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How persistent is private equity performance? Evidence from deal-level data

Abstract:

The persistence of returns is a critical issue for investors in their choice of private equity managers. In this paper we analyse buyout performance persistence in new ways, using a unique database containing cash-flow data on 13,523 portfolio company investments by 865 buyout funds. We focus on unique realized deals and find that persistence of fund managers has substantially declined as the private equity sector has matured and become more competitive. Private equity has, therefore, largely...

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Publication status:
Accepted
Peer review status:
Peer reviewed
Version:
Accepted Manuscript

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Institution:
University of Oxford
Department:
Oxford, SSD, Said Business School
Publisher:
Elsevier Publisher's website
Journal:
Journal of Financial Economics Journal website
Publication date:
2016
ISSN:
0304-405X
URN:
uuid:2f7bd53d-265e-4c0b-94c2-3f4f540cb694
Source identifiers:
604468
Local pid:
pubs:604468

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