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 12,700 funds, 10 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
What Do We Know About Institutional-Quality Hedge Funds?
Using publicly available sources such as trade press and Form ADV filings, we compile a list of 561 “institutional-quality” hedge fund managers that each have at least 1 billion USD in primary hedge fund assets under management. We examine the availability of historical return information for funds operated by these managers and find 152 managers (27.1%) are not represented in commercial databases.
Loss Avoidance in Private Equity
Private equity investors rely on reported fund performance to make informed investment decisions. This paper provides evidence that buyout funds manage multiples of invested capital (MOICs) for portfolio companies to avoid incurring and reporting capital losses. In the distribution of deal-level MOICs, we document an
Do Investors Overvalue Startups? Evidence from the Junior Stakes of Mutual Funds
Best Paper of PERC 2023 - We show that mutual funds report their junior stakes in startups at 43% higher valuation than model fair values that consider multi-tier capital structures of startups. The latest-issued and most senior security is worth 48% more per share than junior securities held by mutual funds, implying that mutual funds mark junior securities close to par with the senior securities. More
Research Director, IPC; Professor of Finance, Sarah Graham Kenan Distinguished Scholar, University of North Carolina, Kenan-Flagler Business School
Private Capital Solutions, MSCI
Robert S. Harris
PERC Director, C. Stewart Sheppard Professor of Business Administration, University of Virginia, Darden School
Ralph S. O'Connor Professor in Entrepreneurship (Finance); Head, Rice University Entrepreneurship Initiative
Professor of Finance, Oxford University, Said Business School
Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance, University of Chicago, Booth School of Business
Professor of Finance and J. Rex Fuqua Distinguished Professor of International Management, Duke University, Fuqua School of Business
PERC Research Fellows
Chair, Entrepreneurial Finance 2, Technische Universität München
David L. and Elsie M. Dodd Professor of Finance, Columbia Business School
Assistant Professor of Finance, University of British Columbiam, Sauder School of Business
Associate Professor of Finance, Tulane University, A. B. Freeman School of Business
Associate Professor of Finance, New York University Stern School of Business
Lovett-Learned Chaired Professor of Finance, Harvard Business School
Dean's Associate Professor in Business Administration, Associate Professor of Finance and Business Economics, University of Southern California, Marshall School of Business
Schiff Professor of Investment Banking, Harvard Business School
Assistant Professor of Finance, UNC Kenan-Flagler Business School
Professor of Finance, University of St.Gallen
Professor of Finance, UC Berkeley Haas School of Business
Professor of Financial Economics, University of Oxford, Saïd Business School
Koerner Professor of Finance, MIT Sloan School of Management
Hans Stoll Professor of Finance, Vanderbilt University, Owen Graduate School of Management
Associate Professor of Finance, Tuck School of Business at Dartmouth
The David S. Lobel Professor of Private Equity; Professor of Finance; Director, Stanford Venture Capital Initiative, Graduate School of Stanford Business
SSE Centennial Professor of Finance and Private Equity, Stockholm School of Economics; Adjunct Professor of Finance, Booth Business School, University of Chicago
Ralph W. Kurtz Chair in Finance, Ohio State University, Fisher College of Business
Professor of Finance, UC Davis