Private Equity Fund of Funds vs. Funds : A Performance Comparison

Item Type Journal paper
Abstract Based on a comprehensive sample of 1,641 funds, this article investigates the performance of private equity funds of funds versus direct fund investments. On a risk-adjusted basis, funds of funds outperform the aggregated direct funds. When separated into categories such as buyout, venture, and fund of funds, buyout funds exhibit the most attractive risk-return profile. Analyzing how fund performance depends on macroeconomic variables, direct funds generate pro-cyclical returns: Returns increase with high public market performance and economic growth as well as declining corporate bond yields. For funds of funds, we cannot observe such a pattern.
Authors Gresch, Nathalie & von Wyss, Rico
Journal or Publication Title Journal of Private Equity
Language English
Subjects business studies
HSG Classification contribution to scientific community
Refereed Yes
Date 19 April 2011
Publisher Institutional Investor Journals
Place of Publication New York
Volume 14
Number 2
Page Range 43-58
Number of Pages 16
ISSN 1096-5572
Publisher DOI
Depositing User Dr. Rico von Wyss
Date Deposited 19 Apr 2011 14:25
Last Modified 20 Jul 2022 17:05


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Gresch, Nathalie & von Wyss, Rico (2011) Private Equity Fund of Funds vs. Funds : A Performance Comparison. Journal of Private Equity, 14 (2). 43-58. ISSN 1096-5572

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