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.

16th Annual Private Equity Research Symposium November 14-15

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

Call for Papers

We invite submissions of theoretical and empirical papers for the PERC Chapel Hill Symposium. Submit by July 1.
 

Latest Research

Are Some Angels Better Than Others?

July 10, 2024

This paper explores the tremendous variation in investment performance of angel investors. The returns are highly skewed: Despite the massive losses incurred in most investments, the mean return is twice the invested capital.

More

Creative Destruction, Stock Return Volatility, and the Number of Listed Firms

June 27, 2024

We explain the relation between idiosyncratic volatility and the number of listed firms through Schumpeterian creative destruction.

More

The Performance of Small Business Investment Companies

June 19, 2024

We utilize results of a survey of Small Business Investment Companies (SBICs), along with data from MSCI-Burgiss, to perform a novel analysis of SBIC performance. Overall, we find via the survey that SBIC funds outperform comparable non-SBIC peers by an average of around 4%...

More

Recent News & Media

New Research Indicates Public Firms Unique Role in a Dynamic Economy

June 27, 2024

In this new paper, authors examine the relationship between idiosyncratic volatility and the number of listed firms, and explain this relationship through Schumpeterian creative destruction. Comparatively, available data does not show a strong connection between changes in Census firms and creative destruction.

More