Size Signals Success: Evidence from Real Estate Private Equity
利用独特的房地产私募股权数据集，研究发现基金经理在募资时能受益于与计划发起人建立的既有关系，且管理总资本和先前基金规模对募资速度有显著正向影响。
Anecdotal evidence suggests that clout and connections matter more in private equity fundraising than do actual performance. In this article, a unique real estate private equity dataset with buy-side and sell-side information is created by the authors to construct and analyze stacked interaction networks for each vintage year. Calculating and regressing centrality measures for industry embeddedness, the authors find that fund managers can benefit from their established connections to plan sponsors while fundraising. By adding fund size into the equation, they demonstrate that the total capital under management and the size of previous funds have a significant and positive effect on fundraising speed. <b>TOPICS:</b>Real estate, manager selection