Private Equity

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Private Equity Research Consortium (PERC) is an assemblage of academic researchers and industry professionals dedicated to advancing research on private equity and credit. Our core mission is to develop a better understanding of how private capital investments affect both financial results and broader economic outcomes.

PERC, organized through IPC, was established in 2012 by scholars from the business schools at The University of Chicago, Duke University, UNC-Chapel Hill, University of Oxford, and The University of Virginia as well as other institutions who recognized challenges facing empirical research on private equity. PERC supports academic studies by researchers all over the world by facilitating access to data for scholars. For example, PERC has an exclusive arrangement with Burgiss to provide access to data for academic research. The Burgiss dataset includes 7,000 funds with over $5.5 trillion in assets. It is sourced directly from limited partners and contains full performance histories of cash flows at the fund level. The Burgiss dataset represents the largest and most in-depth dataset of its kind on venture, buyout, and real estate funds available for academic research.

PERC periodically accepts applications from academic researchers for access to Burgiss private equity fund data.

Latest Private Equity Research

Can Investors Time Their Exposure to Private Equity?

August 28, 2018

Working Paper

We find modest gains, at best, to pursuing more realistic, investable strategies that time capital commitments to private equity. There is a high degree of time-series correlation in net cash flows even across commitment strategies that allocate capital in a very different manner over time. More

Performance of Private Credit Funds: A First Look

July 02, 2018

Although private credit funds have rapidly grown into a standalone asset class over the last decade, little is known about the aggregate performance of these funds. To provide a first look at absolute and relative performance, we utilize the Burgiss database of 476 private credit funds with nearly $480 billion in committed capital, including a subset of 155 direct lending funds. More

How do Financial Expertise and Networks Affect Investing? Evidence from the Governance of University Endowments

May 20, 2018

Using the unique laboratory of university endowments, we study the effects of expertise and networks on investment performance. More

Advisory Board

James Bachman

Director, Burgiss

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Greg Brown

Research Director, IPC; Professor of Finance, Sarah Graham Kenan Distinguished Scholar, University of North Carolina, Kenan-Flagler Business School

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Robert S. Harris

PERC Director, C. Stewart Sheppard Professor of Business Administration, University of Virginia, Darden School

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Tim Jenkinson

Professor of Finance, Oxford University, Said Business School

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Steven Kaplan

Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance, University of Chicago, Booth School of Business

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David Robinson

Professor of Finance and J. Rex Fuqua Distinguished Professor of International Management, Duke University, Fuqua School of Business

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PERC Research Fellows

Reiner Braun

Chair, Entrepreneurial Finance 2, Technische Universität München

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Nick Crain

Assistant Professor of Finance, Vanderbilt University, Owen Graduate School of Management

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Michael Ewens

Assoc. Professor of Finance and Entrepreneurship, California Institute of Technology

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Will Gornall

Assistant Professor of Finance, University of British Columbiam, Sauder School of Business

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Oleg Gredil

Assistant Professor of Finance, Tulane University, A. B. Freeman School of Business

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Yael Hochberg

Ralph S. O'Connor Professor in Entrepreneurship (Finance); Head, Rice University Entrepreneurship Initiative

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Arthur Korteweg

Dean's Associate Professor in Business Administration, Associate Professor of Finance and Business Economics, University of Southern California, Marshall School of Business

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Stefan Morkoetter

Managing Director & Assistant Professor, St.Gallen Institute of Management

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Ludovic Phalippou

Associate Professor of Finance, University of Oxford, Saïd Business School

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Berk Sensoy

Hans Stoll Professor of Finance, Vanderbilt University, Owen Graduate School of Management

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Morten Sorensen

Head of Finance Department, Copenhagen Business School; Adjunct Associate Professor of Business, Columbia Business School

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Ilya Strebulaev

The David S. Lobel Professor of Private Equity; Professor of Finance; Director, Stanford Venture Capital Initiative, Graduate School of Stanford Business

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Per Stromberg

SSE Centennial Professor of Finance and Private Equity, Stockholm School of Economics; Adjunct Professor of Finance, Booth Business School, University of Chicago

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Michael Weisbach

Ralph W. Kurtz Chair in Finance, Ohio State University, Fisher College of Business

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