Institution
AMP Capital
About: AMP Capital is a based out in . It is known for research contribution in the topics: Equity capital markets & Equity risk. The organization has 1 authors who have published 1 publications receiving 13 citations.
Topics: Equity capital markets, Equity risk, Private equity secondary market, Private equity fund, Private equity firm
Papers
TL;DR: The reported returns of U.S. private equity funds are benchmarked against passive exposures from public equity markets as discussed by the authors, revealing that these estimates are inconsistent over time, cautioning against extrapolation from historical averages.
Abstract: The reported returns of U.S. private equity funds are benchmarked against passive exposures from public equity markets. Over the full sample period, private equity returns display three factors: market beta of less than one, small transaction size and growth, and a four-quarter lag behind public markets. Buyout funds delivered alpha of about 5.5% per annum; venture capital performed poorly. Closer examination reveals that these estimates are inconsistent over time, cautioning against extrapolation from historical averages.
14 citations
Related Institutes (5)
Performance Metrics
| Year | Papers |
|---|---|
| 2013 | 1 |