| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23428 |
| 来源ID | Working Paper 23428 |
| Financial Intermediation in Private Equity: How Well Do Funds of Funds Perform? | |
| Robert S. Harris; Tim Jenkinson; Steven N. Kaplan; Ruediger Stucke | |
| 发表日期 | 2017-05-22 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w23428 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581102 |
| 推荐引用方式 GB/T 7714 | Robert S. Harris,Tim Jenkinson,Steven N. Kaplan,et al. Financial Intermediation in Private Equity: How Well Do Funds of Funds Perform?. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23428.pdf（532KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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