Should Defined Contribution Plans Include Private Equity Investments

被引：0

作者：

Brown, Gregory W. ^{[1
]}

Crouch, Keith J. ^{[2
]}

Ghent, Andra ^{[3
]}

Harris, Robert S. ^{[4
]}

Hochberg, Yael, V ^{[5
,6
]}

Jenkinson, Tim ^{[7
]}

Kaplan, Steven N. ^{[8
]}

Maxwell, Richard ^{[1
]}

Robinson, David T. ^{[9
]}

机构：

[1] UNC Kenan Flagler Business Sch, Chapel Hill, NC 27599 USA

[2] Burgiss, Hoboken, NJ USA

[3] Univ Utah, David Eccles Sch Business, Finance, Salt Lake City, UT USA

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

[5] Rice Univ, Entrepreneurship, Houston, TX USA

[6] Rice Univ, Finance, Houston, TX USA

[7] Univ Oxford, Said Business Sch, Finance, Oxford, England

[8] Univ Chicago, Booth Sch Business, Entrepreneurship & Finance, Chicago, IL 60637 USA

[9] Duke Univ, Fuqua Sch Business, Finance, Durham, NC 27706 USA

来源：

FINANCIAL ANALYSTS JOURNAL | 2022年 / 78卷 / 04期

关键词：

defined contribution; private equity; retirement plans;

D O I：

暂无

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper evaluates the pros and cons of including private equity fund investments in defined contribution plans. Potential benefits include higher returns and improved diversification as well as a relatively safe method for accessing investments previously only available to institutions and the very wealthy. Despite these enticing benefits, they need to be weighed against potential challenges and costs that may arise from creating this broader access to private funds. The complicated structure and uncertainty around the mechanism to provide required liquidity backstops may bring increased fees or even disrupt the private fund model.

引用

页码：5 / 17

页数：13

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