News
CIO Compensation at Endowments and Foundations Related to Investment Returns
UNC's Matteo Binfarè and UVA's Robert Harris found a 1% increase in investment return leads to a 3% increase in the CIO’s pay, according to a recent study published this past December. More
Taming Unicorns: The Chaotic World of Mutual Fund Valuation
Over the last two decades, public and private equity markets have changed dramatically. For instance, the total number of publicly listed firms decreased from more than 7500 in 1997 to approximately 3500 in 2018. This precipitous decline can be attributed to a corresponding sharp drop in the number of IPOs. More
Wrap-Up: Commercial Real Estate Data Alliance (CREDA) 2019 Real Estate Research Symposium
Real Estate investments continue to rise in importance in the alternative asset space. But much is still to be learned about their value and performance. More
EY and Institute for Private Capital Report Featured in Institutional Investor
The collaborative report cites Preqin data, and states private equity growth is “one of the most profound shifts in the capital markets since the 19th century." More
IPC Welcomes Cambridge Associates as a Member
Cambridge Associates is a leading global investment firm. The firm aims to help endowments & foundations, healthcare systems, pension plans, and private clients implement and manage custom investment portfolios to generate outperformance so they can maximize their impact on the world. With more than 45 years of institutional investing insights, the firm has helped to shape and implement investment best practices and built strong global investment networks with the purpose of driving outperformance for clients. Cambridge Associates delivers a range of services, including outsourced CIO, non-discretionary portfolio management, staff extension and alternative asset class mandates. Cambridge Associates maintains offices in Boston; Arlington, VA; Beijing; Dallas; London; Menlo Park, CA; New York; San Francisco; Singapore; and Sydney. Cambridge Associates consists of five global investment affiliates that are all under common ownership and control. More
IPC Welcomes HarbourVest Partners as a Member
HarbourVest is an independent, global private markets investment specialist with 36 years of experience and more than $58 billion in assets under management, as of March 31, 2019. The Firm’s powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in commingled funds or separately managed accounts. HarbourVest has more than 500 employees, including more than 125 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $35 billion to newly-formed funds, completed over $19 billion in secondary purchases, and invested over $9 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, actionable insights, and proven results. More
Private Equity Research Consortium Prepares Fund Holdings Data for Academic Analysis; Celebrates 10-year Partnership with Data Provider Burgiss
The Private Equity Research Consortium this fall plans to make fund holdings data available for academic research—a development that helps mark the 10-year partnership between data provider Burgiss and the Institute for Private Capital, an affiliate of UNC Kenan-Flagler Business School’s Frank H. Kenan Institute of Private Enterprise. More
Distorting Private Equity Performance: The Rise of Fund Debt
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
Institute for Private Capital Paper Wins Western Finance Association Award
Institute for Private Capital Research Director Greg Brown, UNC Kenan-Flagler Ph.D. candidate Matteo Binfarè, Darden School of Business Professor Bob Harris and UNC Kenan-Flagler Professor Christian Lundblad's latest paper is the recipient of the Two Sigma Award for the Best Paper on Investment Management. The Western Finance Association announced the award at their annual meeting in Huntington Beach, California on Monday, June 17. Read the paper "How Do Financial Expertise and Networks Affect Investing? Evidence from the Governance of University Endowments." More
IPC Co-hosts Annual NYC PERC Symposium
IPC was happy to co-host its annual NYC PERC symposium along with AlpInvest Partners on April 12th. Steve Kaplan (Univ. of Chicago) and Prof Arthur Korteweg (USC) on topics of risk-adjustments in private equity returns and convergence of public and private market returns. Panelists included a number of industry experts such as Iain Leigh, Managing Director of Global Private Equity, APG and Monica Spencer, Senior Portfolio Manager, The Andrew W. Mellon Foundation. We thank AlpInvest Partners for once again hosting this event at its offices and look forward to next year. More
