from the desire to stay fully invested generate externalities for the rest of the market?