Private Equity Performance: Returns, Persistence, and Capital Flows
研究私募股权合伙企业的绩效和资本流入，发现平均回报与标普500相当，但基金间差异大；绩效在后续基金中持续性强，且顶级基金增长比例低于平均水平；行业层面，市场进入和绩效呈顺周期性，但成熟基金对周期敏感度较低。
ABSTRACT This paper investigates the performance and capital inflows of private equity partnerships. Average fund returns (net of fees) approximately equal the S&P 500 although substantial heterogeneity across funds exists. Returns persist strongly across subsequent funds of a partnership. Better performing partnerships are more likely to raise follow‐on funds and larger funds. This relationship is concave, so top performing partnerships grow proportionally less than average performers. At the industry level, market entry and fund performance are procyclical; however, established funds are less sensitive to cycles than new entrants. Several of these results differ markedly from those for mutual funds.