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The Journal of Private Equity

The Journal of Private Equity

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Primary Article

Managed Pricing and the Rule of Conservatism in Private Equity Portfolios

Mark J.P. Anson
The Journal of Private Equity Spring 2002, 5 (2) 18-30; DOI: https://doi.org/10.3905/jpe.2002.320004
Mark J.P. Anson
The chief investment officer at CalPERS in Sacramento, CA.
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Abstract

All private equity funds face the difficult issue of placing a value on the worth of their private equities. The rule of conservatism states that portfolios should be marked down quickly and up slowly, and that a triggering event, such as a new round of investment, should provide an obective, market-driven valuation point. This article determines the performance in non-market equity pricing for three classes of private equity (venture capital, leveraged buyouts, and mezzanine debt) against the U.S. Treasury bill, Nasdaq, Russell 1000, and Russell 2000 benchmark rates of return.

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The Journal of Private Equity
Vol. 5, Issue 2
Spring 2002
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Managed Pricing and the Rule of Conservatism in Private Equity Portfolios
Mark J.P. Anson
The Journal of Private Equity Feb 2002, 5 (2) 18-30; DOI: 10.3905/jpe.2002.320004

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Managed Pricing and the Rule of Conservatism in Private Equity Portfolios
Mark J.P. Anson
The Journal of Private Equity Feb 2002, 5 (2) 18-30; DOI: 10.3905/jpe.2002.320004
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Cited By...

  • Fitting Private Equity into the Total Portfolio Framework
  • Measuring Liquidity Premiums for Illiquid Assets
  • Performance Measurement in Private Equity: Another Look at the Lagged Beta Effect
  • The Alpha, Beta, and Consistency of Private Equity * Reported Returns
  • Asset Owners versus Asset Managers: Agency Costs * and Asymmetries of Information in Alternative Assets
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More in this TOC Section

  • Private Equity Returns in Emerging Markets
  • Using Performance-Based Share-Adjustment Mechanisms or “Ratchets” in Economies in Transition
  • Sovereign Wealth Funds, Private Equity Funds, and Financial Markets
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