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.

Call for Papers

We invite submissions of theoretical and empirical papers for the the Spring Research Symposium and Alts Investments Conference. Submit by November 25.

16th Annual Private Equity Research Symposium November 14-15

Save the date for our 16th Annual Private Equity Research Symposium in Chapel Hill.

Latest Research

The Performance of Private Video Game Equity

November 03, 2024

I use deal-level data from StepStone to perform the first ever analysis of private video game investment using 566 private video game investment deals, most of which come in the form of venture capital. Using these deals, I analyze private video game companies as a source of value accretion and as investment opportunities.

Bank Capital and the Growth of Private Credit

September 30, 2024

This paper examines whether regulatory arbitrage can explain the growth of private credit. We show that business development companies (BDCs) — closed-end funds that provide a significant share of nonbank loans to middle market firms — are very well capitalized according to bank capital frameworks. More

The Private Capital Alpha

September 25, 2024

The alpha of an investment reflects its ability to increase the Sharpe ratio of a benchmark portfolio allocation based on tradable factors. We argue that, in the context of private capital, the usual approach to estimate alpha is misleading because it ignores the economic realities of investing in private markets. More

IPC Research Update & Event Schedule – Aug 2024

August 08, 2024

In case you missed it - read the latest quarterly update from the Institute for Private Capital, with newly released research and insider insights on evolving trends in private equity, and an exciting line-up of fall research events.