Co‐Investments in Private Equity: Do Investor Types Matter?
利用北欧私募股权基金的详细数据，区分了两种共同投资者类型（侧车共同投资者和直接共同投资者），发现两者更可能参与大型交易，但侧车共同投资者受交易规模影响更大，且普通合伙人在内部资金不足时更倾向寻求侧车共同投资者。
ABSTRACT This paper utilizes detailed data from a Northern European private equity fund‐of‐funds to examine the determinants of co‐investments. Unlike prior studies, we differentiate between two distinct types of co‐investors: sidecar co‐investors and direct co‐investors. This distinction matters. Both types are more likely to participate in larger deals, but the effect is notably stronger for sidecar co‐investments. Furthermore, if the internal funds available to a general partner (GP) are less than the initial capital used for the acquisition, a GP is more inclined to seek sidecar co‐investors, while lower uncalled capital reduces the likelihood of co‐investment offers.