Dompé, Andrea Carnelli
[VerfasserIn];
Ferreira, Daniel
[VerfasserIn];
Ferri, Davide
[VerfasserIn];
Saffi, Pedro A. C.
[VerfasserIn];
Tang, Bo
[VerfasserIn]
First in the Queue
: The Role of Access Privileges in Private Equity Performance
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 17, 2021 erstellt
Beschreibung:
Access privileges matter in private equity markets. Funds of funds and other financial intermediaries can create value not only by selecting, but also by being able to access, better investment opportunities. We find that access-constrained funds outperform their peers, and that limited partners with access privileges tend to re-commit to access-constrained managers. The findings suggest that access privileges play an important role in explaining value creation and limited partners’ performance persistence in private markets