Private Equity Performance: A Survey
综述了私募股权绩效文献，聚焦风险投资和并购基金，发现并购基金平均净收益跑赢标普500约20%，而风险投资基金在1990年代表现优异、2000年代落后，且绩效持续性在2000年后有所变化。
We survey the literature on private equity performance, focusing on venture capital and buyout funds rather than on portfolio companies. We describe recent findings on performance measures, average fund returns, risk adjustments, cyclicality and liquidity, persistence, interim returns and self-reported net asset values, the performance of different types of investors in funds, and the links between management contracts and fund returns. Buyout funds have outperformed the S&P 500 net of fees on average by approximately 20% over the life of the fund. Venture capital funds raised in the 1990s outperformed the S&P 500, whereas those raised in the 2000s underperformed. The results are consistent across a number of data sets and papers. Before the 2000s, buyout and venture capital fund performance showed strong evidence of persistence. Since 2000, buyout fund persistence has declined, whereas venture capital fund persistence has remained equally strong.