The Effects of the Specialization of Private Equity Firms on their Exit Strategy
研究了私募股权公司在行业和阶段上的专业化如何影响其通过贸易销售、首次公开募股或二次收购退出投资的可能性，基于2000-2015年818个杠杆收购样本。
Abstract We investigate how industry and stage specialization of Private Equity (PE) firms affect the likelihood to exit investments by means of trade sales, Initial Public Offerings (IPOs), or Secondary Buyouts (SBOs). Our empirical analysis relies on competing risks models. Using a sample of 818 Leveraged Buyouts (LBOs) by US and European PE firms over the period 2000–2015, we find that both industry and stage specializations of PEs increase the likelihood of exiting via IPO, whereas only industry specialization positively affects the likelihood of divesting through a trade sale. Finally, SBOs are more likely for non‐specialized investors.