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 Private equity characteristics and performance: : an analysis of North american venture capital and buyout funds.

Ano de publicação: 2.019 Publicação:  Economic Notes, n. 48, p. 1-17, 2019. Paginação:   Autores:   Tipo de Publicação: Artigo Autor Principal:   Outros Autores:   Resumo: The paper investigates the relationship between fund performance and fund characteristics of North American
private equity (PE) funds, by analyzing the interactions of fund size, fund sequence, and past fund performance on
traditional fund return measures. The empirical evidence is based on both linear and polynomial regressions, on a
sample of 345 venture capital (VC) and 411 buyout (BO) funds with vintage year over the period 1995–2010.
We document a concave relationship between fund size and performance, persistence in PE performance, as well
as a convex relationship between fund sequence and performance. We suggest both the optimal fund size and
the optimal fund sequence number. Economic implications for investors and general partners are discussed
as well. Idioma: Inglês Número de Referência: Documento Eletrônico