Private Debt Fund Returns, Persistence, and Market Conditions
研究了私募债务基金扣除费用后的绩效、同一管理公司旗下基金的绩效持续性以及管理公司的市场择时能力，发现基金整体跑赢债券和股票基准，但择时能力有限。
This paper examines net-of-fees private debt fund performance, performance persistence across funds managed by the same general partner and a general partner’s ability to time the market. We document that private debt funds outperform bond and equity market benchmarks in the cross-section, with high performance dispersion across strategies and performance quartiles. Lagged performance significantly affects current fund performance. While ex ante and ex post credit market conditions strongly affect fund performance, general partners can only partially time them.