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| Author: | Diller, C. Kaserer, C. |
| Title: | What drives private equity returns? - Fund inflows, skilled GPs, and/or risk? |
| Journal: | European Financial Management
2009 : JUN, VOL. 15:3, p. 643-675 |
| Index terms: | funds performance measurement return on investment risk stock markets venture capital |
| Language: | eng |
| Abstract: | The determinants of returns generated by mature European private equity funds are analyzed in this article. Given the presumption that this asset class is characterized by illiquidity, stickness, and segmentation, it has been shown that venture deal valuations are driven by overall fund inflows into the industry that yield the putative "money chasing deals" phenomenon. The aim of this article is showing that this phenomenon explains a significant part of the variation in private equity funds' returns. |
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