Journal article
The importance of size in private equity: Evidence from a survey of limited partners
- Abstract:
- Using a comprehensive survey, we show that investors with a larger capital allocation to private equity are more specialized − measured by the degree to which the investor focuses on private equity rather than other classes of investments − and have a wider scope of due diligence and investment activities. Other investor characteristics (experience, type, location, compensation structure, number of funds under management) play no role. In particular, Endowments are not special according to the survey measures. These results are consistent with the changing LP-GP relationship in private equity as capital is increasingly concentrated in the hands of large investors.
- Publication status:
- Published
- Peer review status:
- Peer reviewed
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- Files:
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(Preview, Accepted manuscript, pdf, 203.2KB, Terms of use)
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- Publisher copy:
- 10.1016/j.jfi.2016.07.001
Authors
- Publisher:
- Elsevier
- Journal:
- Journal of Financial Intermediation More from this journal
- Volume:
- 31
- Pages:
- 64-76
- Publication date:
- 2016-07-11
- Acceptance date:
- 2016-07-04
- DOI:
- ISSN:
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1042-9573
- Keywords:
- Pubs id:
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pubs:634532
- UUID:
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uuid:e085cc1d-67b2-4bff-a23f-6a2f97a9cc09
- Local pid:
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pubs:634532
- Source identifiers:
-
634532
- Deposit date:
-
2016-07-18
- ARK identifier:
Terms of use
- Copyright holder:
- Elsevier Inc
- Copyright date:
- 2016
- Notes:
- Copyright © 2016 Elsevier Inc. This is the accepted manuscript version of the article. The final version is available online from Elsevier at: https://doi.org/10.1016/j.jfi.2016.07.001
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