Latest Research
The Private Capital Alpha
September 25, 2024The 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
Private Debt versus Bank Debt in Corporate BorrowingÂ
August 01, 2024This paper examines the interaction between private debt and bank debt in corporate borrowing. Combining administrative bank loan-level data with non-bank private debt deals, we document that about half of U.S. private debt borrowers also rely on bank loans. More
Are Some Angels Better Than Others?
July 10, 2024This 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.
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IPC Research Update & Event Schedule – Aug 2024
August 08, 2024In 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.
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