Performance of buyout funds revisited?

Phalippou, Ludovic (2014) Performance of buyout funds revisited? Review of Finance, 18 (1). pp. 189-218.


This article shows that publicly available data on buyout fund returns are sufficient to replicate the recent findings derived from superior but proprietary datasets. The average buyout fund outperforms the S&P 500. However, this study shows that buyout funds mainly invest in small and value companies; and the average buyout fund return is similar to that of small-cap indices and that of the oldest small-cap passive mutual fund (“DFA micro-cap”). If the benchmark is changed to small and value indices, and is levered up, the average buyout fund underperforms by 3.1% p.a.

Item Type: Article
Keywords: buyout funds, finance
Subject(s): Finance
Date Deposited: 07 Aug 2014 14:22
Last Modified: 02 Mar 2017 11:32

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