Financial intermediation in private equity: How well do funds of funds perform?

被引：22

作者：

Harris, Robert S. ^{[1
]}

Jenkinson, Tim ^{[2
]}

Kaplan, Steven N. ^{[3
]}

Stucke, Ruediger ^{[4
]}

机构：

[1] Univ Virginia, Darden Sch Business, Charlottesville, VA 22903 USA

[2] Univ Oxford, Said Business Sch, Oxford, England

[3] Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA

[4] Warburg Pincus LLC, New York, NY USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2018年 / 129卷 / 02期

关键词：

Private equity; Fund of funds; Financial Intermediation; LIMITED PARTNER PERFORMANCE;

D O I：

10.1016/j.jfineco.2018.04.013

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper focuses on funds of funds (FOFs) as a form of financial intermediation in private equity (both buyout and venture capital). After accounting for fees, FOFs provide returns equal to or above public market indices for both buyout and venture capital. While FOFs focusing on buyouts outperform public markets, they underperform direct fund investment strategies in buyout. In contrast, the average performance of FOFs in venture capital is on a par with results from direct venture fund investing. This suggests that FOFs in venture capital (but not in buyouts) are able to identify and access superior performing funds. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：287 / 305

页数：19

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