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.
Please join us for the Active Management Research Alliance Symposium at the Metropolitan Club in New York City on January 11, 2022.
The symposium will bring together practitioners and academics to share new and compelling work in real estate and allow for discussion and collaboration to help find, gain and organize data in commercial real estate.
The 13th Annual Private Equity Research Symposium will highlight recent research on buyouts, private credit, and venture capital, among other topics.
The conference provides insights into current topics in alternative investments as well as the opportunity to meet and learn from some of the most influential industry leaders.
 

Latest Research

The Future of Private Equity – PERC Roundtable

November 22, 2021

At IPC's May 2021 Private Equity Research Symposium, a roundtable discussion convened to discuss the Future of Private Equity. The academic discussion featured Tim Jenkinson (Oxford University’s Saïd Business School), Bob Harris (UVA's Darden School of Business), Victoria Ivashina (Harvard Business School), and Per Stromberg (Stockholm School of Economics). Our industry panel featured Petra Bukovec (Panetheon), Alex Rogers (HarbourVest), and Frank McKinniry (Vanguard). More

Capital Structure and Leverage in Private Equity Buyouts

November 22, 2021

A new study designed to shed light on the various kinds of debt now used to finance buyout transactions, and to provide some current insights on the profitability and leverage of such transactions using newly available data. Authors: Greg Brown (University of North Carolina at Chapel Hill), Robert Harris (University of Virginia), and Shawn Munday (University of North Carolina at Chapel Hill). More

Does Private Equity Over-Lever Portfolio Companies?

November 13, 2021

This paper develops a dynamic trade-off model where a firm’s capital structure and default decisions are made by the PE fund manager. PE-ownership can endogenously change tax benefits of debt and expected cost of financial distress though differences in (i) asset volatility (ii) expected future return and (iii) deadweight bankruptcy costs. I find the estimated model is able to explain both the level and change in leverage ratios documented empirically following LBOs, driven primarily by changes in the portfolio company hypothesized above. More

Recent News & Media

New IPC Tool Helps Companies Evaluate DEI Goals

December 08, 2021

The Institute for Private Capital’s newly-released interactive model that aims to help private equity leaders assess diversity, equity and inclusion (DEI) goals was featured in a report by Ernst & Young. More