Private Equity Performance: What Do We Know?

By Robert S. Harris, T. Jenkinson, Steven N. Kaplan. 2014

526 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/eb2112f3ef4103cc06326ae62e35769382787cfd

Citations in the corpus

• Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices (2019, unknown): “PE investments are associated with improvements in operating performance (Kaplan and Strömberg, 2009) and oftentimes outperform investments in public equity markets (e.g., Ang et al., 2018; Braun et al., 2017; Harris et al., 2014; Kaplan and Schoar, 2005; Kaplan and Sensoy, 2015; Phalippou and Gotts”
• Risk-Adjusting the Returns to Venture Capital (2015, unknown): “…literature reports a wide range of average PMEs (bearing in mind that a PME of zero in our method corresponds to a traditional PME of one): Kaplan and Schoar (2005) report 0.96, Robinson and Sensoy (2011) find 1.06 (1.03 for fully liquidated funds), and Harris, Jenkinson, and Kaplan (2014) 1.36.”
• Giants at the Gate: Investment Returns and Diseconomies of Scale in Private Equity (2015, unknown): “These aggregate performance figures are generally consistent with the netof-fees returns documented in Robinson and Sensoy (2011), Harris et al. (2014), and Phalippou (2014).”
• Limited Partner Performance and the Maturing of the Private Equity Industry (2014, unknown): “Recent work has shown that private equity fund returns have changed since the 1990s (see Robinson and Sensoy (2011) and Harris et al. (2012)).”
• Venture Capital Data: Opportunities and Challenges (2016, unknown): “Harris et al. (2014) also find that Burgiss, Cambridge Associates and Preqin yield qualitatively and quantitatively similar performance results.”
• How Persistent is Private Equity Performance? Evidence from Deal-Level Data (2017, unknown): “However, recent fundlevel research by Harris et al. (2013) shows that persistence of VC returns has remained virtually unchanged.”
• Entrepreneurial Finance and Innovation: An Introduction and Agenda for Future Research (2014, unknown): “4 Notably, the traditional venture capital industry has been shrinking since the financial crisis, and it has underperformed over the previous decade (see, e.g., Harris, Jenkinson, and Kaplan 2013).”