PT  - JOURNAL ARTICLE
AU  - Gregory W. Brown
AU  - Steven N. Kaplan
TI  - Have Private Equity Returns Really Declined?
AID  - 10.3905/jpe.2019.1.087
DP  - 2019 Aug 30
TA  - The Journal of Private Equity
PG  - 11--18
VI  - 22
IP  - 4
4099  - https://pm-research.com/content/22/4/11.short
4100  - https://pm-research.com/content/22/4/11.full
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, statistical methods