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The Journal of Private Equity

The Journal of Private Equity

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Article

Organizational Forms and Risk of Listed Private Equity

Henry Lahr and Florian T Herschke
The Journal of Private Equity Winter 2009, 13 (1) 89-99; DOI: https://doi.org/10.3905/JPE.2009.13.1.089
Henry Lahr
is a research assistant at the Center for Entrepreneurial and Financial Studies (CEFS) at Technische Universität München in München, Germany.
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  • For correspondence: henry.lahr@cefs.de
Florian T Herschke
is a professional at Deloitte & Touche Corporate Finance GmbH in München, Germany.
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  • For correspondence: fherschke@deloitte.de
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Abstract

This article investigates the stock performance of listed private equity and develops a classification of vehicles according to their organizational structure. The authors identify and examine 274 liquid listed private equity entities in the period from 1986 to 2008. The listed private equity shows a Dimson beta of 1.7 without any significant excess return, and vehicles differ strongly depending on their organizational form. Market risk is high in internally managed vehicles but low in externally managed ones. The authors conclude that different sources of cash flows, such as management fees and carried interest, can account for these risk characteristics. Precautions must be taken, therefore, when using specific listed private equity vehicles as a proxy for traditional private equity funds.

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The Journal of Private Equity: 13 (1)
The Journal of Private Equity
Vol. 13, Issue 1
Winter 2009
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Organizational Forms and Risk of Listed Private Equity
Henry Lahr, Florian T Herschke
The Journal of Private Equity Nov 2009, 13 (1) 89-99; DOI: 10.3905/JPE.2009.13.1.089

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Organizational Forms and Risk of Listed Private Equity
Henry Lahr, Florian T Herschke
The Journal of Private Equity Nov 2009, 13 (1) 89-99; DOI: 10.3905/JPE.2009.13.1.089
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    • CLASSIFICATION OF LISTED PRIVATE EQUITY ENTITIES
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