Interim fund performance and fundraising in private equity
Autor: | Ayako Yasuda, Brad M. Barber |
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Rok vydání: | 2017 |
Předmět: |
Feeder fund
Economics and Econometrics Political Science Strategy and Management media_common.quotation_subject Private equity firm institutional investors Private equity fund Fund administration Clinical Research Accounting Interim fundraising 0502 economics and business Economics Income fund venture capital media_common Fund of funds 040101 forestry Finance 050208 finance fund evaluation business.industry Fund manager evaluation 05 social sciences 04 agricultural and veterinary sciences Banking Net asset value Private equity Incentive Sovereign wealth fund Applied Economics Capital (economics) Global Positioning System Finance and Investment fund returns 0401 agriculture forestry and fisheries Business buyouts private equity Realization (probability) Reputation |
Zdroj: | Barber, BM; & Yasuda, A. (2017). Interim fund performance and fundraising in private equity. Journal of Financial Economics, 124(1), 172-194. doi: 10.1016/j.jfineco.2017.01.001. UC Davis: Retrieved from: http://www.escholarship.org/uc/item/01h178mf Journal of Financial Economics, vol 124, iss 1 |
ISSN: | 0304-405X |
DOI: | 10.1016/j.jfineco.2017.01.001 |
Popis: | © 2017 Elsevier B.V. General partners (GPs) in private equity (PE) report the performance of an existing fund while raising capital for a follow-on fund. Interim performance has large effects on fundraising outcomes. The impact is greatest when backed by exits and for low reputation GPs. Faced with these incentives, GPs time their fundraising to coincide with periods of peak performance through two strategies: (1) exit and fundraise and (2) net asset value (NAV) management. Consistent with the former, performance peaks are greatest for funds with high realization rates. Consistent with the latter, low reputation GPs with low realization rates experience performance peaks and erosions in performance after fundraising. |
Databáze: | OpenAIRE |
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