Unnatural Selection in Private Equity Real Estate?
发现私募股权房地产中，业绩差的基金经理在第四只基金后仍能存续，与传统私募股权中优胜劣汰的模式不同，并探讨了可能的原因。
The traditional narrative in private equity asserts that market forces favor the survival of top-performing general partners, with weaker managers gradually exiting the industry. This pattern holds in buyout and venture capital, where data suggest consistent performance-based selection. Based on the authors’ previous work, however, this mechanism appears to break down in real estate after the fourth fund. In this article, the authors briefly restate that empirical pattern and examine variables that may explain the persistence of underperforming fund managers in private equity real estate.