Skip to main content

Main menu

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JPE
    • Editorial Board
    • Published Ahead of Print (PAP)
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use

User menu

  • Sample our Content
  • Request a Demo
  • Log in

Search

  • Advanced search
The Journal of Private Equity
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Sample our Content
  • Request a Demo
  • Log in
The Journal of Private Equity

The Journal of Private Equity

ADVANCED SEARCH: Discover more content by journal, author or time frame

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JPE
    • Editorial Board
    • Published Ahead of Print (PAP)
  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter
Article

Private Equity Performance: Better Than Commonly Believed

Haim A. Mozes and Andrew Fiore
The Journal of Private Equity Summer 2012, 15 (3) 19-32; DOI: https://doi.org/10.3905/jpe.2012.15.3.019
Haim A. Mozes
is the director of quantitative research at Spring Mountain Capital, LP, and an associate professor of accounting at Fordham University’s Graduate School of Business in New York, NY.
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • For correspondence: hm@smcinvest.com
Andrew Fiore
is a research analyst at Spring Mountain Capital, LP, in New York, NY.
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • For correspondence: afiore@smcinvest.com
  • Article
  • Info & Metrics
  • PDF (Subscribers Only)
Loading

Click to login and read the full article.

Don’t have access? Click here to request a demo 
Alternatively, Call a member of the team to discuss membership options
US and Overseas: +1 646-931-9045
UK: 0207 139 1600

Abstract

This article reexamines the performance of private equity (PE) funds by including data from more recent PE vintages and by using a measure of PE performance that considers the opportunity cost that investors incur between the commitment and capital call dates and the duration of PE investment. The primary results indicate that 1) buyout funds have better standalone long-term risk–return characteristics than public equity markets and they perform counter-cyclically to public equity markets; 2) when venture funds are combined with buyout funds, the resulting mix provides a more attractive alternative to public equity markets than buyout funds alone provide; and 3) venture funds’ higher absolute returns as compared to buyout funds and public equity markets are restricted to a few vintages and a small number of big winners in those vintages. Other findings suggest that a manager’s past PE fund performance is a weak basis for forecasting future PE fund performance and that fund size is positively correlated with performance for venture funds but negatively correlated with performance for buyout funds.

  • © 2012 Pageant Media Ltd
View Full Text

Don’t have access? Click here to request a demo

Alternatively, Call a member of the team to discuss membership options

US and Overseas: +1 646-931-9045

UK: 0207 139 1600

Log in using your username and password

Forgot your user name or password?
PreviousNext
Back to top

Explore our content to discover more relevant research

  • By topic
  • Across journals
  • From the experts
  • Monthly highlights
  • Special collections

In this issue

The Journal of Private Equity: 15 (3)
The Journal of Private Equity
Vol. 15, Issue 3
Summer 2012
  • Table of Contents
  • Index by author
Print
Download PDF
Article Alerts
Sign In to Email Alerts with your Email Address
Email Article

Thank you for your interest in spreading the word on The Journal of Private Equity.

NOTE: We only request your email address so that the person you are recommending the page to knows that you wanted them to see it, and that it is not junk mail. We do not capture any email address.

Enter multiple addresses on separate lines or separate them with commas.
Private Equity Performance: Better Than Commonly Believed
(Your Name) has sent you a message from The Journal of Private Equity
(Your Name) thought you would like to see the The Journal of Private Equity web site.
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Citation Tools
Private Equity Performance: Better Than Commonly Believed
Haim A. Mozes, Andrew Fiore
The Journal of Private Equity May 2012, 15 (3) 19-32; DOI: 10.3905/jpe.2012.15.3.019

Citation Manager Formats

  • BibTeX
  • Bookends
  • EasyBib
  • EndNote (tagged)
  • EndNote 8 (xml)
  • Medlars
  • Mendeley
  • Papers
  • RefWorks Tagged
  • Ref Manager
  • RIS
  • Zotero
Save To My Folders
Share
Private Equity Performance: Better Than Commonly Believed
Haim A. Mozes, Andrew Fiore
The Journal of Private Equity May 2012, 15 (3) 19-32; DOI: 10.3905/jpe.2012.15.3.019
del.icio.us logo Digg logo Reddit logo Twitter logo CiteULike logo Facebook logo Google logo LinkedIn logo Mendeley logo
Tweet Widget Facebook Like LinkedIn logo

Jump to section

  • Article
    • Abstract
    • PE PERFORMANCE EVALUATION
    • DATA
    • SAMPLE STATISTICS
    • RESULTS
    • SUMMARY AND CONCLUSION
    • ENDNOTES
    • REFERENCES
  • Info & Metrics
  • PDF (Subscribers Only)
  • PDF (Subscribers Only)

Similar Articles

Cited By...

  • Has Private Equity Performed for Investors? An Annotated Bibliography
  • Google Scholar

More in this TOC Section

  • Editor’s Letter
  • Editor’s Letter
  • Private Equity Trends to Look Out for in 2019
Show more Article
LONDON
One London Wall, London, EC2Y 5EA
United Kingdom
+44 207 139 1600
 
NEW YORK
41 Madison Avenue, New York, NY 10010
USA
+1 646 931 9045
pm-research@pageantmedia.com
 

Stay Connected

  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

MORE FROM PMR

  • Home
  • Awards
  • Investment Guides
  • Videos
  • About PMR

INFORMATION FOR

  • Academics
  • Agents
  • Authors
  • Content Usage Terms

GET INVOLVED

  • Advertise
  • Publish
  • Article Licensing
  • Contact Us
  • Subscribe Now
  • Log In
  • Update your profile
  • Give us your feedback

© 2021 Pageant Media Ltd | All Rights Reserved | ISSN: 1096-5572 | E-ISSN: 2168-8508

  • Site Map
  • Terms & Conditions
  • Privacy Policy
  • Cookies