Private Equity

Private Equity Research Consortium (PERC) is an assemblage of academic researchers and industry professionals dedicated to advancing research on private equity and credit. Our core mission is to develop a better understanding of how private capital investments affect both financial results and broader economic outcomes.
PERC, organized through IPC, was established in 2012 by scholars from the business schools at the University of Chicago, Duke University, UNC-Chapel Hill, University of Oxford, and the University of Virginia as well as other institutions who recognized challenges facing empirical research on private equity. PERC supports academic studies by researchers all over the world by facilitating access to data for scholars. For example, PERC has an exclusive arrangement with Burgiss to provide access to data for academic research. The Burgiss dataset includes 9,000 funds, 6.5 trillion in assets. It is sourced directly from limited partners and contains full performance histories of cash flows at the fund level. The Burgiss dataset represents the largest and most in-depth dataset of its kind on venture, buyout, and real estate funds available for academic research.
PERC periodically accepts applications from academic researchers for access to Burgiss private equity fund data.
Latest Private Equity Research
Performance Analysis and Attribution with Alternative Investments
January 24, 2022
White Paper
This white paper provides a summary of existing methods and current research on performance analysis and attribution for complex portfolios that include investments such as hedge funds and private investment funds. We summarize the main challenges of analyzing portfolios with illiquid assets and provide updated analysis for several important asset classes. More
Asset Allocation with Private Equity
We survey the literature on the private equity partnership arrangement from the perspective of an outside investor (limited partner). We examine how the partnership arrangement fits into a broader portfolio of investments, and we consider the methods and difficulties in performance measurement, both at the fund level and at the asset class level. We follow with a discussion of performance persistence and the skill and pricing power of both general and limited partners. More
The Future of Private Equity – PERC Roundtable
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
Advisory Board
Greg Brown
Research Director, IPC; Professor of Finance, Sarah Graham Kenan Distinguished Scholar, University of North Carolina, Kenan-Flagler Business School
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Keith Crouch
Director, Product Management, Burgiss
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Robert S. Harris
PERC Director, C. Stewart Sheppard Professor of Business Administration, University of Virginia, Darden School
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Yael Hochberg
Ralph S. O'Connor Professor in Entrepreneurship (Finance); Head, Rice University Entrepreneurship Initiative
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Tim Jenkinson
Professor of Finance, Oxford University, Said Business School
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Steven Kaplan
Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance, University of Chicago, Booth School of Business
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David Robinson
Professor of Finance and J. Rex Fuqua Distinguished Professor of International Management, Duke University, Fuqua School of Business
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PERC Research Fellows
Reiner Braun
Chair, Entrepreneurial Finance 2, Technische Universität München
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Nick Crain
Senior Lecturer, University of Melbourne, Faculty of Business and Economics
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Michael Ewens
Assoc. Professor of Finance and Entrepreneurship, California Institute of Technology
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Will Gornall
Assistant Professor of Finance, University of British Columbiam, Sauder School of Business
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Oleg Gredil
Assistant Professor of Finance, Tulane University, A. B. Freeman School of Business
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Sabrina Howell
Associate Professor of Finance, New York University Stern School of Business
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Victoria Ivashina
Lovett-Learned Chaired Professor of Finance, Harvard Business School
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Arthur Korteweg
Dean's Associate Professor in Business Administration, Associate Professor of Finance and Business Economics, University of Southern California, Marshall School of Business
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Josh Lerner
Schiff Professor of Investment Banking, Harvard Business School
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Stefan Morkoetter
Professor of Finance, University of St.Gallen
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Adair Morse
Associate Professor of Finance, UC Berkeley Haas School of Business
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Ludovic Phalippou
Associate Professor of Finance, University of Oxford, Saïd Business School
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Antoinette Schoar
Koerner Professor of Finance, MIT Sloan School of Management
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Berk Sensoy
Hans Stoll Professor of Finance, Vanderbilt University, Owen Graduate School of Management
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Morten Sorensen
Head of Finance Department, Copenhagen Business School; Adjunct Associate Professor of Business, Columbia Business School
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Ilya Strebulaev
The David S. Lobel Professor of Private Equity; Professor of Finance; Director, Stanford Venture Capital Initiative, Graduate School of Stanford Business
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Per Stromberg
SSE Centennial Professor of Finance and Private Equity, Stockholm School of Economics; Adjunct Professor of Finance, Booth Business School, University of Chicago
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Michael Weisbach
Ralph W. Kurtz Chair in Finance, Ohio State University, Fisher College of Business
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Ayako Yasuda
Professor of Finance, UC Davis
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