Can Investors Time Their Exposure to Private Equity?

Medientyp: E-Book
Titel: Can Investors Time Their Exposure to Private Equity?
Beteiligte: Brown, Gregory W. [VerfasserIn]; Harris, Robert S. [Sonstige Person, Familie und Körperschaft]; Hu, Wendy [Sonstige Person, Familie und Körperschaft]; Jenkinson, Tim [Sonstige Person, Familie und Körperschaft]; Kaplan, Steven N. [Sonstige Person, Familie und Körperschaft]; Robinson, David T. [Sonstige Person, Familie und Körperschaft]
Erschienen: [S.l.]: SSRN, [2020]
Erschienen in: Kenan Institute of Private Enterprise Research Paper ; No. 18-26
Umfang: 1 Online-Ressource (50 p)
Sprache: Englisch
DOI: 10.2139/ssrn.3241102
Identifikator:

Entstehung:
Anmerkungen: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 22, 2020 erstellt
Beschreibung: Private equity performance, both for buyouts and venture capital, has been highly cyclical: periods of high fundraising have been followed by periods of low performance. Despite this seemingly predictable variation, we find modest gains, at best, to pursuing realistic, investable strategies that time capital commitments to private equity. This occurs, in part, because investors can only time their commitments to funds; they cannot time when commitments are called or when investments are exited. There is a high degree of time-series correlation in net cash flows even across commitment strategies that allocate capital in a very different manner over time
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