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Private Equity Institute

Private Equity Institute

Performance

We examine the performance of 162 global private equity real estate investment funds across the core, value-add and opportunistic investment style categories over the most recent property cycle (2001-2011).
This study investigates performance persistence across real estate private equity funds. We apply a combination of non-parametric and parametric tests to assess the relationship between past fund performance and subsequent fund performance of non-listed real estate funds.
Special purpose acquisition companies (SPACs) raised over $22bn from investors during the period 2003-2010, representing a significant proportion of US initial public offerings (IPOs). SPACs are interesting structures – providing investors with very low risk options to invest in future acquisitions

Private Equity performance: What do we know?

Robert S. Harris
Tim Jenkinson, Steven N. Kaplan
We present evidence on the performance of nearly 1400 U.S. private equity (buyout and venture capital) funds using a new research-quality dataset from Burgiss, sourced from over 200 institutional investors
This paper first shows that publicly available data on buyout fund returns are sufficient to replicate the recent findings derived from superior but proprietary datasets. The average buyout fund outperforms the S&P 500.

Private equity performance and liquidity risk

Francesco A. Franzoni
Eric Nowak, Ludovic Phalippou
Private equity has traditionally been thought to provide diversification benefits. However, these benefits may be lower than anticipated.

Giants at the gate: On the cross-section of private equity investment returns

Florencio Lopez de Silanes
Ludovic Phalippou, Olivier Gottschalg
We examine the determinants of private equity returns using a newly constructed database of 7,500 investments worldwide over forty years. The median investment IRR (PME) is 21% (1.3), gross of fees. One in ten investments goes bankrupt, whereas one in four has an IRR above 50%.
The merits of investing in private versus public equity have generated considerable debate, often fueled by concerns about data quality.
We introduce a methodology to estimate the historical time series of returns to investment in private equity.
This paper analyzes exit strategies of buyout funds in their portfolio companies following Initial Public Offerings.
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