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Smart institutions, foolish choices? : the limited partner performance puzzle

Author: Joshua Lerner; Antoinette Schoar; Wan Wong; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2005.
Series: Working paper series (National Bureau of Economic Research), no. 11136.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"The returns that institutional investors realize from private equity investments differ dramatically across institutions. Using detailed and hitherto unexplored records of fund investors and performance, we document large heterogeneity in the performance of different classes of limited partners. In particular, endowments' annual returns are nearly 14% greater than average. Funds selected by investment advisors and  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Joshua Lerner; Antoinette Schoar; Wan Wong; National Bureau of Economic Research.
OCLC Number: 58972685
Notes: "February 2005."
Description: 1 online resource (43, [21] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 11136.
Responsibility: Josh Lerner, Antoinette Schoar, Wan Wong.

Abstract:

"The returns that institutional investors realize from private equity investments differ dramatically across institutions. Using detailed and hitherto unexplored records of fund investors and performance, we document large heterogeneity in the performance of different classes of limited partners. In particular, endowments' annual returns are nearly 14% greater than average. Funds selected by investment advisors and banks lag sharply. These results are robust to controlling for the type and year of the investment, as well as to the use of different specifications. Analyses of reinvestment decisions and young funds suggest that the results are not primarily due to endowments' greater access to established funds. Finally, we examine the differences in the choice of intermediaries across various institutional investors and their relationship to success. We find that LPs that have higher average IRRs also tend to invest in older funds and have a smaller fraction of GPs in their geographic area, and that the performance of university endowments is correlated with measures of the quality and loyalty of the student body"--National Bureau of Economic Research web site.

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