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.
We invite submissions of theoretical and empirical papers for the Alternative Investments Conference & Spring Research Symposium. Submission deadline November 17, 2023

Latest Research

Unpacking Private Equity Performance

September 26, 2023

Performance analysis of private equity funds is challenging because fund ownership does not trade in a liquid market with observable prices. Instead performance analysis, especially during a funds life, must rely on observed cash flows to and from the fund and quarterly net asset value (NAV) estimates. Further complicating the analysis are the increasingly common practices of funds using subscription lines of credit (fund-level debt) and recycling capital. More

Diverse Hedge Funds

April 25, 2023

Hedge fund teams with heterogeneous educational backgrounds, academic specializations, work experiences, genders, and races, outperform homogeneous teams after adjusting for risk and fund characteristics. An event study of manager team transitions, instrumental variable regressions, and an analysis of managers that simultaneously operate solo- and team-managed funds address endogeneity concerns. More

Mapping the ESG Landscape in the Lower Middle Market: Evidence from a Survey of SBIA Members

March 31, 2023

This survey was designed to provide a meaningful reference point for the benefits and challenges to ESG adoptions, and especially to highlight those issues that are unique to small-business investors. More

Recent News & Media

2022 PERC Symposium Best Paper Award

November 29, 2022

This year’s award goes to Minmo Gahng and Blake Jackson (University of Florida, Warrington College of Business) for their paper Selling Private Equity Fees. Their paper examines private equity (PE) firms’ minority stake sales and the impact of these sales on agency frictions with fund investors. More