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Financial Intermediation in Private Equity: How Well Do Funds of Funds Perform? / Robert S. Harris, Tim Jenkinson, Steven N. Kaplan, Ruediger Stucke.
- Format:
- Book
- Author/Creator:
- Harris, Robert S.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w23428.
- NBER working paper series no. w23428
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Financial Intermediation in Private Equity
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2017.
- Summary:
- This paper focuses on funds of funds (FOFs) as a form of financial intermediation in private equity (both buyout and venture capital). After accounting for fees, FOFs provide returns equal to or above public market indices for both buyout and venture capital. While FOFs focusing on buyouts outperform public markets, they underperform direct fund investment strategies in buyout. In contrast, the average performance of FOFs in venture capital is on a par with results from direct venture fund investing. This suggests that FOFs in venture capital (but not in buyouts) are able to identify and access superior performing funds.
- Notes:
- Print version record
- May 2017.
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