RT Journal Article
SR Electronic
T1 Have Private Equity Returns Really Declined?
JF The Journal of Private Equity
FD Institutional Investor Journals
SP jpe.2019.1.087
DO 10.3905/jpe.2019.1.087
A1 Gregory W. Brown
A1 Steven N. Kaplan
YR 2019
UL https://pm-research.com/content/early/2019/07/27/jpe.2019.1.087.abstract
AB 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