Permanent private equity: Market performance and transactions
研究了2000-2019年公开上市的永久资本私募股权基金的市场表现，发现夹层基金跑赢公开市场，而并购、成长和基金中的基金表现不佳，风险投资基金显著落后，并分析了绩效持续性与交易特征的关系。
Abstract Using market data for a comprehensive sample of publicly listed permanent capital private equity funds, I confirm existing results in the private equity literature and establish new empirical facts for private equity investments. Over 2000–2019, only mezzanine funds outperformed public markets, whereas buyout, growth, and funds of funds underperformed somewhat, and venture capital funds underperformed significantly. Buyout funds exhibit performance persistence. Larger funds with higher asset turnover have higher performance, and funds with higher expenses have lower performance. Finally, contemporaneous and out‐of‐sample performance of buyout and mezzanine funds is associated with deal and exit transaction characteristics.