Private Equity Performance: What Do We Know?

Harris, Robert, Jenkinson, Tim and Kaplan, Steven (2014) Private Equity Performance: What Do We Know? Journal of Finance, 69 (5). pp. 1851-1882.

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We study the performance of nearly 1,400 U.S. buyout and venture capital funds using a new data set from Burgiss. We find better buyout fund performance than previously documented – performance has consistently exceeded that of public markets. Outperformance versus the S&P 500 averages 20% to 27% over a fund's life and more than 3% annually. Venture capital funds outperformed public equities in the 1990s, but underperformed in the 2000s. Our conclusions are robust to various indices and risk controls. Performance in Cambridge Associates and Preqin is qualitatively similar to that in Burgiss, but is lower in Venture Economics.

Item Type: Article
Additional Information: Please use the Related URL below to access the working paper version of this article on SSRN.
Keywords: private equity funds; venture capital; finance
Subject(s): Finance
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Date Deposited: 05 Aug 2014 13:58
Last Modified: 02 Oct 2018 14:16

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