Has Persistence Persisted in Private Equity? Evidence from Buyout and Venture Capital Funds

We present new evidence on the persistence of U.S. private equity (buyout and venture capital) funds using cash-flow data sourced from Burgiss’s large sample of institutional investors. Previous research, studying largely pre-2000 data, finds strong persistence for both buyout and venture capital (VC) firms. Using ex post or most recent fund performance (as of June 2019), we confirm the previous findings on persistence overall as well as for pre-2001 and post-2000 funds.
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Private Equity: Accomplishments and Challenges

Since the 1980s, there has been an ongoing discussion about the role of private equity (PE) in the economy. As investors have flocked to the asset class, voices critical of the negative social impact of PE have grown louder. In this article, we examine what is known from the academic literature about the effects of private equity on corporate productivity, the returns for investors, and possible broader economic and social consequences.
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How do Financial Expertise and Networks Affect Investing? Evidence from the Governance of University Endowments

Using the unique laboratory of university endowments, we study the effects of expertise and networks on investment performance.
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Financial Intermediation in Private Equity: How Well Do Funds of Funds Perform?

This paper focuses on funds of funds (FOFs) as a form of financial intermediation in private equity (both buyout and venture capital).
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How Do Private Equity Investments Perform Compared to Public Equity?

The merits of investing in private versus public equity have generated considerable debate, often fueled by concerns about data quality.
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Can Investors Time Their Exposure to Private Equity?

Private equity markets are highly cyclical. The aggregate amount of capital committed to the sector varies substantially from peak to trough, and many have observed that periods of high fundraising activity are followed by periods of low absolute performance for the asset class (see Harris, Jenkinson, and Kaplan, among others). This raises an important question: is it possible to market-time the allocations to private equity to avoid the cyclicality of performance?
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CIO Compensation at Endowments and Foundations Related to Investment Returns

UNC's Matteo Binfarè and UVA's Robert Harris found a 1% increase in investment return leads to a 3% increase in the CIO’s pay, according to a recent study published this past December.
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