Size matters: Unpacking the relationship between institutional investor size and private equity asset allocation within diverse institutional contexts
研究了机构投资者规模与其私募股权投资偏好之间的U型关系，发现小规模和大规模投资者比中等规模投资者更偏好私募股权，且这种关系受制度环境影响，对政策制定者和投资者有参考价值。
This study examines the relationship between institutional investors’ size and their inclination towards private equity investments, hypothesizing a U-shaped pattern. It also explores how this relationship is influenced by the institutional context. Using a dataset of 5668 firms across 52 countries from 1991 to 2017, we observe that small and large institutional investors exhibit a stronger preference for private equity compared to intermediate-sized counterparts. Smaller investors show heightened interest in private equity within favorable contexts, while larger investors pursue such opportunities in unfavorable contexts. Our research enriches literature on the importance of size of institutional investors and their investment in private equity, offering valuable insights for policymakers and investors in illiquid asset markets.