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The Journal of Private Equity

The Journal of Private Equity

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Have Private Equity Returns Really Declined?

Gregory W. Brown and Steven N. Kaplan
The Journal of Private Equity Fall 2019, jpe.2019.1.087; DOI: https://doi.org/10.3905/jpe.2019.1.087
Gregory W. Brown
is the Sarah Graham Kenan Distinguished Scholar of Finance at UNC Kenan-Flagler Business School and the Kenan Institute of Private Enterprise in Chapel Hill, NC. gregwbrown@unc.edu
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Steven N. Kaplan
is the Neubauer Family Distinguished Professor of Finance at the University of Chicago Booth School of Business and NBER in Chicago, IL. skaplan@uchicago.edu
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Abstract

Some research suggests that private equity returns relative to public market equivalents have declined. This analysis provides our perspective based on more recent data and performance measures. We show that returns in vintage years since the financial crisis have consistently been better than public market returns using a variety of benchmarks and adjustments and better than returns from the 2006 to 2008 vintages. Consequently, the historical perspective is more positive than suggested by some other studies.

TOPICS: Private equity, performance measurement, financial crises and financial market history

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The Journal of Private Equity: 23 (1)
The Journal of Private Equity
Vol. 23, Issue 1
Winter 2019
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Have Private Equity Returns Really Declined?
Gregory W. Brown, Steven N. Kaplan
The Journal of Private Equity Aug 2019, jpe.2019.1.087; DOI: 10.3905/jpe.2019.1.087

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Have Private Equity Returns Really Declined?
Gregory W. Brown, Steven N. Kaplan
The Journal of Private Equity Aug 2019, jpe.2019.1.087; DOI: 10.3905/jpe.2019.1.087
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  • Article
    • Abstract
    • THE PERFORMANCE OF US BUYOUT FUNDS
    • SMART-BETA FACTORS AND US BUYOUT FUNDS
    • EXPECTED OR FUTURE RETURNS FOR US BUYOUT FUNDS?
    • CONCLUSION
    • ADDITIONAL READING
    • ENDNOTES
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