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Asset ManagementA Systematic Approach to Factor Investing$
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Andrew Ang

Print publication date: 2014

Print ISBN-13: 9780199959327

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780199959327.001.0001

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Private Equity

Private Equity

Chapter:
(p.592) Chapter 18 Private Equity
Source:
Asset Management
Author(s):

Andrew Ang

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199959327.003.0018

Private equity (PE) is not an asset class. Performance measurement of PE is hampered because commonly used metrics are not returns and are often manipulated. On the whole, PE does not outperform publicly traded stocks on a risk-adjusted basis, but there is large dispersion among PE funds. PE contracts are complicated and exacerbate rather than ameliorate agency problems.

Keywords:   venture capital, buy-out, IRR, TVPI, PME, GP, LP, private equity performance, carry, 2/20

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