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Article

The Returns of Private Equity Funds: A Swiss Perspective

Daniel Steger
The Journal of Private Equity Spring 2017, 20 (2) 15-27; DOI: https://doi.org/10.3905/jpe.2017.20.2.015
Daniel Steger
is a portfolio manager at EIC Partners AG in Zurich, Switzerland.
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  • For correspondence: dsteger@eic-partners.com
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Abstract

The author presents private equity fund returns in absolute terms and relative to the public market. The study is based on a unique, hand-collected dataset containing 531 private equity funds and 25,130 cash flow data points, representing 45% of Swiss pension funds’ private equity investments. Analysis shows a cross-sectional mean internal rate of return of 9% for direct private equity funds, 18% for buyout funds, –4% for venture funds, and 12% for funds of funds. Furthermore, private equity funds have outperformed broader public market indexes by 9% to 19% over the lifetime of a fund, with buyout funds being the best performing subgroup.

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The Journal of Private Equity: 20 (2)
The Journal of Private Equity
Vol. 20, Issue 2
Spring 2017
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The Returns of Private Equity Funds: A Swiss Perspective
Daniel Steger
The Journal of Private Equity Feb 2017, 20 (2) 15-27; DOI: 10.3905/jpe.2017.20.2.015

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The Returns of Private Equity Funds: A Swiss Perspective
Daniel Steger
The Journal of Private Equity Feb 2017, 20 (2) 15-27; DOI: 10.3905/jpe.2017.20.2.015
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