The importance of size in private equity: Evidence from a survey of limited partners

Da Rin, Marco and Phalippou, Ludovic (2016) The importance of size in private equity: Evidence from a survey of limited partners. Journal of Financial Intermediation. pp. 1-13.

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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.

Item Type: Article
Keywords: Institutional Investors; Limited Partners; Investor Heterogeneity; Due Diligence; Private Equity; finance
Subject(s): Finance
Date Deposited: 17 Aug 2016 10:27
Date of author-version deposit: 17 August 2016
Last Modified: 12 Jul 2017 08:38
Funders: not applicable
URI: http://eureka.sbs.ox.ac.uk/id/eprint/6196

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