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

Early-Stage Private Equity: Real Alpha Is Available When Done Right

Joe Milam
The Journal of Private Equity Spring 2018, 21 (2) 9-13; DOI: https://doi.org/10.3905/jpe.2018.21.2.009
Joe Milam
is the founder of AngelSpan in Austin, TX
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • 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

In the venture asset class, positive risk-adjusted return (alpha) has historically been limited to a select group of firms and their investors. The randomness of these funds’ performance suggests the track records are of little value when allocating capital to venture funds. Why do the majority of funds consistently underperform? Will family offices find the traditional venture model sufficient as they seek both reasonable alpha and to have the impact they want? Is the traditional venture model equipped to deliver alpha on this expanding capital base? Is it time for the industry that purportedly funds innovation to innovate itself? In this article, the author explores these questions and more. The result could well be an increased velocity of activity and an emphasis on portfolio returns. Fiduciaries will emphasize investment process over celebrity culture. Portfolio risk will be managed, and alpha will be emphasized. Entrepreneurs will benefit from a lower cost of capital, and investors will realize real, after-tax alpha.

  • © 2018 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: 21 (2)
The Journal of Private Equity
Vol. 21, Issue 2
Spring 2018
  • Table of Contents
  • Index by author
  • Complete Issue (PDF)
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.
Early-Stage Private Equity: Real Alpha Is Available When Done Right
(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
Early-Stage Private Equity: Real Alpha Is Available When Done Right
Joe Milam
The Journal of Private Equity Feb 2018, 21 (2) 9-13; DOI: 10.3905/jpe.2018.21.2.009

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
Early-Stage Private Equity: Real Alpha Is Available When Done Right
Joe Milam
The Journal of Private Equity Feb 2018, 21 (2) 9-13; DOI: 10.3905/jpe.2018.21.2.009
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
    • “TYPICAL” VENTURE FIRM STRUCTURE
    • PERPETUATION OF CONVENTIONAL WISDOM
    • LACK OF TRANSPARENCY
    • NEED FOR GREATER VELOCITY OF INVESTING
    • MODERN, BEST PRACTICES VENTURE FUND
    • CONCLUSIONS
    • ENDNOTES
    • REFERENCES
  • Info & Metrics
  • PDF (Subscribers Only)
  • PDF (Subscribers Only)

Similar Articles

Cited By...

  • Profitability Analysis of Select Private Equity Funds in India
  • How Proper Information, Effective Risk Management, and Legacy Capital Can Solve the Funding Gap
  • Google Scholar

More in this TOC Section

  • Editor’s Letter
  • Editor’s Letter
  • Profitability Analysis of Select Private Equity Funds in India
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